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Summit Global Logistics opens in Shanghai through its Sea Master unit
POSTED: 9:16 a.m. EDT, June 9,2007
Summit Global Logistics has opened operations in Shanghai through its subsidiary, Sea Master, which provides cargo transit solutions through its parent's world-wide network.
Summit Global Logistics president and CEO Robert Agresti was introduced at the gathering of customers and staff in the Eton Hotel in Pudong. As the company's founder, Mr Agresti has 18 years in marine transport and has served as a director of logistics, as well as a marine insurer and terminal operator.
The company, which aims to be the premier end-to-end supply chain logistics provider from Asia to the United States, has announced a debt restructuring, which provided it US$15 million ahead of listing in the US.
At a meeting attended by its chairman, retired US General Wesley Clarke, the company announced that it had filed its registration statement with the US Securities Exchange Commission and more recently filed its annual report in April with first quarter 2007 results.
"We will be filing our amended registration statement within the next 30 days, which we hope will allow us to register the shares we sold through our private placement within the next four months," said a company statement.
Summit Global Logistics employs 250 in China and 1,000 in the US is a combination of SM Asia and Tug Logistics and Summit International Logistics. The company possesses two million square feet of warehouse space in Los Angeles, New York and Miami and 250 trucks and 500 tractors. |
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