Will Create a Category Leader in the Expedited
LTL Market
Will Deliver Significant Long-Term Value to
Shareholders Through Compelling Strategic and Financial
Benefits
Forward Air Corporation (NASDAQ: FWRD) (“Forward” or “the
Company”) today announced that it has completed its previously
announced acquisition of Omni Logistics, LLC (“Omni”).
Together, Forward and Omni will create a category leader in the
expedited LTL market, built on precision execution. With a
differentiated service offering, industry-leading team and expanded
geographic footprint, the combined company will offer high-value
freight to its expedited LTL network. The combination of these
complementary businesses uniquely positions Forward to accelerate
its ‘Grow Forward’ strategy and deliver long-term value to
shareholders, customers, employees and other stakeholders.
Having already engaged in significant integration planning work
since the transaction was announced in August 2023, Forward Air is
confident in its ability to deliver significant strategic and
financial benefits from the transaction, including substantial
revenue and cost synergies and operational efficiencies.
Tom Schmitt, Chairman and Chief Executive Officer of Forward,
said, “This is an exciting day for Forward and we are pleased to
welcome the Omni team to the Forward family. Together, we are now
uniquely positioned to be the premier provider of choice in
high-quality freight transportation to a larger customer base with
an expanded domestic footprint.”
Schmitt continued, “One of the defining characteristics of our
corporate culture is that we do not wait around for good things to
happen, we go out and make them happen. We are approaching this
important next phase with a sense of urgency and are committed to
delivering on a clear and measurable plan designed to meet the
needs of our customers, create opportunities for our teammates, and
generate long-term value for our shareholders.”
Forward will provide more details on its Grow Forward strategy,
including targeted outcomes as well as additional information on
its management structure and Board composition, when it conducts
its Q4 and FY 2023 earnings conference call in February 2024.
About Forward Air
Forward Air is a leading asset-light provider of transportation
services across the United States, Canada and Mexico. We provide
expedited less-than-truckload services, including local pick-up and
delivery, shipment consolidation/deconsolidation, warehousing, and
customs brokerage by utilizing a comprehensive national network of
terminals. In addition, we offer truckload brokerage services,
including dedicated fleet services; and intermodal, first-and
last-mile, high-value drayage services, both to and from seaports
and railheads, dedicated contract and Container Freight Station
warehouse and handling services. We are more than a transportation
company. Forward is a single resource for your shipping needs. For
more information, visit our website at www.forwardaircorp.com.
Cautionary Statement Regarding Forward-Looking
Statements
This document includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, which are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, as amended. These statements may reflect
Forward’s expectations, beliefs, hopes, intentions or strategies
regarding, among other things, the transactions contemplated under
the Merger Agreement (collectively with the other transactions
contemplated by the other Transaction Agreements referred to in the
Merger Agreement, the “Transactions”) between Forward and Omni, the
benefits and synergies of the Transactions and future opportunities
for the combined company, as well as other statements that are
other than historical fact, including, without limitation,
statements concerning future financial performance, future debt and
financing levels, investment objectives, implications of litigation
and regulatory investigations and other management plans for future
operations and performance. Words such as “anticipate(s)”,
“expect(s)”, “intend(s)”, “plan(s)”, “target(s)”, “project(s)”,
“believe(s)”, “will”, “aim”, “would”, “seek(s)”, “estimate(s)” and
similar expressions are intended to identify such forward-looking
statements.
Forward-looking statements are based on management’s current
expectations, projections, estimates, assumptions and beliefs and
are subject to a number of known and unknown risks, uncertainties
and other factors that could lead to actual results materially
different from those described in the forward-looking statements.
Forward can give no assurance that its expectations will be
attained. Forward’s actual results, liquidity and financial
condition may differ from the anticipated results, liquidity and
financial condition indicated in these forward-looking statements.
We caution readers that any such statements are based on currently
available operational, financial and competitive information, and
they should not place undue reliance on these forward-looking
statements, which reflect management’s opinion only as of the date
on which they were made. These forward-looking statements are not a
guarantee of future performance and involve risks and
uncertainties, and there are certain important factors that could
cause Forward’s actual results to differ, possibly materially, from
expectations or estimates reflected in such forward-looking
statements, including, but without limitation: (i) the outcome of
any additional legal proceedings that have or may be instituted
against the parties or any of their respective directors or
officers related to the Transactions; (ii) the diversion of
management time on issues related to the Transactions or any legal
proceedings related thereto; (iii) the risk that the parties may be
unable to achieve the expected strategic, financial and other
benefits of the Transactions, including the realization of expected
synergies and the achievement of deleveraging targets, within the
expected time-frames or at all, particularly depending on the
outcome of any legal proceedings related to the Transactions; (iv)
the risk that the businesses will not be integrated successfully or
that integration may be more difficult, time-consuming or costly
than expected, particularly depending on the outcome of any legal
proceedings related to the Transactions; (v) the risk that
operating costs, customer loss, management and employee retention
and business disruption (including, without limitation,
difficulties in maintaining relationships with employees,
customers, clients or suppliers) may be greater than expected
following the Transactions, particularly depending on the outcome
of any legal proceedings related to the Transactions; (vi) risks
associated with the need to obtain additional financing which may
not be available or, if it is available, may result in a reduction
in the ownership of current Forward shareholders, particularly
depending on the outcome of any legal proceedings related to the
Transactions; and (vii) general economic and market conditions.
These and other risks and uncertainties are more fully discussed
in the risk factors identified in “Item 1A. Risk Factors” in Part I
of Forward’s most recently filed Annual Report on Form 10-K, and as
may be identified in Forward’s Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K. Except to the extent required by law,
Forward expressly disclaims any obligation to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in Forward’s expectations with regard
thereto or change in events, conditions or circumstances on which
any statement is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20240125704053/en/
Elizabeth Volpe / Libby Lloyd Brunswick Group (212) 333 - 3810
ForwardAirCorporation@BrunswickGroup.com
Forward Air (NASDAQ:FWRD)
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