NEW YORK,
The agreement with the purchaser also provides that certain of the GLAC
founders will transfer 380,000 of their shares to the purchaser if the
acquisition proposal is approved and the acquisition is consummated. Such
transfer would be made at the time of the consummation of the acquisition,
subject to six-month escrow and lock-up arrangements that were effected in
connection with GLAC's initial public offering. The purchaser would also be
granted demand and piggy-back registration rights with respect to such shares
effective upon the expiration of such six-month period that are consistent
with the registration rights the GLAC founders have with respect to their
founder's shares. Additionally, in consideration for the purchaser agreeing
to make the stock purchases, Stephens Inc. ("Stephens"), which has acted as
financial advisor to Clark and its stockholders, has agreed to reduce its
advisory fee payable by Clark's stockholders by approximately
GLAC also announced that certain of its founders have agreed to purchase an additional 320,000 shares from holders who have indicated their intention to vote against the acquisition proposal. Purchases of shares made by the founders in open market transactions will be made in accordance with the requirements of Rule 10b-18 under the Securities Exchange Act of 1934. Shares purchased by the founders will also be voted in favor of the acquisition proposal.
BB&T Capital Markets, a division of Scott & Stringfellow, Inc., which
acted as representative of the underwriters in GLAC's IPO, has engaged
Stephens to assist in facilitating the acquisition transaction. Upon
successful consummation of the acquisition, the underwriters will be paid
About The Clark Group
Over its 30-year history, Clark has built a position as the leading independent provider of value-added distribution, transportation management, and international air and ocean freight forwarding services to the print media industry.
About Global Logistics Acquisition Corporation
Global Logistics Acquisition Corporation, a publicly traded acquisition
corporation, is focused solely on acquiring privately held transportation and
logistics companies. It raised net proceeds of approximately
Additional Disclosure
This press release is not a proxy statement or a solicitation of proxies
from the holders of common stock of GLAC and does not constitute an offer of
any securities of GLAC for sale. The matters referred to in this press
release will be reported on a Current Report on Form 8-K to be filed with the
Securities and Exchange Commission, with the purchase agreements referred to
herein included as exhibits. Purchases made by the Clark purchaser and the
GLAC founders pursuant to such agreements will also be reported on Current
Reports on Form 8-K that will be filed with the Securities and Exchange
Commission as soon as practicable after such purchases are made. INVESTORS
AND SECURITY HOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT THAT
HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AND MAILED TO ALL
GLAC STOCKHOLDERS OF RECORD ON
This press release may contain certain forward-looking statements including statements with regard to the future performance of GLAC. Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements inherently involve certain risks and uncertainties that are detailed in GLAC's filings with the Securities and Exchange Commission. GLAC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Global Logistics Acquisition Corporation