Janel World Trade Group Acquires Customs 'Book of Business' From Ferrara International Logistics,...

Janel World Trade Group Acquires Customs 'Book of Business' From Ferrara International Logistics, Inc. JAMAICA, N.Y., July 25 /PRNewswire-FirstCall/ -- Janel World Trade, Ltd. (OTC Bulletin Board: JLWT), a full-service global provider of integrated logistics services, today announced that it completed the purchase of the customs brokerage "book of business" assets from Ferrara International Logistics, Inc. of Elizabeth, New Jersey on July 18, 2008. The purchase price for the acquired assets was $2.1 million, comprised of a $600,000 cash payment by Janel at closing, the issuance of 520,661 restricted shares of Janel common stock, a $435,000 cash payment one year after closing, and a $435,000 cash payment three years after the closing of the transaction. The actual amount paid by Janel to Ferrara may be increased or decreased... [read full story]