TARGET LOGISTICS ACQUIRES AIR AMERICA FREIGHT SERVICE

TARGET LOGISTICS ACQUIRES AIR AMERICA FREIGHT SERVICE

   Target Logistics, Inc., based in Baltimore, said that its subsidiary Target Logistic Services, Inc. has acquired the assets and certain liabilities of Air America Freight Service, Inc., a third party logistics company that provides freight forwarding services in the Atlanta metropolitan area.

   Terms of the acquisition were not disclosed.

   Like Target Logistic Services, Air America Freight Service is non-asset-based.

   Target Logistics said that this is the second acquisition of a freight forwarder by the company in fiscal 2002. It recently acquired SDS Logistics, a Newark, N.J.-based forwarder. Target Logistics expects these acquisitions to add approximately $5 million in revenue and $500,000 to net profit on an annual basis. Each of these acquisitions was in cities where Target Logistics had existing stations.

      “We are beginning to see the of results of the acquisition strategy begun in April 2001,” said Stuart Hettleman, chief executive officer of Target Logistics. “We continue to target acquisitions that are located in cities where we have stations.”