STONEPATH GROUP COMPLETES $6-MILLION STOCK PLACEMENT
Stonepath Group, a Philadelphia-based company that integrates logistics companies with information technology solutions, has completed a private placement of its common stock for gross proceeds of approximately $6 million.
Dennis L. Pelino, chairman and chief executive officer of Stonepath Group, said, “this capital infusion in these difficult markets, combined with our $15 million bank facility, gives us the flexibility to advance our plans in 2003.”
“We are seeing potential on the acquisition front,” he added.