SOURCE: Network Global Logistics (NGL)

Network Global Logistics (NGL)

August 07, 2012 16:22 ET

Network Global Logistics Announces Management Changes, Setting the Stage for Continued Organic Growth and Acquisitions

BROOMFIELD, CO--(Marketwire - Aug 7, 2012) - Network Global Logistics, the company that pioneered the next flight out business and continues its leadership as a single-source solution for all critical transportation and warehousing needs, today announced the formalization of several important management changes.

Ray Garcia, formerly CEO, is now Chairman. Scott Riddle, formerly President and COO, is now President & Chief Executive Officer. Forrest Kragten, who was serving as Director of NGL Ground, has been promoted to Chief Financial Officer.

"These changes are key to our strategy to drive continued growth both organically and by acquisition," said Riddle. "Ray will have more time to work on acquisitions while I will continue to focus on running the business, driving revenue and earnings growth. And as CFO, Forrest will be a huge plus for our acquisition activities. He is uniquely qualified, given his deep experience doing M&A work with Lehman Brothers and other firms."

Added Riddle, "We have been aggressively pursuing acquisition targets, and this new management structure will enable us to concentrate more keenly on the potential in the marketplace. I am hopeful that we will be able to announce meaningful progress on that front in the near term."

"These moves are directly in line with helping us provide more value for all our stakeholders," said Garcia. "To enhance that value, we've strengthened every area of the company, from technology to personnel. We're prepared to execute on a key component of our overall strategy, to consolidate the same day industry and extend our position as the premier critical transportation and logistics company in the market."

About Network Global Logistics
Established in 1971 as the first air courier company, Network Global Logistics is a single-source solution for all critical warehousing and transportation needs -- including end-to-end visibility and 24/7/365 service. Network Global Logistics offers: