NEW YORK,
GLAC also announced that an entity affiliated with certain of the
stockholders of The Clark Group, Inc. ("Clark") has agreed to use reasonable
efforts to purchase up to 820,000 shares of GLAC's common stock that were
issued in its public offering from holders of such shares who have indicated
their intention to vote against the proposal to approve GLAC's proposed
acquisition of Clark that will be considered at GLAC's special meeting of
stockholders scheduled to be held on
GLAC further announced that certain of its founders have agreed to give the purchaser a 30-day "put" option that will require them, upon exercise by the purchaser, to purchase 120,000 of such additional shares from the purchaser at the price at which they are purchased by the purchaser. If the put option is exercised, such founders will have similar registration rights to those granted to the purchaser.
The agreement with the purchaser also provides that certain of the GLAC
founders will transfer 100,000 of their shares to the purchaser if the
acquisition proposal is approved and the acquisition is consummated. The
transfer of 25,000 of such shares would be made at the time of the
consummation of the acquisition, subject to six-month lock-up arrangements
that were effected in connection with GLAC's initial public offering. The
transfer of the remaining 75,000 of such shares would be made upon the release
of such shares from the terms of an escrow agreement to be entered into upon
the closing of the acquisition that provides that shares placed in escrow by
certain of the founders will be released if the price of the GLAC common stock
equals or exceeds
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