Transaction raises BoxVn’s profile in the critical logistics and delivery industries
Deal is valued at $3.1M and BoxVn paid a combination of cash and stock
Hitra immediately adds revenue and the deal will be accretive to BoxVn in 2021
LONDON, Dec. 01, 2020 (GLOBE NEWSWIRE) — BoxVn Limited (OTCPINK:VCEX), an emerging leader in the fast-growing Driver and Light Commercial Vehicle (LCV) supply segment of the logistics industry, is pleased to announce that further to our news release dated November 5th 2020, BoxVn has completed its acquisition of Highway Transport Group Ltd (Hitra). BoxVn leadership views this transaction as transformative for the company. By integrating Hitra’s strengths and capabilities, this deal catapults BoxVn into a key player in the critical, logistics industry. Moreover, this combination gives the company a strategic springboard with which to enhance our growing position in the delivery market.
Management and fleet teams will integrate long distance, two-man, white glove, and multi-drop routes into the BoxVn Framework.
The transaction is valued at $3.1M including payment of $1M in cash and the balance ($2.1M) in VCEX stock to Hitra Managing Director Michael McGovern.
Hitra deal enhances BoxVn’s growth profile. The combined companies offer the ability to quickly expand existing Hitra partnerships with more vehicles and people.
The acquisition immediately expands our offerings, could add $1,000,000 in revenue in 2021 and be accretive to BoxVn earnings.
BoxVn adds best-in-class talent which should lead to complementary synergies in the combined management and technical teams, strengthened by supply chain expertise.
James Gilzean, CEO of BoxVn, said, “We are delighted to welcome the Hitra team into the BoxVn family. We are now more than ever uniquely positioned to capitalize on tremendous growth opportunities in the logistics industry. Combining our fleet and driver management solutions with Hitra’s logistics expertise should have a significant impact in how we grow our business going forward.”
About BoxVn Limited
BoxVn Limited started as a small recruitment business and quickly evolved into a driver and Light Commercial Vehicle (LCV) supply business offering services so unique that it has revolutionized flexible vehicle supply, unemployment and the driver recruitment life cycle to provide a dependable and integral service to one of the biggest and fastest growing sectors in the world, Our core business is the supply of Light Commercial Vehicles to logistics businesses on a flexible and medium-term basis, and is designed to serve logistics businesses and drivers first with a non-traditional approach offering a high-level of service at an affordable price point. For more information, please visit www.boxvn.co.uk.
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements” as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, filing patent applications, product development, and business strategy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in BoxVn periodic reports filed from time-to-time with the Securities and Exchange Commission.
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