Power2Ship acquires CXT and GFC

Power2Ship Inc., a web-based, collaborative logistics marketplace, has acquired Commodity Express Transportation (CXT), a $16.5 million non-asset based trucking company serving the U.S. Southeast. This acquisition establishes a new home for Power2Ship's owneroperators while integrating a 137,000 sq. ft. distribution facility in Blythewood, S.C. CXT consists of an operating truck fleet of 75 tractors and 220 trailers.

Power2Ship has also acquired New Jersey-based GFC Inc., a non-asset based intermodal drayage company with revenues of approximately $5.7 million in 2004. Power2Ship Intermodal, formerly GFC Inc., will utilize a growing network of agents to provide services along the eastern seaboard ports with 2005 projected revenues to range from $8 million to $12 million.

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