IRVINE, Calif., Dec. 02, 2024 (GLOBE NEWSWIRE) — Cheetah Net Supply Chain Service Inc. (Cheetah or the Company) (Nasdaq CM: CTNT ) announced today that it has entered into definitive agreements (agreements) to acquire (the Acquisition) TW & EW Services Inc, a California labor and logistics services provider (TW & EW). The acquisition is expected to close on or about December 4, 2024. With the integration of TW & EW, Cheetah expects to leverage additional service capabilities and strengthen its position as a comprehensive supply chain solutions provider.
The total cost of the acquisition includes a cash payment of $200,000 and a stock that includes the issuance of Cheetah’s unregistered Class A common stock (total stock consideration) valued at $800,000, with a price per share of $1.704. Following the acquisition, TW & EW will become a wholly owned subsidiary of the Company.
Tony Liu, President and Chief Executive Officer commented, (with) the contracts now executed, we look forward to closing the acquisition and integrating the TW & EW operations into Cheetah as soon as possible. This move strengthens our position in the logistics sector by incorporating TW & EW’s expertise into general workforce and logistics support services, enabling us to streamline operations and create additional value for our stakeholders. With this acquisition, we look forward to providing enhanced services to current and future customers.
About Cheetah Net Supply Chain Service Inc.
Cheetah Net is a logistics and warehousing service provider, historically associated with the sale of parallel import vehicles from the US to the PRC market, now focused on transporting a wider range of goods between the US and the People’s Republic of China. Founded in 2016 as a luxury vehicle dealer with parallel imports, Cheetah moved into non-vehicle trading and logistics services in response to market challenges. In February 2024, Cheetah expanded its operations in the logistics and warehousing industry. Cheetah remains committed to adapting to evolving market conditions and delivering value to its stakeholders through strategic realignment and service expansion.
Forward-looking statements
This press release contains certain forward-looking statements, including statements that are predictive in nature. Forward-looking statements are based on the Company’s current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. These statements can be identified by the use of forward-looking expressions, including, but not limited to, anticipate, believe, continue, estimate, expect, future, intend, may, prospects, plan, potential, anticipate, project, should, will , would and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that the statement is not forward-looking. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those in forward-looking statements are set forth in the Company’s filings with the U.S. Securities and Exchange Commission, including the registration statement on Form S-1, as amended, under entitled Risk Factors.
For more information, contact:
Cheetah Net Supply Chain Service Inc.
Investor relations
(949) 418-7804
[email protected]
Source: Cheetah Net Supply Chain Services Inc
