Cheetah Net Supply Chain Service Inc. Signs Definitive Agreements to Acquire TW & EW With Investing.com
IRVINE, Calif., Dec. 02, 2024 (GLOBE NEWSWIRE) — Cheetah Net Supply Chain Service Inc. (Cheetah or Company) (Nasdaq CM: CTNT) today announced that it has entered into definitive agreements (agreements) to acquire (Acquisition) TW & EW Services Inc, a California-based operator and transportation service provider (TW & EW). The acquisition is expected to close on or about December 4, 2024. Through the combination of TW & EW, Cheetah expects to exploit additional service opportunities, and strengthen its position as a complete provider of supply chain solutions.
Total acquisition costs include a cash payment of $200,000 and share consideration including the issuance of unregistered Cheetah Class A common stock (Share Consideration) worth $800,000, at a per share price of $1.704. Pursuant to the Acquisition, TW & EW will become a wholly owned subsidiary of the Company.
Tony Liu, Chairman and CEO, commented, [w]Once the Agreements are finalized, we look forward to closing the Acquisition and integrating TW & EW operations into Cheetah as quickly as possible. This move strengthens our position in the logistics sector by integrating TW & EW’s expertise in general human resource support and planning services, enabling us to streamline operations and create additional value for stakeholders. With this acquisition, we look forward to delivering improved services to current and future customers.
About Cheetah Net Supply Chain Service Inc.
Cheetah Net is a provider of logistics and warehousing services, historically associated with the sale of similar US imported vehicles to the PRC market and now specializing in moving a wide range of goods between the US and the People’s Republic of China. Established in 2016 as an exotic luxury car dealer, Cheetah has shifted into non-automotive trading and transportation services to respond to market challenges. In February 2024, Cheetah expanded its base in the transportation and warehousing industry. Cheetah remains committed to adapting to changing market conditions and delivering value to its stakeholders by restructuring strategies and expanding resources.
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 Sector Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, expect, believe, continue, estimate, expect, future, intend, may, view, plan, likely, predict, project, should, , could, and similar expressions that predict or that indicate future events or trends or that are not historical statements, 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 described in the Company’s filings with the US Securities and Exchange Commission, including its registration statement on Form S-1, as amended, under the heading Risk. Features.
For more information, please contact:
Company Cheetah Net Supply Chain Service Inc.
Investor relations
(949) 418-7804
ir@cheetah-net.com
Source: Cheetah Net Supply Chain Services Inc
