Universal Express has signed a formal contract to purchase the assets of a New Jersey-based gasoline and oil operator. The unnamed wholesaler reportedly owns and operates in excess of 38 retail gasoline and diesel oil stations.
In addition to the obvious positive impact on our balance sheet, this acquisition keys nicely with our transportation logistics model, said Richard Altomare, president and CEO of Universal Express.
Virtually every facet of our businesses relies on the price, availability and delivery of fuel, whether it is our luggage division, our trucking component, our aviation company, or our courier network. It is my hope that we can affect a reconfigured and even better business model and possible re-branding for these stations in the years to come.
In addition to the symbiosis that this company has with our core businesses and additional retail distribution, our growing nationwide presence is both complimented and augmented through this initial oil and gas acquisition, continued Mr Altomare.
The estimated 5% earnings of this company, we believe, through our management and economy of scale can be increased. Our corporate awareness is as real and as valuable to us as our many strategic partners, our loyal employees, and our steadfast vision of a changing transportation logistical industry.