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CORRECTING and REPLACING Power2Ship to Joint Venture With Welley Shipping, the Logistics Arm of COSCO - Largest Ocean Freight & Logistics Company in China
BOCA RATON, Fla. --(Business Wire)-- June 8, 2005 -- Please replace the release with the following corrected version due to multiple revisions.
The corrected release reads:
POWER2SHIP TO CO-OPERATE WITH WELLEY SHIPPING COMPANY (CHINA) LIMITED, THE LOGISTICS ARM OF CHINA OCEAN SHIPPING (GROUP) COMPANY (COSCO) - THE LARGEST OCEAN SHIPPING GROUP IN CHINA
Power2Ship, Inc. (OTCBB:PWRI) and Welley Shipping Company,(China) Limited, Beijing Branch, a logistics and freight forwarding division for China Ocean Shipping (Group) Company ("COSCO") have signed a Co-operation Agreement to work together to expand mutual ocean freight and logistics between the People's Republic of China ("PRC") and the United States and from ports outside the PRC. In addition, Welley will act as our handling agent for all Power2Ship's customers' cargo being imported into the United States. Welley, in turn will use Power2Ship as the handling agent in the United States. Richard Hersh, Power2Ship's Chief Executive Officer commented, "We have an incredible opportunity to penetrate several segments of the international container shipping market including bonded warehousing, container deconsolidation, storage of containers, as well as ocean and land transportation services. We have been told that Power2Ship can provide these services for as many containers, entering or leaving U.S. ports, as its resources can handle. Power2Ship expects to commence rolling out this operation during the next 30 to 60 days.
About Welley Shipping Company (China) Limited
Welley, is a wholly owned subsidiary of China Ocean Shipping (Group) Company (COSCO), one of the largest shipping groups in the world with their head office in Shenzhen, and 14 branches in China. COSCO ships over 2 million containers to the U.S. alone. COSCO, founded in 1961, is a diversified service company with 2004 revenue of approximately $17 billion focusing mainly on shipping and modern logistics businesses. It currently owns and operates approximately 600 vessels, including 120 container vessels, that shuttle among 1,300 ports in more than 160 countries and handles approximately 270 million tons of cargo per year. COSCO is the largest ocean carrier in China operating some 50 scheduled routes worldwide and one of the leading operators in the world accounting for approximately 5% and 8% of the total global traffic and the Chinese market share, respectively.
About Power2Ship, Inc.
Power2Ship (P2S) is a Web-based Collaborative Marketplace that provides supply chain, tracking and other logistics information that enables freight carriers (trucking companies), shippers (senders and receivers of freight) and their customers to make better-informed, cost-effective transportation / logistics decisions. This information assists P2S Member Shippers to optimize their supply chain and reduce their transportation, warehousing and inventory carrying costs. P2S Member Carriers receive free, unlimited use of an asset management system through the MobileMarket(TM) to track the location, destination and availability of their transportation assets. P2S has formed three new divisions in order to accelerate the market penetration of its patent-pending P2S MobileMarket(TM). An international licensing division markets the P2S MobileMarket(TM) abroad. The second division is focused on Homeland Security and Operation Safe Commerce, primarily related to development of "smart" container tracking and visibility. The third division is pursuing mergers and acquisitions and joint ventures with strategic, non-asset based, trucking companies and transportation-related providers.
This press release includes certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding our current business plans, strategies and objectives that involve risks and uncertainties that could cause actual results to differ materially from anticipated results. The forward-looking statements are based on our current expectations and what we believe are reasonable assumptions; however, our actual performance, results and achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Factors, within and beyond our control, that could cause or contribute to such differences include, among others, the following: the loss of one or more of our major customers, our inability to negotiate a mutually acceptable profit sharing or other business arrangement required to implement our joint venture with Welley, the termination of the agreement with Welley upon ninety (90) days written notice by either party or immediately if either party is forced into or voluntarily enters into any form of bankruptcy, and our inability to obtain sufficient capital to fund our operations until we achieve consistently positive cash flow from operations; as well as those factors discussed under "Risk Factors" in our Form SB-2/A, as filed on December 15, 2004. Readers are urged to carefully review and consider the various disclosures detailed from time to time in our other reports and filings with the United States Securities and Exchange Commission.
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