Stonepath Group, Inc. (Stonepath), incorporated in 1998, is a non-asset-based third party logistics services company providing supply chain solutions. The Company operates an air and ground freight forwarding business that offers a range of time-definite transportation and distribution solutions through its services platform in the United States where it manages and arranges the movement of raw materials, supplies, components and finished goods for its customers. It also offers a range of international logistics services, including air and ocean transportation, as well as customs house brokerage services through its international services platform. Other services offered are warehousing and other value-added services. Stonepath serves a customer base of manufacturers, distributors and retail chains through its offices in 21 areas in North America, 17 in the Asia Pacific region and six in Brazil, as well as a network of international independent carriers and service partners. As a non-asset-based logistics provider, Stonepath arranges for and subcontracts services on a non-committed basis to airlines, motor carriers, express companies, steamship lines, and warehousing and distribution operators. By concentrating on network-based solutions, the Company avoids competition with logistics providers that offer dedicated outsourcing solutions for single elements of the supply chain. Its network-based services leverage common infrastructure and technology systems so that solutions are scalable, replicable and require a minimum amount of customization (typically only at the interface with the customer). This non-asset ownership approach maximizes Stonepath's flexibility in creating and delivering a range of end-to-end logistics solutions on a global basis while simultaneously allowing the Company to exercise significant control over the quality and cost of the transportation services provided. Other value-added services provided by the Company are direct-to-store logistics, turn-key product management services for retailers, merge-in-transit logistics, Web-based fulfillment solutions, turn-key supply chain and logistics outsourcing projects, value-added, high-speed, time-definite, total-destination programs, packaging, transportation, unpacking and stand installation for United States trade shows and expositions, and reverse logistics involving the return of products from end users to manufacturers, retailers, resellers or remanufacturers. Direct-to-store logistics for retail customers involve coordination of product received directly from manufacturers and dividing large shipments from manufacturers into smaller shipments for delivery directly to retail outlets or distribution centers to meet time-definite product launch dates. Turn-key product management services for retailers include vendor compliance management, central delivery and distribution centers close to consumption, inventory forecasting, replenishment and management all on the Web. Merge-in-transit logistics involve movement of products from various vendors at multiple locations to a Company facility and the subsequent merger of the various deliveries into a single coordinated delivery to the final destination. Such services are useful to retailers where deliveries from diverse sources are organized and distributed to maximize efficiency of their sales and marketing programs. Web-based fulfillment solutions provide order management, as well as the subsequent pick, pack and shipment for its customers. In its turn-key supply chain and logistics outsourcing projects, Stonepath operates one or more warehouses or the entire end-to-end supply chain. Value-added, high-speed, time-definite, total-destination programs include packaging, transportation, unpacking and placement of new products and equipment. Reverse logistics involving the return of products from end users to manufacturers, retailers, resellers or remanufacturers include verification of working order, defect analysis, serial number tracking and inventory management. Freight Forwarding Services Stonepath's United States and international air, ocean and ground freight forwarding services provide shipments that require special handling or generally larger shipments. The Company's basic freight forwarding business is complemented by customized and information technology-based options to meet customers' specific needs. Its United States services organization offers same day, one, two and three to five day service along with expedited ground service within North America and Puerto Rico through its network of asset-based carriers. On a limited basis, Stonepath also provides motor carrier services through one of the Company's own affiliates. Internationally it offers a range of services from expedited air to multi-modal options through its network of owned or agent offices throughout the world. In a few markets in Asia, the Company offers co-loading services to the freight forwarding marketplace. The Company specializes in complex, time-definite delivery of product to many destinations around the world and all North American destinations. These include high-volume, complex multi-destination consolidation programs for catalog, retail and other shippers. It has special programs focused on high-value and breakable freight utilizing all modes of transportation. Customs Brokerage Services The Company's International Services organization provides customs brokerage services. Within each country, the rules and regulations vary along with the level of expertise that is required to perform the customs brokerage services. Stonepath's customs brokers and support staff have knowledge of the tariff laws and customs regulations governing the payment of duty and taxes, as well as valuation and import restrictions in their respective countries. Warehousing and Other Value-added Services Stonepath's warehousing services relate to storing goods and materials to meet customers' production or distribution schedules. Other value-added services are receiving, deconsolidation and decontainerization, sorting, put away, consolidation, assembly, inspection services, cargo loading and unloading, assembly of freight, customer inventory control and protective packing and storage, order processing and customer-directed invoicing. Time-Definite Transportation Stonepath specialize in time-definite delivery of product to destinations around the world and all North American destinations. These include high-volume, complex multi-destination consolidation programs for catalog, retail and other shippers. Special programs are focused on high value and breakable freight utilizing all modes of transportation. Stonepath competes with DHL Danzas Air and Ocean, Expeditors International of Washington, Inc., UPS Supply Chain Solutions (a unit of United Parcel Service, Inc.), UTi Worldwide, Inc. and Eagle Logistics, Inc. Quotes http://finance.google.com/finance?cid=663926 Annual Report http://finance.google.com/finance?fstype=ii&cid=663926 Key Stats http://finance.yahoo.com/q/ks?s=STG