RLOG 6.36 Rand Logistics Warrant Exercises Generate $17.8 Million in Cash for the Company
Jul 18, 2007 8:30:00 AM
Copyright Business Wire 2007
NEW YORK--(BUSINESS WIRE)--
Rand Logistics Inc. (NASDAQ: RLOG, RLOGW, RLOGU) today announced that 3,964,965 of its publicly traded warrants were exercised under the program whereby holders could exercise warrants at $4.50, versus the $5.00 exercise price provided by the original terms of the warrants, generating cash of $17,842,000 for Rand. The reduced exercise price program expired on July 13, 2007, and the original exercise price of $5.00 has been reinstituted for all remaining unexercised warrants. 5,231,215 warrants remain outstanding, including 1,571,349 warrants owned by officers and directors, none of whom exercised any warrants at the reduced exercise price.
Laurence Levy, Chairman and CEO, stated, "We are delighted by the enthusiastic response of our warrant holders to the reduced exercise price. The warrant exercises substantially enhance our balance sheet, improve our liquidity, and reduce the warrant overhang on our common stock. We believe we are now well funded to make further investments, both internally and externally, in growing our business."
About Rand Logistics
Rand Logistics, Inc. is a leading provider of bulk freight shipping services throughout the Great Lakes region. Through its subsidiaries, the Company operates a fleet of eleven self-unloading bulk carriers, including nine River Class vessels and one River Class self-unloading tug/barge unit. The Company is the only carrier able to offer significant domestic port-to-port services in both Canada and the U.S. on the Great Lakes. The Company's vessels operate under the U.S. Jones Act - which dictates that only ships that are built, crewed and owned by U.S. citizens can operate between U.S. ports - and the Canada Marine Act - which requires Canadian commissioned ships to operate between Canadian ports.
Forward-Looking Statements
This press release may contain forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) concerning the Company and its operating subsidiaries. Forward-looking statements are statements that are not historical facts, but instead statements based upon the current beliefs and expectations of management of the Company. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the results included in such forward-looking statements.
Source: Rand Logistics Inc.
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Rand Logistics
Inc.
Laurence S. Levy
Chairman & CEO
212-644-3450
or
Investor Relations Counsel:
The Equity Group Inc.
Loren G. Mortman
212-836-9604
LMortman@equityny.com
www.theequitygroup.com
AI
