Smart Move, Inc. Announces Signed Letter of Intent to Acquire Star Relocation Network Alliance, Inc. Business
Company Believes the Acquisition will Significantly Enhance Smart Move's Participation in Relocation Industry Programs and Leverage Synergies with Major Van Line Carriers.
DENVER, Jan. 2 - Smart Move, Inc., (AMEX:MVE) a Denver based asset logistics manager today announced that it had entered into a letter of intent to acquire the business assets of Star Relocation Network Alliance, Inc. ("Star Alliance"), a privately owned operating division of Arpin Group, Inc. The assets of Star Alliance which may be acquired by Smart Move include trademarks, trade names and operating assets relating to Star Alliance's co-branded and private label move management programs offered to the real estate brokerage community, third party relocation companies and HR departments of major corporations. Smart Move's business activities associated with the acquired Star Alliance assets will be supported by a national call center offering personalized move counseling and customized relocation services. The purchase price is expected to be based on an upfront payment in Smart Move common stock and an earn-out portion based on the achievement of top line revenue performance targets associated Star Alliance assets and operations. The companies are currently negotiating definitive agreements and, if successful, plan to consummate the transaction during January 2008.
Commenting on the proposed acquisition of the Star Alliance, Chris Sapyta, Smart Move's Chief Executive Officer, said, "The acquisition of Star Alliance's business platform offers Smart Move complementary revenue opportunities to add to our existing customer base and enhanced capabilities to deliver full service move management to corporate HR departments and relocation partners.
"We are extremely excited about this acquisition and will continue to look for alliance opportunities with major van lines such as Arpin Group, Inc. and strategic acquisition opportunities like this purchase of Star Alliance assets, which allow us to leverage combined capabilities to expand our business opportunities.
"The Star Alliance acquisition significantly enhances Smart Move's ability to increase the value we bring to our corporate relocation customers. We are especially pleased that Tom Magee, a 25 year veteran in the household goods and moving industry and the primary architect of the Star Alliance since its organization by Arpin Group, Inc., in 2003, plans to join the Smart Move corporate relocation sales team," Sapyta added. "The full integration of Star Alliance's move management programs and Tom's relocation sales expertise will allow us to expand the use of the versatile SmartVault(TM) as a proven solution for the household goods moving industry."
About Star Alliance:
The Star Alliance customer resource center provides customers with centralized coordination of both domestic and international alliance partners. Star Alliance's partners include a wide range of major service providers operating nationally and internationally:
NATIONAL o Major van line affiliations o Over 200 strategic agency partnerships o Network of national third party services o Professional automobile transport service
INTERNATIONAL o Worldwide agency partnerships o Cross-border moving specializes o Customs clearance / document preparation
Cost control and service priorities are achieved for Star Alliance's customers through both operational and performance standards established for Star Move Alliance partners. Star Alliance customers are also provided with performance evaluations and every move is monitored to ensure complete customer satisfaction.
Smart Move is an innovative logistics company providing services through deployment of a fleet of Company-owned, GPS equipped SmartVault(TM) shipping containers to execute the movement of goods. Smart Move utilizes its proprietary and licensed technologies to efficiently manage its fleet of assets, providing superior security, scheduling flexibility and expedited service on behalf of its customers and alliance partners. Smart Move sells its services direct to moving consumers as well as providing moving capacity and guaranteed logistic services to van lines and agents nation wide.
Company Information: Name: Smart Move, Inc. Address: 5990 Greenwood Plaza Blvd. Building 2, Suite 390 City: Greenwood Village State: CO ZIP: 80111 Country: USA Phone: 800-963-0204 http://www.gosmartmove.com
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