Cheetah Net Supply Chain signs letter of intent to acquire Edward Transit

Cheetah Net Supply Chain Services announced the signing of a letter of intent with Edward Transit Express Group, a California-based global inbound non-vessel operating common carrier providing ocean and air transportation services. Edward operates a weekly consolidation service through its worldwide agency network system for loose cargoes and full containers for inbound and outbound shipments. The total purchase price for Edward is $1.5M, consisting of $300,000 in cash and $1.2 million in Cheetah’s Class A common stock. The completion of the transaction is subject to various conditions, including the favorable completion of due diligence on Edward and the entry of a definitive agreement. The anticipated completion timeframe is early 2024. Chairman and CEO Tony Liu commented, “As a supplier of parallel-imported automobiles, we recognize the pivotal role logistics plays in the contemporary service industry. We believe possessing a self-operated logistics system is critical for our long-term growth. This transaction underscores our commitment to evolving Cheetah into a comprehensive international trade service provider.” Liu added, “We will continue to actively seek additional strategic and financially attractive acquisitions to strengthen our logistics services and augment our ability to provide comprehensive and integrated supply chain solutions.”