J. Michael Head, CEO of myFreightWorld/Anything Brands Online (Pinksheets: ANYT), today announced that the company has signed a letter of intent to acquire Cheap Online Shipping.com www.cheaponlineshipping.com.
The acquisition is expected to add $5 million in revenue with a nine percent profit margin to MyFreightWorld www.myfreightworld.com in 2010, according to Head.
Documents to complete the Definitive Agreement are in the final stages, with execution expected by mid-January. Head expects to provide more information during the upcoming CEO Q&A session, scheduled for the week of January 18. Details will be posted on the MyFreightWorld investor relations page at www.myfreightworld.com/investor-information.
Cheap Online Shipping, Huntington Beach, CA, is a third-party freight logistics company that allows infrequent shippers to get instant online freight quotes, book and track shipments, create bills of lading, and manage accounting — all online. The union with MyFreightWorld is a natural evolution for the company, according to Doug Adair, President and Founder of Cheap Online Shipping.
“MyFreightWorld’s superior technology, value added services and web-based leadership in transportation technologies are already an integral part of our business model, but it was our newest joint venture together ‘Logistics On Call’ that makes this a smart decision for both our companies. I know that Mr. Head is primarily looking and working to join forces with companies much larger in revenue, but the tremendous growth potential for our joint venture qualifies this as a strong and strategic move in that direction. Together, we have the potential to help many of the myFreightWorld customers grow their business in traffic, order fulfillment and public warehousing requirements,” said Adair.
Head commented, “Cheap Online Shipping will not be competing with our customers and this union will certainly add to our menu of services while developing an entirely new sales channel for our customers.”
