Unique Logistics International Enters Into Agreement for Extension to Purchase Asia-Pacific Logistics Assets

Unique Logistics International, Inc. provides a range of international logistics services that enable its customers to outsource to the Company sections of their supply chain process.

FREMONT, CA: Unique Logistics International, a global logistics and freight forwarding company, announced that it has entered into an agreement providing for an extension to purchase business assets in North and East China, Taiwan, and India.

"To build on the momentum of our business growth and with our financial management team strengthened under the leadership of CFO, Eli Kay, appointed earlier this year, we have reached agreement to extend the deadline on our purchase of logistics assets in the Asia-Pacific region," said Sunandan Ray, Chief Executive Officer of Unique. "These acquisitions are strategically important to our long-term business plan. We believe that these acquisitions solidify our position in critical Asian markets. We intend to complete these acquisitions and continue to negotiate on the options we have secured for additional acquisitions in Vietnam and South China under the Securities Purchase Agreement, dated May 29, 2020, entered into with Unique Logistics Holdings Limited, a Hong Kong company."

Under the original terms of the agreement, the company had until May 31, 2021, to acquire a 50 percent interest in operations in North and East China and Taiwan (collectively, "UL China") and a 65 percent interest in Unique Logistics International India (Private) Limited, currently owned by Unique Logistics Holdings Limited. The new agreement extends this period to December 31, 2021.