BOCA RATON, Fla.–(BUSINESS WIRE)–Oct. 11, 2005–Power2Ship, Inc. (OTCBB:PWRI – News), the provider of a Logistics, Web-based, Collaborative Marketplace for the freight transportation industry and related Homeland Security programs, reported gross revenue of approximately $8.2 million for the quarter ended September 30, 2005, an increase of approximately $7.5 million from $0.7 million in same quarter of 2004. Richard Hersh, Power2Ship’s Chairman and Chief Executive Officer remarked, “This significant growth was a result of the two acquisitions we made in March 2005 as well as strong internal growth from our MobileMarket(TM). We continue to pursue a growth strategy of utilizing our patent-pending MobileMarket(TM) technology to penetrate logistics markets and to provide solutions for the Homeland Security market.”
About Power2Ship, Inc.
Power2Ship (P2S) is an Application Service Provider that specializes in the collection and processing of real-time transportation information using event-driven software that optimizes the utilization of transportation assets and provides the information to trading partners. P2S’ services are offered to the supply chain management industry including manufacturers and distributors of goods as well as service providers that transport the goods. P2S has three other divisions established to accelerate the market penetration of its patent-pending P2S MobileMarket(TM): An International Licensing Division markets the P2S MobileMarket(TM) abroad; a Security Division focuses on Homeland Security initiatives primarily related to container security; and a Strategic Transactions Division seeks merger, acquisition, and joint venture opportunities with strategic trucking companies and other transportation-related providers.
This press release includes certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding our current business plans, strategies and objectives that involve risks and uncertainties that could cause actual results to differ materially from anticipated results. The forward-looking statements are based on our current expectations and what we believe are reasonable assumptions; however, our actual performance, results and achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Factors, within and beyond our control, that could cause or contribute to such differences include, among others, the following: we have a history of losses and an accumulated deficit, expect losses to continue for the foreseeable future and will need to raise additional working capital in order to implement our business model and sustain our operations; the loss of one or more of our major customers could materially and adversely effect our future revenue and business operations; as well as those factors discussed under “Risk Factors” in our Form SB-2/A dated December 15, 2004 and various disclosures in other reports filed from time to time with the United States Securities and Exchange Commission.
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