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PEORIA, Ariz., July 25, 2019 (GLOBE NEWSWIRE) -- EVO Transportation & Energy Services, Inc. (“EVO”) (OTC Pink: EVOA), an alternative fuel services company and emerging transportation operator, has acquired Finkle Transport effective July 15, 2019.
Finkle is a family-owned and operated trucking company based in Clifton, New Jersey that provides freight transportation services for the United States Postal Service (USPS), along with various non-governmental entities. The company currently operates across the Northeast with over 200 trucks and more than 250 employees. Finkle is expected to generate approximately $36 million in revenue for 2019.
Under the terms of the agreement, James Finkle, Jr. and Clifford Finkle, IV, the owners of Finkle, will be joining EVO as vice presidents of the Finkle operations. James and Clifford bring to EVO extensive experience in operating trucking companies, along with strong backgrounds in financial markets and legal expertise.
“Acquiring Finkle, a substantial freight provider with deep connections to the USPS, marks another important milestone for EVO,” said John Yeros, CEO of EVO. “As we continue to execute our roll-up strategy to be the USPS’s preferred provider, adding Finkle’s extensive footprint in the Northeast will expand our platform’s reach into new geographies with significant potential for growth. Also, Finkle’s relationships and additional contracts with non-postal service customers furthers our goal of improving our truck utilization during off-hours.
“In addition to the expansion of our operations, we are also pleased to add two proven operators in James and Clifford. Both have been in this industry for 15 years and we look forward to leveraging their wealth of knowledge to continue growing our platform.”
Commenting on the acquisition and joining EVO, James Finkle stated: “With the introduction of the Dynamic Route Optimization Program, it has become necessary for trucking companies to adapt to new standards as the USPS reduces the number of transportation suppliers it contracts with. EVO has deployed a successful consolidation strategy and built an exceptional platform that has attracted some of the most well-known companies within the industry. We look forward to joining the team and further expanding the Finkle network on the EVO platform.”
About EVO Transportation & Energy Services, Inc.
EVO is an emerging transportation operator and next generation supplier for the United States Postal Service (USPS). It offers flexible and efficient solutions through a combination of Diesel and CNG trucks and tractors across 37 states. EVO also operates five strategically located CNG refueling stations located in Jurupa Valley, CA; Fort Worth, TX; Oak Creek, WI; Tolleson, AZ; and San Antonio, TX that accommodate class 8 trucks and trailers. For more information, please visit evotransinc.com.
The statements in this press release that are not historical facts may be “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. The words “believe,” “will,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “would,” “should,” “plan,” “expect,” “predict,” “could,” “potentially” or similar expressions identify forward-looking statements, although not all forward-looking statements include these words. These statements involve known and unknown risks, uncertainties and other important factors, including those described in under “Risk Factors” contained in EVO’s most recent Form 10-K and subsequent filings with the Securities and Exchange Commission. Moreover, the forward-looking statements speak only as of the date they are made, and EVO assumes no obligation to update or revise forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by law.
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