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Article: Stonepath Group to Sell Interest in Intermodal Business To Enron Global Markets.
- Article from:
- PR Newswire
- Article date:
- February 14, 2001
CopyrightCOPYRIGHT 2001 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PHILADELPHIA, Feb. 14 /PRNewswire/ --
Stonepath Group (Amex: STG) today announced the signing of a definitive merger agreement between Webmodal, a Stonepath partner company, and Enron Global Markets, LLC, a subsidiary of Enron Corporation (NYSE: ENE), one of the world's leading energy companies. Webmodal, an Illinois-based technology and logistics services business, has been a Stonepath company since October 1999. The closing is anticipated to occur on March 2, 2001.
Upon closing, Stonepath is to receive approximately $6 million in cash from Enron Global Markets for its stake in Webmodal plus a $1 million loan repayment. Closing remains subject to ...