PHILADELPHIA, Penn., Feb. 14, 2001 (PRNewswire) Stonepath Group (Amex: STG) announced the signing of a merger agreement between Webmodal, a Stonepath partner company, and Enron Global Markets, LLC, a subsidiary of Enron Corp.
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 Webmodal shareholder approval, as well as to the satisfaction of customary and standard closing conditions.
“We’re extremely pleased that Enron recognizes Webmodal’s value and potential,” said Andrew Panzo, Chairman and CEO of Stonepath Group.”
About Stonepath Group
Founded in 1998, Stonepath Group (Amex: STG) currently holds interests in nine technology companies in various stages of development. Stonepath Group (https://stonepath.com) is headquartered in Philadelphia, PA.