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"K" Line Implements Share Transfer with Air Tiger Express Companies

Tokyo, June 16, 2010 (JCN) - Kawasaki Kisen Kaisha, Ltd. ("K" Line) is pleased to announce that it concluded a share transfer agreement with ATEC for the purchase of 51% of Air Tiger Express Companies Inc. (ATEC) shares earlier today in Tokyo. The company announced on January 29, that it had reached a basic agreement with US-based logistics service provider ATEC for "K" Line's capital participation in the company.

ATEC, headquartered in New York City, is a comprehensive logistics company that conducts business in the United States, China and elsewhere, with a focus on areas in Asia, providing a variety of services for businesses that include air and sea cargo forwarding, customs clearance, storage and cargo insurance. The founder and current CEO of the company, Richard Chu, who had established the predecessor of ATEC in Taiwan in 1976, moved the company to the United States in 1982.

Subsequently, the company expanded its bases to include not only various parts of the U.S. but also locations in Southeast Asia and China; and in 2006 the companies handling the businesses in each area were reorganized to create today's holding company ATEC.

Its major subsidiaries are Air Tiger Express (USA) Inc.; Air Tiger Express (Asia) Inc., which coordinates the Asia business companies; and Shenzhen Airport ATE Int'l Freight Co., Ltd., a joint-merger company formed with the Shenzhen Airport Authority.

Even though ATEC is a medium-sized company, with only around 750 employees, it is a promising enterprise with a strong link to the fast-growing international logistics market in China.

By Saroj Shrestha Staff Writer

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