Friday, August 7, 2009

Synergex Expands Freight Forwarding Businesses Into Latin America

Group pushes into new territories despite the recession
Shipping News Feature

CANADA - Synergex Corporation announced that it has obtained freight forwarding operating licenses in Mexico and Colombia, and has commenced freight forwarding operations in these territories.

“Historically, it has been part of our core identity to provide comprehensive third party logistics services to our customers. We believe that our freight forwarding operations in Latin America will enhance our profitability, and in the case of Colombia, it will bring the benefits of operating in the Bogota Free Trade Zone.” said David Aiello, President and Chief Executive Officer of Synergex.

The Bogota Free Trade Zone is one of the most competitive free trade zones in Latin America offering companies a single 15% income tax rate and the ability to sell in the local market without VAT and customs duties. Juan Pablo Rivera, President of the Bogota Free Trade Zone remarked, “We are proud to have such an internationally capable and visionary company like Synergex operating out of our Free Trade Zone and we are happy to provide the support and structure to help make Synergex's investment profitable and prosperous for Synergex and its customers.”

The Company is developing a competitive focus in the 3PL sector in the North-South trade lanes in the Americas by extending its network from Toronto and Montreal to include Latin American freight forwarding, domestic distribution stations, and related IT support systems.

In addition, Synergex has applied for its freight forwarding license in Chile, and within the next 12 months, the Company's Logistics Services Group will evaluate alternatives for establishing licensed freight forwarding operations in Argentina and Brazil.

“We are building our Latin American 3PL infrastructure and recruiting local professionals who possess the strengths and skills that have built our Canadian freight forwarding business from our Company's origin. We expect our Logistics Services network to thrive and to be a key part of Synergex Corporation's success worldwide,” said Aiello.

http://cnrp.marketwire.com/cnrp_files/20090806-syx806f.pdf