Unique Logistics International Inc Stock Price, News & Analysis

Unique Logistics International (OTCMKTS: UNQL) announced a new $30 million revolving purchase loan with TBK Bank, aimed at reducing debt servicing costs and enhancing bottom-line results. This credit facility allows access to funds at the Prime Rate plus 3% and comes after the repayment of a previous $25 million facility with Corefund Capital. CEO Sunandan Ray emphasized that this move supports their aggressive business expansion strategy, building on successes achieved over the past year.

Unique Logistics International (OTCMKTS: UNQL) has secured a 12-month ocean freight contract with AutoZone Inc. (NYSE: AZO), marking a significant new partnership. The agreement facilitates transport and logistics from the Asia-Pacific region to North America until May 2022. CEO Sunandan Ray expressed enthusiasm about expanding relationships in the automotive sector, citing the importance of automotive parts delivery given the high volume of imports to the U.S. annually. This partnership is expected to leverage Unique Logistics' established capabilities in Asian manufacturing regions.

Unique Logistics International (OTCMKTS: UNQL) announced a multi-million-dollar air freight contract with HP Inc., marking a significant addition to its customer base. The contract will span from June 1, 2021, to May 31, 2022, covering new cargo flight lanes between the Asia-Pacific region and the Americas, following a competitive bidding process. CEO Sunandan Ray expressed enthusiasm about the partnership, highlighting the company's growing influence in the Asia-Pacific logistics market. This development underscores Unique's robust logistics capabilities and commitment to expanding its international network.

Unique Logistics International (OTCMKTS: UNQL) has announced a partnership with Korean Air to introduce 52 additional cargo charter flights from Vietnam to the United States, effective from August 1, 2021, to December 31, 2021. This initiative aims to enhance air cargo capacity for the company’s customer base. Since its start on May 27, 2020, UNQL has been expanding its share in the freight forwarding market, particularly in Asia, reflecting its commitment to growth in logistics services globally.

Unique Logistics International, Inc. (UNQL) announces the appointment of Eli Kay as Chief Financial Officer, effective immediately. With over 25 years of experience in finance and leadership roles, Mr. Kay will oversee all financial management and SEC compliance. His prior experience includes serving as CFO for Transit Wireless and JFKIAT, where he managed significant projects. CEO Sunandan Ray expresses confidence in Mr. Kay's ability to advance the company's strategic goals, including growth through acquisitions.

Unique Logistics International, Inc. (OTC: UNQL) reported its third quarter results for the period ending February 28, 2021, showcasing revenues of $91.0 million and a net income of $1.3 million. The nine-month revenue totaled $273.0 million, reflecting a 265% increase year-over-year. The company's total assets rose to $62.2 million, increasing 83% from the previous year. CEO Sunandan Ray noted strong demand for logistics services driven by economic recovery. The firm is actively enhancing its procurement and cost-saving strategies to support anticipated growth.

Unique Logistics International reported its Current Report on Form 10-Q for the three and six months ending November 30, 2020. Total revenues were $124.6 million and $182.1 million, respectively, with net income of $1.4 million for Q3 and $0.8 million for the six months. Adjusted EBITDA stood at $4.7 million and $4.8 million. Notably, the company successfully integrated its Acquired Business, demonstrating a significant revenue increase from $115.1 million (12 months ended May 31, 2020) to $182.1 million (six months ended November 30, 2020).