News
Forward Air files definitive proxy statement and reiterates commitment to updating board of directors
Announces registration date of March 25, 2024
GREENEVILLE, Tennessee, May 20, 2024–(BUSINESS WIRE)–Forward Air Corporation (NASDAQ:FWRD) (the “Company,” “we,” “our,” or “us”) today announced the filing of its definitive proxy statement with the Securities and Exchange Commission (“SEC” ) on May 20, 2024, in preparation for its next annual meeting of shareholders, which will be held on June 3, 2024 for shareholders as of the record date of March 25, 2024.
Forward is dedicated to fostering a culture of continuous improvement, transparency and accountability as the management team continues to execute the Company’s strategic priorities. This includes maintaining an open dialogue with all our shareholders and listening to their feedback to update the Board and ensure it has the right mix of skills and experience to guide the Company into the future.
Forward’s Board and management team are committed to acting in the best interests of the Company and its shareholders. The Company will continue to take actions that it believes will generate sustainable shareholder value as it integrates Omni, eliminates costs from its structure and improves investor engagement.
For more information about the matters to be voted on at the upcoming annual meeting of shareholders, shareholders are encouraged to review the definitive proxy statement, which will be available on the Company’s investor relations website and on file with the SEC.
About Forward Air Corporation
Forward Air is a leading provider of asset light transportation services in the United States, Canada and Mexico. We provide expedited less-than-truckload (“LTL”) services, including local pickup and delivery, shipment consolidation/deconsolidation, warehousing and customs clearance, utilizing a comprehensive nationwide network of terminals. Additionally, we offer freight brokerage services, including dedicated fleet services; and high-value, first- and last-mile intermodal transportation services to and from sea and rail ports, dedicated contracts, and container freight station storage and handling services. Forward also operates a full portfolio of multimodal solutions, both domestically and internationally, through Omni Logistics. Omni Logistics is a global provider of air, sea and land services for mission-critical freight. We are more than a transport company. Forward is a one-stop resource for your shipping needs. For more information, visit our website at www.forwardaircorp.com.
Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as: “anticipate”, “intend” , “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “expect”, “strategy”, “future”, “likely”, “may”, “should”, ” will” and similar references to future periods. The forward-looking statements included in this press release relate to the Company’s ongoing commitment to providing excellent service to its customers; ability to achieve the intended benefits of the acquisition of Omni Logistics, including any revenue and cost synergies; and expectations regarding the Company’s ability to execute its Omni Logistics integration plan in order to generate long-term value for shareholders.
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Forward-looking statements are neither historical facts nor guarantees of future performance. Instead, they are based solely on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are beyond our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any such forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by forward-looking statements: economic factors, such as recessions, inflation, higher interest rates and slowdowns in customer business cycles, the ability of the Company to achieve the strategic, financial and other benefits expected from the acquisition of Omni Logistics, including realizing expected synergies and achieving deleveraging targets within the expected time frames or at all, the risk that the businesses will not be integrated with success or that integration may be more difficult, time-consuming or expensive than expected, the risk that operational costs, loss of customers, management and employee retention, and business interruption (including, without limitation, difficulties in maintaining relationships with employees, consumers, customers or suppliers) as a result of the acquisition of Omni Logistics may be greater than expected, the continued weakening of the transportation environment, future levels of debt and financing, our ability to deleverage , including, without limitation, through capital allocation or divestitures of non-core businesses, our ability to secure terminal facilities in desirable locations at reasonable rates, more limited liquidity than expected, which limits our ability to make important investments, the credit quality of our customers and their ability to pay for services provided, our inability to maintain our historical growth rate due to a decrease in freight volume or a decrease in average revenue per kilogram of freight moved through our network, the availability and compensation of qualified leased capacity providers and freight handlers, as well as contracted third-party carriers necessary to meet our customers’ transportation needs, our inability to manage our information systems, and the inability of our information systems to handle an increasing volume of goods moving through our network, the occurrence of cybersecurity risks and events, market acceptance of our service offerings, claims for property damage, personal injury or workers’ compensation, application of and changes in government regulations, environmental, tax, insurance and accounting issues, the handling of hazardous materials, changes in fuel prices, loss of a major customer, increased competition and pricing pressure, our dependence on our senior management team and the potential effects of changes in employee status, seasonal trends, the occurrence of certain weather events, restrictions in our charter and bylaws, and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2023, and as may be identified in our subsequent quarterly reports on Form 10-Q and current reports on Form 8-K.
We caution readers that any forward-looking statements made by us in this press release are based only on information currently available to us and they should not place undue reliance on these forward-looking statements, which reflect the views of management on the date they were released. It is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, unless required by law.
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Contacts
Elizabeth Volpe/Libby Lloyd
Brunswick Group
(212) 333 – 3810
ForwardAirCorporation@BrunswickGroup.com