Target Logistics says all convertibles exchanged for stock ahead of redemption

New York, March 23 - Target Logistics, Inc. said all its class C 10% convertible preferred stock was exchanged for common stock ahead of the redemption of the securities.

The remaining 142,000 shares of the convertibles were called on Feb. 19 for redemption on March 21. Target was able to redeem the preferreds after its stock traded above $2.50 for 20 consecutive trading days.

The conversion ratio was 10 common shares per share of preferred stock.

"We are pleased to have taken another important step in our company's progression," said Stuart Hettleman, chairman and chief executive officer, in a news release. "We believe that our continuing solid performance over 13 consecutive quarters is beginning to be better reflected in the market price of our shares, allowing us to strengthen our capital structure, increase the public float and improve our liquidity."

Since July 1, 2005, a total of 1.97 million shares have been issued in exchange for 197,000 shares of the preferreds.

Target Logistics is a Baltimore-based freight forwarding and logistics company.

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