Rand Makes Corporate Governance Changes
Rand Logistics, Inc. announced that Laurence Levy has been appointed as Executive Chairman, with responsibilities that include overseeing corporate strategy including growth and acquisition initiatives, corporate culture, and organization building. Mr. Levy formerly served as Chairman and Chief Executive Officer of Rand. Rand's Chief Executive Officer position will remain unfilled. "Today's announcement reflects the collective view of our independent directors and management team as to the most efficient operating structure for Rand as well as the maturation of our Corporate Governance," commented Laurence Levy. "Under our new structure…
Rand Appoints Two Directors
Rand Logistics, Inc. announced that John Binion, most recently the Chief Operating Officer and Executive Vice President of United Maritime Group, has been appointed to Rand's Board of Directors. Rand also announced that Michael Lundin, who has served as an independent director of Rand since April 2008, has been appointed Lead Independent Director of Rand's Board of Directors. Laurence Levy, Chairman and Chief Executive Officer of Rand commented, "We are delighted to welcome John to our Board. As COO and EVP of United Maritime, John was integrally involved in all aspects of this leading provider of dry bulk logistics solutions, which included operating the largest Jones Act compliant coastwise fleet of dry-bulk carriers and self-unloading vessels, as measured by dead weight tons.
Rand Logistics Purchases Vessel
Rand Logistics Inc. announced that it purchased the Manistee, a self-unloading bulk carrier, for $2.2 million. The Company previously leased the boat from a subsidiary of Sand Products Corporation, and financed the purchase through debt with its existing lender, GE Capital Corporation. Laurence Levy, Chairman and CEO of Rand Logistics, stated, “We are pleased to have completed this transaction, which will be accretive to earnings. The purchase of the Manistee eliminates $350,000 of annual lease expense, which would have grown to $500,000 after March 31, 2008. The annual interest expense on the $2.2 million of added borrowings will be significantly less than the alternative of continuing to lease the vessel. Additionally, we were also able to reduce the interest rate for our overall U.S.
