SMGI Announces Non-Binding Letter of Intent to Acquire Diversified Transportation Business in Northeastern United States
HOUSTON, TX, June 15, 2023 (GLOBE NEWSWIRE) — via NewMediaWire – SMG Industries Inc. (“SMG” or the “Company”) (OTCQB:SMGI), a growth-oriented transportation services company focused on the domestic infrastructure logistics market, is excited to announce that it has entered into a non-binding letter of intent to acquire a diversified transportation business located in the Northeastern United States. The potential transaction, if consummated, is estimated to approximately double SMGI’s annual revenue, increase adjusted EBITDA[1], bring about operational diversification, strengthen the Company’s balance sheet, and add valuable expertise to its leadership team. The target company specializes in full truck load, dry bulk, liquids, intermodal, LTL, heavy haul, drayage and transload, as well as an “asset lite” brokerage business. The proposed acquisition is expected to be completed this summer and contribute to SMGI’s revenue diversification and expansion efforts.
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