COMVEST AND VELOCITY EXPRESS REACH AGREEMENT ON SIGNIFICANT FINANCIAL RESTRUCTURINGExpress Reach Agreement • September 25th, 2009 • Velocity Express Corp • Air courier services
WESTPORT, Conn. September 24, 2009 -- Velocity Express Corporation (NASDAQ:VEXP) (“Velocity” or “the Company”), the nation's largest provider of time definite regional delivery solutions, announced that it has reached an agreement with a subsidiary (“ComVest”) of ComVest Investment Partners III, L.P., a leading private investment firm with a proven track record in the transportation industry. Under the agreement, ComVest will begin a process to become the Company’s new majority owner and significantly deleverage the Company through an exchange of debt for equity in Velocity.
