| Tue 17 Aug 2004, 10:52 | | UTi WORLDWIDE'S SOUTH AFRICA OPERATIONS CERTIFIED |
|
UNITED SERVICE TECHNOLOGIES LIMITED - UTI WORLDWIDE`S SOUTH AFRICA OPERATIONS
CERTIFIED AS BLACK EMPOWERED;
COMPANY COMPLETES UTI SOUTH AFRICA LIMITED TRANSACTION
United Service Technologies Limited
(Incorporated in the British Virgin Islands)
JSE Code: USV
ISIN: ZAE000012431
(`Uniserv`)
UTi WORLDWIDE`S SOUTH AFRICA OPERATIONS CERTIFIED AS BLACK EMPOWERED;
COMPANY COMPLETES UTi SOUTH AFRICA LIMITED TRANSACTION
Uniserv has as its only investment a 30% interest in UTi, a global supply chain
solutions provider, which is listed on Nasdaq under the symbol UTIW. An
announcement by UTi in respect of its South African operations was released on
Nasdaq on 16 August 2004. The full text of this announcement is reproduced
below:
`Contacts:
Lawrence R. Samuels Cecilia Wilkinson/Angie Yang
Chief Financial Officer PondelWilkinson MS&L
UTi Worldwide Inc. 323.866.6004
310.604.3311 investor@pondel.com
Rancho Dominguez, California - August 16, 2004 - UTi Worldwide Inc. (NASDAQ NM:
UTIW) today said the company has completed its transaction previously announced
on July 2, 2004, thereby qualifying its South Africa operations as a black
empowered organization. UTi received notification from Empowerdex certifying the
company`s operations in South Africa as black empowered, following which UTi
completed the transaction. As previously indicated, the transaction did not
affect UTi`s International Healthcare Distributors (Pty) Limited (`IHD`),
which already provides for a 25.1% shareholder interest by an independent broad
based black empowerment organization.
Under the transaction, which closed with the same terms as previously announced,
a black empowerment trust was established to provide broad based educational
benefits to UTi`s staff in South Africa and their dependents.
The transaction allows the empowerment trust to share in approximately 25% of
the future growth of UTi`s current South Africa operations (excluding IHD) above
current performance levels. The impact of the transaction is not anticipated to
dilute UTi`s consolidated earnings for the current fiscal year.
About UTi Worldwide
UTi Worldwide Inc. is an international non-asset based global integrated
logistics company, providing air and ocean freight forwarding, contract
logistics, customs brokerage and other supply chain management services.
The company serves a large and diverse base of global and local companies,
including customers operating in industries with unique supply chain
requirements such as the pharmaceutical, apparel, chemical, automotive and
technology industries. The company seeks to use its global network, proprietary
information technology systems,
relationships with transportation providers and expertise in outsourced
logistics services to deliver competitive advantage to each of its customers`
global supply chains.
UTi Worldwide Inc.
2-2-2
Safe Harbor Statement
Certain statements in this news release may be deemed to be forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. The company intends that all
such statements be subject to the `safe-harbor` provisions contained in those
sections. Such statements may include, but are not limited to, the company`s
discussion of future growth and expansion; risks associated with having a 25%
equity holder; anticipation that the structure of the transaction is not
expected to
dilute consolidated earnings in the current fiscal year; as well as the
potential benefits of black empowered certification. Many important factors may
cause the company`s actual results to differ materially from those discussed in
any such forward-looking statements, including increased competition;
integration risks associated with acquisitions; the effects of changes in
foreign exchange rates; uncertainties and risks associated with the company`s
operations in South Africa; general economic, political and market conditions,
including those in Africa,
Asia and Europe; risks of international operations, the success and effects of
new strategies, disruptions caused by epidemics, conflicts, wars and terrorism;
and the other risks and uncertainties described in the company`s filings with
the Securities and Exchange Commission. Although UTi believes that the
assumptions underlying the forward-looking statements are reasonable, any of the
assumptions could prove inaccurate and, therefore, there can be no assurance
that the results contemplated in forward-looking statements will be realized. In
light of the significant uncertainties inherent in the forward-looking
information included herein, the inclusion of such information should not be
regarded as a representation by UTi or any other person that UTi`s objectives or
plans will be achieved. The historical results achieved by the company are not
necessarily indicative of its future
prospects. UTi undertakes no obligation to publicly update or revise any forward
looking statements, whether as a result of new information, future events or
otherwise.`
Johannesburg
17 August 2004
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 17/08/2004 10:44:03 AM
Produced by the JSE SENS Department
