Summit Global Logistics Receives Court Approval on 'First-Day Motions'

EAST RUTHERFORD, N.J.--Summit Global Logistics, Inc. (OTCBB: SGLT) (“Summit”) today announced that the U.S. Bankruptcy Court for the District of New Jersey (“the Court”) has approved all the “first-day motions” that Summit submitted as part of their filings for reorganization under Chapter 11 of the United States Bankruptcy Code, including interim financing from its existing senior secured lenders. Approval of these motions will provide Summit with the immediate and sufficient liquidity to operate its business on an ongoing basis.

In addition, the Court also approved all other first-day motions it considered, including the motion to pay employee wages and benefits and a motion to use the company’s existing cash management systems, enabling Summit’s business to continue to operate in the ordinary course.

“We are pleased with the Court’s prompt approval of our first-day motions, which will allow us to continue normal operations without interruption,” said Robert A. Agresti, president and chief executive officer, Summit Global Logistics. “Upon completion of the reorganization and sale process, we expect that Summit's business will have a much stronger balance sheet and long-term competitive advantages that will benefit our customers and vendors alike.”

On January 29, 2008, Summit announced a restructuring and agreement by TriDec Acquisition Co. Inc. to purchase the company pursuant to Section 363 of US Bankruptcy Code.

About Summit Global Logistics

Summit Global is a leading third party logistics company providing a full suite of supply chain management services in the United States, Asia (including China, Taiwan, Thailand and Vietnam), Russia, the Commonwealth of Independent States, Eastern Mediterranean, the Middle East and India. The Company operates both contract logistics and freight forwarding/NVOCC operations in approximately 25 key transportation hubs across the globe. Visit the company at www.summitgl.com.