Last $0.07 USD
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janel world trade ltd (JLWT) Snapshot

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52 Week High
12/2/14 - $0.14
52 Week Low
10/30/14 - $0.04
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janel world trade ltd (JLWT) Details

Janel World Trade Ltd., through its subsidiaries, provides logistics services for importers and exporters worldwide. The company offers freight forwarding and customs brokerage services, which include various value-added logistics services, such as freight consolidation, insurance, direct client computer access interface, logistics planning, landed-cost calculations, in-house computer tracking, product repackaging, online shipment tracking, and electronic billing services. Its logistics services also comprise warehousing and distribution, door-to-door freight pickup and delivery, cargo consolidation and de-consolidation, project cargo management, duty-drawback, product promotion, domestic pickup and forwarding, certifications for hazardous cargoes, letters of credit, and language translation services, as well as product packaging and repackaging. The company provides its freight forwarding services through air, ocean, and land-based carriers. Janel World Trade Ltd. conducts its business through a network of company-operated facilities and independent agent relationships. It serves consumer wearing apparel and textiles, machines and machine parts, and household appliance markets. Janel World Trade Ltd was founded in 1974 and is headquartered in Jamaica, New York.

75 Employees
Last Reported Date: 12/29/14
Founded in 1974

janel world trade ltd (JLWT) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $125.0K
Chief Financial & Accounting Officer and Exec...
Total Annual Compensation: $175.0K
Chief Operating Officer, Vice President, Dire...
Total Annual Compensation: $175.2K
Managing Director of Georgia
Total Annual Compensation: $135.0K
Vice President and Operations Executive
Total Annual Compensation: $162.0K
Compensation as of Fiscal Year 2014.

janel world trade ltd (JLWT) Key Developments

Janel Borrowers and Presidential Enter into Third Amendment to the Loan and Security Agreement

Janel World Trade Ltd. and certain of its wholly-owned subsidiaries (‘Janel Borrowers’) are party to a Loan and Security Agreement, as amended, with Presidential Financial Corporation (‘Presidential’), pursuant to which the Janel Borrowers were permitted to borrow up to $5 million, with an advance rate of 85% of the Janel Borrowers’ aggregate outstanding eligible accounts receivable, subject to adjustment as set forth in the Loan and Security Agreement. On September 25, 2014, the borrowing limit was temporarily increased from $5.0 million to $5.5 million, limited to 85% of the Janel Borrowers’ aggregate outstanding eligible accounts receivable, which temporary increase expired on October 9, 2014. On October 9, 2014, the Janel Borrowers and Presidential entered into a Third Amendment to the Loan and Security Agreement (the ‘Loan Amendment’), pursuant to which the borrowing limit was increased from $5.0 million to $7.0 million, limited to 85% of the Janel Borrowers’ aggregate outstanding eligible accounts receivable. The Janel Borrowers issued an Amended and Restated Demand Secured Promissory Note (‘Amended Note’) for the increased credit facility.

Janel World Trade Ltd. Announces Board and Management Changes

On September 11, 2014, Noel J. Jannello resigned from his position as a director of Janel World Trade Ltd. to focus on his responsibilities as Vice President and an operations executive of the company. On September 12, 2014 the Board elected Brendan Killackey to fill the vacancy created by such resignation.

Janel World Trade Ltd. to Adopt Amendments to the Amended and Restated Articles of Incorporation

On August 25, 2014, Janel World Trade Ltd. filed with the Nevada Secretary of State a Certificate of Designation for 350,000 shares of Series C Cumulative Preferred Stock, par value $0.001 per share. The Series C Preferred Stock was designated by the Company's Board of Directors as authorized by the Company's Articles of Incorporation. Holders of Series C Preferred Stock do not have the right to vote on actions taken by stockholders of the Company, except that the vote of the holders of a majority of the then-outstanding Series C Preferred Stock is required (a) to adopt amendments to the Company's Amended and Restated Articles of Incorporation or bylaws which amendments would adversely affect the Series C Preferred Stock or (b) to effect a liquidation, dissolution or winding up of the Company. Series C Holders are entitled to receive annual dividends at a rate of 8.25% per annum of the original Series C Preferred Stock issuance price, or $10.00 per share subject to adjustment upon certain events (the "Original Issuance Price"), when, as and if declared by the Company's Board of Directors, such rate to increase by 2% annually beginning on the third anniversary of issuance of such Series C Preferred Stock to a maximum rate of 14.25%. In the event of liquidation, Series C Holders shall be paid an amount equal to the Original Issuance Price, plus any accrued but unpaid dividends thereon. Shares of Series C Preferred Stock may be redeemed (1) by the Company at any time upon notice and payment of the Original Issuance Price, plus any accrued but unpaid dividends thereon ("Redemption Price") or (2) by the Series C Holders at their option beginning on the fourth anniversary of the issuance of the Series C Preferred Stock for an amount equal to the Redemption Price.


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