N@N

Nicor Subsidiary to Acquire Shipping Business a" V.I. Cargo Services, Inc.

^{Published on 2010-09-17 13:50:52 - Market Wire}
 

NAPERVILLE, Ill.--([ BUSINESS WIRE ])--Nicor Inc. (NYSE: GAS) announced today that a subsidiary of Birdsall, Inc. has signed a definitive agreement to acquire the assets of V.I. Cargo Services, Inc. (aV.I. Cargoa). Terms of the agreement were not announced. Birdsall, Inc. is the parent company of Tropical Shipping, a leading carrier of containerized freight in the Bahamas and Caribbean.

"After acquiring Deluxe Freight in 2009 and Caribtrans in 2008, we believe V.I. Cargo represents another great fit in continuing Tropicala™s strategic expansion of our logistic services to benefit our Caribbean customers."

V.I. Cargo is the leading non-vessel operating common carrier (NVOCC) serving the island of St. Croix (in the U.S. Virgin Islands), the sole market it has served since 1993. It has built a strong and loyal customer base in the less-than-container load (LCL) and full-container load consolidation segment of the market. V.I. Cargo will remain headquartered in St. Croix and will operate as a separate brand.

aWe have always viewed V.I. Cargo as the premier provider of LCL services on St. Croix due to their superior personalized customer service and the unmatched capabilities and conveniences associated with their off-port centrally-located warehouse,a said Mike Pellicci, Vice President and Chief Financial Officer of Tropical Shipping. aSt. Croix is a key market for Tropical and one with excellent potential for LCL growth. While the acquisition is small in relation to our total volumes, the V.I. Cargo addition not only expands the quality and capabilities of our service offerings, but also adds local LCL management in a market that is important to our long-term success.a

Don Ebner, President of V.I. Cargo, will remain in his current position. Rick Murrell, Chairman and President of Tropical Shipping, stated, aWe are very excited to have Dona™s continued commitment to lead V.I. Cargo in the same manner he has in the past. I look forward to partnering with him and Mike to grow the V.I. Cargo brand.a Mr. Murrell added, aAfter acquiring Deluxe Freight in 2009 and Caribtrans in 2008, we believe V.I. Cargo represents another great fit in continuing Tropicala™s strategic expansion of our logistic services to benefit our Caribbean customers.a

Nicor Inc. (NYSE: GAS) is a holding company and is a member of the Standard & Poora™s 500 Index. Its primary business is Nicor Gas, one of the nationa™s largest natural gas distribution companies. Nicor owns Tropical Shipping, a containerized shipping business serving the Caribbean region and the Bahamas. In addition, the company owns and/or has an equity interest in several energy-related businesses. For more information, visit the Nicor website at [ www.nicor.com ].

Caution Concerning Forward-Looking Statements

This document includes certain forward-looking statements about the expectations of Nicor and its subsidiaries and affiliates. Although Nicor believes these statements are based on reasonable assumptions, actual results may vary materially from stated expectations. Such forward-looking statements may be identified by the use of forward-looking words or phrases such as aanticipate,a abelieve,a aexpect,a aintend,a amay,a aplanned,a apotential,a ashould,a awill,a awould,a aproject,a aestimate,a aultimate,a or similar phrases. Actual results may differ materially from those indicated in the companya™s forward-looking statements due to the direct or indirect effects of legal contingencies (including litigation) and the resolution of those issues, including the effects of an ICC review, and undue reliance should not be placed on such statements.

Other factors that could cause materially different results include, but are not limited to, weather conditions; natural disasters; natural gas and other fuel prices; fair value accounting adjustments; inventory valuation; health care costs; insurance costs or recoveries; legal costs; borrowing needs; interest rates; credit conditions; economic and market conditions; accidents, leaks, equipment failures, service interruptions, environmental pollution, and other operating risks; tourism and construction in the Bahamas and Caribbean region; energy conservation; legislative and regulatory actions; tax rulings or audit results; asset sales; significant unplanned capital needs; future mercury-related charges or credits; changes in accounting principles, interpretations, methods, judgments or estimates; performance of major customers, transporters, suppliers and contractors; labor relations; and acts of terrorism.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Nicor undertakes no obligation to publicly release any revision to these forward-looking statements to reflect events or circumstances after the date of this release.