NOTE 10: ACQUISITIONS

In August 2008, we acquired certain ongoing operations of Transera, a project forwarding company based in Calgary, Canada. The purchase price was $51.7 million. Goodwill recognized in this transaction amounted to $37.5 million. Other intangible assets related to the acquisition amounted to $6.7 million which consists primarily of customer relationships, which are being amortized over six years. All goodwill and other intangible assets related to this acquisition are tax deductible over 15 years. Our results of operations were not materially impacted by this acquisition.

In July 2007, we acquired certain assets of LXSI Services, Inc. (“LXSI”), a third party domestic air and expedited services provider based in Los Angeles, California. The purchase price was $9.75 million. Goodwill recognized in this transaction amounted to $7.5 million. Other intangible assets related to the acquisition amounted to $1.6 million. All goodwill and other intangible assets related to this acquisition are tax deductible over 15 years. Our results of operations were not materially impacted by this acquisition.

In May 2006, we acquired certain assets of Payne Lynch, and Associates, Inc. “Payne Lynch,” a non-asset based third party logistics company that specializes in flatbed and over dimensional freight brokerage. The purchase price was $30.0 million. In December 2006, we acquired certain assets of Triune Freight Private Ltd. and Triune Logistics Private Ltd., collectively “Triune,” a third party logistics provider based in India. The purchase price for Triune was $4.0 million. Goodwill recognized in the transactions that closed in 2006 amounted to $28.2 million. Other intangible assets related to these transactions amounted to $2.3 million.

The results of operations and financial condition of these acquisitions have been included in our consolidated financial statements since their acquisition dates.