Clark Holdings Inc. Announces First Quarter 2010 Results and Amendment to its Credit Facility

TRENTON, N.J., May 24 /PRNewswire-FirstCall/ -- Clark Holdings Inc. ("Clark") (NYSEAMEX: GLA; GLA.U; GLA.WS), a non-asset-based provider of mission-critical supply chain solutions, today announced financial results for the first quarter ended April 3, 2010.

Net loss attributable to Clark's common stockholders for the 13 weeks ended April 3, 2010 was $1,253,000 ($0.12 per diluted common share) and the net loss for the 13 weeks ended April 4, 2009 was $532,000 ($0.05 per diluted common share).

For more information on the Company's results of operations for the first quarter of 2010, please see the Company's Form 10-Q for the 13 weeks ended April 3, 2010, which was filed with the Securities and Exchange Commission today.

Clark also announced that it has entered into an amendment to its credit facility with Cole Taylor Bank, pursuant to which Cole Taylor suspended until January 1, 2011 the requirement to comply with the fixed charge coverage ratio covenant contained in the credit facility and waived the event of default with respect thereto.  The amendment provides for a cumulative EBITDA covenant until such date.

This press release may contain certain forward-looking statements including statements with regard to the future performance of Clark.  Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements inherently involve certain risks and uncertainties that are detailed in Clark's filings with the Securities and Exchange Commission. Clark undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Clark Holdings Inc.