Press Release

ModusLink Becomes LogCoop Member

–ModusLink’s Supply Chain Management Services Are Now Available To Over 200 LogCoop Members–

Smyrna, TN — March 3, 2022 ModusLink announced it has received membership with LogCoop, a Dusseldorf, Germany, based cooperation that provides an entire range of transport and logistics services by its over 200 medium based business members.  LogCoop serves as “one stop shopping” for potential clients that have one or multiple needs in value added supply chain services.

 

“We are very excited to be a member of LogCoop and are looking forward to helping our fellow members help clients utilize the extensive Europe-wide network of warehousing and other services,” said Katerina Bartosova, Director of Strategic Alliances, at ModusLink. “Our membership will give ModusLink the ability to expand its footprint and services capabilities, especially in Germany, by leveraging the other LogCoop members capabilities.”

 

ModusLink has a global footprint spanning across the Americas, Europe and the Asia-Pacific region and is a wholly owned subsidiary of Steel Connect NASDAQ: STCN. The company has an expertise in packaging, kitting, assembly, fulfillment, digital commerce, and reverse logistics and uses an adaptive approach to distributive fulfillment services which helps companies drive growth, lower costs, and improve profitability.

 

“Bringing aboard ModusLink as a LogCoop member enables our cooperation to grow the logistics and services offering network to even greater capabilities,” said Thomas Elkenhans, Sales Manager of Supply Network for LogCoop. “ModusLink embodies the LogCoop mission to enable small to medium size companies grow faster and be more profitable in Europe.  We look forward to all that ModusLink brings to the table.”

 

LogCoop members are selected for membership based on company size, capabilities and reputation. For more information, visit: www.logcoop.com

 

About Steel Connect and ModusLink

 

Steel Connect, Inc. is a publicly-traded diversified holding company (Nasdaq Global Select Market symbol “STCN”) with a wholly-owned subsidiary, ModusLink Corporation, that has a market-leading position in supply chain management.

ModusLink Corporation provides supply chain business management services to many of the world’s great brands across a diverse range of industries, including consumer electronics, telecommunications, computing and storage, software and content, consumer packaged goods, medical devices, retail, and luxury goods. With experience and expertise in packaging, kitting and assembly, fulfillment, digital commerce, reverse logistics, as well as a global footprint spanning the Americas, Europe, and the Asia-Pacific region, the Company’s adaptive approach to supply chain services helps to drive growth, lower costs, and improve profitability. Learn more at www.moduslink.com.

About LogCoop

LogCoop GmbH was founded in 2013 and is based in Düsseldorf.  As a cooperation, the company bundles the entire range of services from medium-sized companies in the transport and logistics sector in the sense of one-stop shopping. The network currently has over 200 members in Europe, which enables the neutral bundling of individual resources and promotes the use of synergies in order to increase the competitiveness of each individual.

 

The LogCoop warehouse network is unique in Germany. Founded in January 2016, it now has over 70 members. The bundling of storage capacities means that a total of over 4.2 million square meters of space is available at around 170 locations in 13 European countries, which can be easily distributed via the network.  Learn more at www.logcoop.com.

 

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are not historical facts are hereby identified as “forward-looking statements” for the purpose of the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. This release contains forward-looking statements pertaining to, but not limited to, information with respect to a proposed transaction between STCN and Steel Partners Holdings L.P. (“Steel Holdings”). All statements other than statements of historical fact, including without limitation, those with respect to STCN’s goals, plans, expectations and strategies set forth herein are forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: client or program losses; fluctuations in demand for our products and services; general economic conditions and public health crises (such as the ongoing coronavirus outbreak); demand variability with clients to which STCN sells on a purchase order basis rather than pursuant to contracts with minimum purchase requirements; risks inherent with conducting international operations; STCN’s ability to execute on its business strategy and to achieve anticipated synergies and benefits from business acquisitions, including any cost reduction plans and the continued and increased demand for and market acceptance of its services, which could negatively affect STCN’s ability to meet its revenue, operating income and cost savings targets, maintain and improve its cash position, expand its operations and revenue, lower its costs, improve its gross margins, reach and sustain profitability, reach its long-term objectives and operate optimally; our failure to achieve the expected benefits of our Competitive Improvement Plan for IWCO Direct; increased competition and technological changes in the markets in which STCN competes; failure to realize expected benefits of restructuring and cost-cutting actions; difficulties integrating technologies, operations and personnel in accordance with the STCN’s business strategy; loss of essential employees or an inability to recruit and retain personnel; STCN’s ability to preserve and monetize its net operating losses; failure to settle disputes and litigation on terms favorable to STCN; failure to maintain compliance with NASDAQ’s continued listing requirements; STCN’s ability to repay indebtedness and potential adverse effects from the phase-out of LIBOR; and STCN’s ability to negotiate and consummate the proposed transaction with Steel Holdings. For a detailed discussion of cautionary statements and risks that may affect STCN’s future results of operations and financial results, please refer to STCN’s filings with the SEC, including, but not limited to, the risk factors in STCN’s Annual Report on Form 10-K filed with the SEC on October 29, 2021. These filings are available on STCN’s Investor Relations website under the “SEC Filings” tab.

All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

 

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