US Trucking, Inc. Completes Asset Purchase of Mid-Cal Express
11 May 1999
US Trucking, Inc. Completes Asset Purchase of Mid-Cal Express from Prime Companies, Inc.
CHARLESTON, S.C.--May 10, 1999--US Trucking, Inc. (OTC BB:USTK) announced today that it has completed the purchase of assets of Mid-Cal Express from Prime Companies, Inc. (OTC BB:PRMC) of San Francisco, California for approximately 400,000 shares of stock valued at $1,900,000.00.Mid-Cal Express located in Grand Terrace, California, specialized in long-haul transport of fresh produce.
Management stated that the transaction added 60 tractors and 136 refrigerated trailers to the Company's existing truckload operations under its subsidiary, Gulf Northern Transport, Inc., and will contribute approximately $8.4 million in annual revenues.
Dan L. Pixler, President & CEO of US Trucking, Inc. said, "The acquisition of a West Coast, long-haul operation has been planned for some time. The purchase of Mid-Cal Express' assets and operations was an important step in our growth strategy of making opportunistic acquisitions outside of our core East Coast operating region. These types of acquisitions contribute substantially to profitability while expanding our operating territory. Therefore while we continue to seek out these special opportunities, we are maintaining our focus on acquisitions in our core region that can improve our operating efficiencies and capitalize on synergies that exist in other operating divisions."
US Trucking, Inc. is a fully-reporting public company headquartered in Charleston, South Carolina. US Trucking, Inc. operates as a holding company for transportation-related companies including Gulf Northern Transport, Inc., a truckload carrier, and Mencor, Inc., a freight brokerage company.
Statements in this news release that relate to future plans, financial results or projects, events or performance are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While these statements are made to convey to the public the Company's progress, business opportunities, and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Where management believes such representations to be true and accurate based on information available to the Company at this time, actual results may differ materially from those described. The Company's operations and business prospects are always subject to risk and uncertainties. These risks and those factors that may cause actual results to differ are set forth in the Company's Form 10-KSB filed with the U.S. Securities and Exchange Commission.