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Swift Transportation Co. Inc. Announces Expansion of Stock Repurchase Program

21 January 2000

Swift Transportation Co. Inc. Announces Expansion of Stock Repurchase Program

    PHOENIX--Jan. 20, 2000--Swift Transportation Co. Inc. Thursday announced that it has repurchased one million shares of its common stock during the fourth quarter of 1999 and the first quarter of 2000 as authorized under stock repurchase programs previously announced on Oct. 29 and Dec. 30, 1999.
    In addition, Chairman and Chief Executive Officer Jerry Moyes and affiliates purchased 226,400 shares of the company's common stock during this same period.
    Furthermore, the board of directors has authorized the company to repurchase up to an additional 500,000 shares of its common stock. The stock may be purchased on the open market or in negotiated transactions at any time until June 30, 2000, unless the period is extended by the board.
    Any purchases would be at management's discretion based upon prevailing prices, liquidity and other factors. The repurchased shares will be held as treasury stock and may be used for issuances under the company's employee stock option and purchase plans or for other general corporate purposes.
    Swift is the holding company for Swift Transportation Co. Inc., a truckload carrier headquartered in Phoenix. Swift is the third largest publicly-held national truckload carrier in the United States with regional operations throughout the continental United States.