Professional Transportation Group Announces Agreement with ATECH
25 January 2000
Professional Transportation Group Ltd., Inc. Announces Agreement with ATECH Commercial Corporation
Resulting Asset Acquisition Estimated to Add $10 Million to
Projected Annual Revenues
MARIETTA, Ga., Jan. 25 -- Professional Transportation Group
Ltd., Inc. (Nasdaq: TRUC, TRUCW) announced today that it has reached an
agreement to acquire select assets of ATECH Commercial Corporation. ATECH
operates under the name of U.S. Transportation Services, Inc. and U.S.
Transportation, Inc., a Florida based transportation and brokerage company.
U.S. Transportation Services, Inc. is currently operating 35 trucks with 1999
revenues of $6.7 million and projected fiscal year 2000 revenues estimated at
$10 million. Under the terms of the agreement, PTG will acquire customers and
routes currently being serviced by ATECH and its operating entities.
Dennis A. Bakal, CEO of Professional Transportation Group Ltd., Inc.
explains the rationale for the acquisition, "We are very pleased with the
agreement between PTG and ATECH. We anticipate a seamless 'tuck-in' of the
ATECH operation and equipment into our existing operation. The resulting
organization will enjoy enhanced revenues, while our customers will benefit
from the expanded coverage and improved service levels. The ultimate
beneficiaries of this agreement will be our shareholders and our customers."
Allan Marshall, President of ATECH stated, "We are very pleased to join
the PTG team. Our customers will reap the benefit of enhanced customer
service, as well as a much broader menu of services. PTG is renowned in the
industry for its 99.7% on-time delivery record, due in part to PTG's heavy
investment in modern computer and communication technology."
Professional Transportation Group Ltd., Inc., ,
headquartered in Marietta, Georgia, specializes in "time definite" freight
deliveries and provides brokerage and logistics services for the air freight
and carpet industry throughout the continental United States. PTG's 200 plus
trucks are expected to report $40,000,000 plus in revenue in 1999. PTG
employs some of the most recent transportation communication technologies,
such as the satellite-based vehicle positioning and enhanced mobile data
systems and is a technological leader in the freight industry. Each truck is
equipped with Qualcomm systems, including Electronic Data Interchange (EDI)
which integrates load planning, dispatching, electronic invoicing, shipment
tracking, maintains driver logs and fuel tax reporting requirements. The
resulting efficiencies ensure PTG customers "Almost as Fast as Air." PTG is
one of the "core carriers" for Federal Express. PTG has recently begun
relationships with Walmart and Ford Motor Company. A partial customer list
also includes US Airways, Airborne Express, UPS, Emery Worldwide, Nippon Air
Cargo, and Air Express International. PTG operates the Timely Transportation,
Inc. and Truck-Net, Inc. subsidiaries.
For additional information contact: Professional Transportation Group
Ltd., Inc., Dennis A. Bakal, 678-264-0400, http://www.timelytrans.com; or
Liolios Group, Inc., Scott Liolios, 949-574-3860.
This release contains statements that constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E the Securities Exchange Act of 1934, as amended.
These statements appear in a number of places in this release and include all
statements that are not statements of historical fact regarding the intent,
belief or current expectations of the Company, its directors or its officers
with respect to, among other things: (i) the Company's financing plans; (ii)
trends affecting the Company's financial condition or results of operations;
(iii) the Company's growth strategy and operating strategy; and (iv) the
declaration and payment of dividends. The words "may," "would," "will,"
"expect," "estimate," "anticipate," "believe," "intend" and similar
expressions and variations thereof are intended to identify forward-looking
statements. Investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and uncertainties,
many of which are beyond the Company's ability to control, and that actual
results may differ materially from those projected in the forward-looking
statements as a result of various factors discussed herein and those factors
discussed in detail in the Company's filings with the Securities and Exchange
Commission, including the "Risk Factors" section of the Company's Registration
Statement on Form S-3 (Registration Number 333-70985), as declared effective
by the Securities and Exchange Commission on February 5, 1999.