Professional Transportation Group Ltd., Inc. Announces Board Approval Of Merger With U.S. Trucking, Inc. (USTK)
29 June 2000
Professional Transportation Group Ltd., Inc. Announces Board Approval Of Merger With U.S. Trucking, Inc. (USTK)MARIETTA, Ga. - Professional Transportation Group Ltd., Inc. today announced that its board of directors has approved its merger with U.S. Trucking, Inc. The board of directors of U.S. Trucking has also approved the merger. The surviving corporation after the merger will be Professional Transportation. Shareholders of U.S. Trucking will receive common stock of Professional Transportation in an as yet unknown ratio. The planned merger is subject to regulatory, lender and shareholder approvals, along with the receipt by each company of an acceptable opinion regarding the valuation of each company. The combined companies are expected to generate in excess of $220 million in revenue placing the combined entity among the top 20-truckload carriers nationwide. Dennis A. Bakal, Professional Transportation's Chief Executive Officer and President, stated, "The planned merger of U.S. Trucking into our company presents a tremendous opportunity for consolidation, growth and economies of scale. Since we already manage a significant part of the "back office" functions of U.S. Trucking's operations, we have been in a position to carefully analyze its prospects, equipment and personnel. Professional Transportation's systems are more than adequate to accommodate this significant expansion." W. Anthony Huff, the Chairman of both Professional Transportation and U.S. Trucking and an owner of Logistics Management, LLC (which is the largest shareholder of both Professional Transportation and U.S. Trucking), observed that, "We are excited for our shareholders and employees to be able to combine the management skills and businesses of the combined entities. Through the merger, we can take advantage of the superior computer and communications systems of Professional Transportation, and provide enhanced value to our combined shareholders." Danny L. Pixler, Chief Executive Officer and President of U.S. Trucking, a director of both U.S. Trucking and Professional Transportation, and an owner of Logistics Management, stated, "From an operational point of view, the planned merger continues our vision to provide the highest quality of service to our customers while at the same time offering the economies of scale that we believe are essential to promote the continued managed growth of the combined entity." Professional Transportation Group Ltd., Inc., is headquartered in Marietta, Georgia. The Company provides ground transportation and logistics services for the airfreight and trucking industry in the continental United States through its subsidiary, Timely Transportation, Inc. Professional Transportation's 280 plus trucks employ some of the most current transportation communication technologies, such as the satellite-based vehicle positioning and enhanced mobile data systems and is a technological leader in the freight industry. The resulting efficiencies ensure Professional Transportation customers "Almost as Fast as Air" service. A partial customer list also includes US Airways, Airborne Express, UPS, Emery Worldwide, Nippon Air Cargo, and Danzas AEI.