Release Date: 01 September 2006
Release ID: 804
U.S. Xpress Enterprises, Inc. (NASDAQ:XPRSA) today announced it has completed the acquisition of a 49% interest in Abilene Motor Express, Inc., a Richmond, Virginia-based truckload carrier.
The Abilene management team, led by Chief Executive Officer Keith Jones and President Kolen Jones, will remain in place and together will control 51% of Abilene. U.S. Xpress has a minority representation on the board of directors, as well as an exercisable option to purchase management's interest through August 30, 2010. Abilene will operate independently from U.S. Xpress, utilizing Abilene's current facility in Richmond, Virginia.
Abilene is a truckload carrier that provides medium length of haul and dedicated dry van truck services, primarily in the eastern United States. Abilene currently operates approximately 170 tractors and 534 trailers.
Max L. Fuller, CEO and Co-Chairman of U.S. Xpress, stated, "We elected to participate with the management group as a minority investor initially for several reasons. We wanted it to be clear to everyone at Abilene that Keith and Kolen and their management team are in charge and focused on growing and improving the operation. Abilene is a well-managed truckload carrier and we have no intention of interfering with that success. We intend to help facilitate equipment and other purchasing as well as cross-marketing opportunities where prudent."
U.S. Xpress Enterprises, Inc. is the fifth largest publicly owned truckload carrier in the United States, measured by revenue. The Company provides dedicated, regional, and expedited team truckload services throughout North America, with regional capabilities in the West, Midwest, and Southeastern United States. The Company is one of the largest providers of expedited and time-definite services in the truckload industry and is a leader in providing expedited intermodal rail services. Xpress Global Systems, Inc., a wholly owned subsidiary, is a provider of transportation, warehousing, and distribution services to the floor covering industry. The Company participates in logistics services through its joint ownership of Transplace, an Internet-based global transportation logistics company. Additionally, U.S. Xpress has an 80% ownership interest in Arnold Transportation Services, Inc., which provides regional, dedicated, and medium length-of-haul services with a fleet of approximately 1,500 trucks, and Total Transportation of Mississippi and affiliated companies, a truckload carrier that provides medium length of haul and dedicated dry-van service with a fleet of approximately 500 trucks primarily in the Eastern United States. Please visit the Company's website at www.usxpress.com.
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