Acquisition of Prostar Inc. Adds $7 Million to US Trucking Revenues.CHARLESTON, S.C.--(BUSINESS WIRE)--May 12, 1999-- US Trucking Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:USTK USTK Underground Storage Tank (usually seen as UST) ) Wednesday announced that it has completed the acquisition of Prostar Inc. for $300,000 in cash and 200,000 shares of stock. The acquisition is expected to add more than $7 million to US Trucking's revenues in 1999. Prostar is a freight brokerage company located in Mount Pleasant, S.C., that specializes in delivering produce products throughout the continental United States United States territory, including the adjacent territorial waters, located within North America between Canada and Mexico. Also called CONUS. for customers such as Meijer Inc., Bi-Lo Inc., Riverfront riv·er·front n. The land or property along a river. Groves Gifts, Nu Trans Cos. and Seald-Sweet Growers Inc. Prostar is equipped to handle the transportation of all types of commodities including refrigerated re·frig·er·ate tr.v. re·frig·er·at·ed, re·frig·er·at·ing, re·frig·er·ates 1. To cool or chill (a substance). 2. To preserve (food) by chilling. as well as dry-haul products. Dan Pixler, president and chief executive officer of US Trucking, stated: "This is our company's sixth acquisition since February 1997, and perhaps our most exciting to date. "The transaction affords our company the opportunity to realize an immediate increase in efficiencies via the combining of a profitable business at our general offices located in North Charleston North Charleston A city of southeast South Carolina, a suburb of Charleston. Population: 80,600. , S.C., while capitalizing on the synergies that exist between US Trucking's other operating divisions. "Furthermore, the addition of a national freight broker will allow us to increase our volume of business from our West Coast operations located in Grand Terrace, Calif. "The acquisition of Prostar combined with our recent purchase of Mid-Cal Express' assets is expected to increase our revenue base to approximately $40 million in 1999 from a little over $21 million in 1998 as we continue to grow both internally and through strategic acquisitions," added Pixler. About US Trucking US Trucking is a fully reporting public company with headquarters in Charleston. US Trucking operates as a holding company for transportation-related companies including Gulf Northern Transport Inc., a truckload carrier Merrian-Webster online dictionary defines truckload as " a load or amount that fills or could fill a truck". A truckload carrier is a trucking company that generally contracts an entire trailer-load to a single customer. , 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. |
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