Consolidated Freightways Corporation Announces Status of Stock Repurchase Program.

MENLO PARK, Calif.--(BUSINESS WIRE)--Oct. 1, 1998--Consolidated Freightways Corporation announced today that through September 30 it has repurchased approximately 1,448,000 shares, or 6.3 percent, of its outstanding common stock at a total investment of $12.6 million. The repurchased shares will be held as treasury stock and may be issued under the company's employee stock plans.

The Board of Directors has previously authorized repurchase of up to $25 million of common stock. The company will continue to repurchase shares from time-to-time in open market or through privately negotiated transactions, based on market conditions and subject to SEC guidelines.

Certain statements in this release may constitute forward-looking statements, which are subject to a number of risks and uncertainties and therefore should not be relied upon as predictions of the future. Such statements are dependent on assumptions that may not be realized and are subject to factors, including those mentioned in the company's most recent Form 10-K filed with the Securities and Exchange Commission that could cause actual results to differ materially.

Consolidated Freightways is a transportation company primarily providing less-than-truckload and logistics services throughout the United States, Canada and Mexico using its system of 350 terminals and 22,000 employees. The company also provides international freight services between the U.S. and more than 70 countries.