Mystic Tank Lines Announces Chapter 11 Reorganization.

Energy Editors/Business Editors

ASTORIA, N.Y.--(BUSINESS WIRE)--June 1, 2004

Mystic Tank Lines Corp. (www.mystictanklines.com) today announced that it has filed for financial reorganization under Chapter 11, Title 11 of the United States Code. Mystic is one of the largest transporters of Gasoline, Jet Fuel, Oil and other petroleum products as well as Cement and Asphalt in the Northeastern United States. With over 500 employees and independent contractors, Mystic's operational footprint extends from Virginia to Maine.

In conjunction with the filing, Mystic has reached an agreement with its Senior Secured Lender, Wells Fargo Business Credit, to provide debtor in possession financing. This financing will provide working capital to the Company to permit it to continue its operations without interruption. Mystic is represented by Albert A. Ciardi, III of Janssen Keenan & Ciardi P.C., Philadelphia, PA.

Leonard Baldari, President and CEO, stated today "Our filing is principally a result of a number of intransigent legal issues, most of which are related to an insurance fraud that victimized Mystic and other large transportation companies. Additionally, a number of financial problems have negatively impacted our operating results for the past three years. For Mystic to prosper, our legal and financial problems must be brought to an end. We plan to emerge as a strong, stable, financially sound organization that continues to service our customers."

For additional information, please contact Peter Barker, Executive Vice President of the Company at [phone] x 269, [e-mail] or Albert Ciardi, Esq. [phone], [e-mail].