OTRX withdraws public offering.OLATHE Olathe (ōlā`thē), city (1990 pop. 63,352), seat of Johnson co., NE Kans., suburb of Kansas City; inc. 1858. In an area of livestock farms, Olathe grew markedly in the late 20th cent. , Kan.--(BUSINESS WIRE)--June 2, 1995--OTR Express Inc., a long-haul 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. , today announced a withdrawal of the company's plans to issue an additional 1,387,000 shares of common stock in a public offering due to the recent decline in its stock price and the general weakness of the market in the trucking sector. President William P. Ward said the company decided to withdraw the proposed offering because it believed proceeding with the offering in light of the current stock price and market conditions was not in the best interest of its shareholders. Ward said the company may consider pursuing an offering at a later date. Ward indicated that "since the initiation of the offering process, the market for freight services has softened soft·en v. soft·ened, soft·en·ing, soft·ens v.tr. 1. To make soft or softer. 2. To undermine or reduce the strength, morale, or resistance of. 3. and the stock prices of many trucking companies, including OTRX, have declined from their early 1995 trading levels. We believe this softness in the freight market is temporary and expect that when the freight market begins to firm, so will the market for trucking stocks." The company said that withdrawal of the stock offering will not impact the company's expansion plans or operational targets for the year. Current expansion plans call for 110 additional tractors in 1995 to bring the fleet size to 504 units by year end. OTR OTR Over The Road (truckers) OTR Other OTR Old Time Radio OTR On The Road OTR Off the Record OTR Outer OTR Over The Rainbow OTR Office of Tax and Revenue OTR Over-The-Rhine Express Inc. is a long-haul, dry van truckload carrier servicing a large base of over 800 customers throughout the continental United States United States territory, including the adjacent territorial waters, located within North America between Canada and Mexico. Also called CONUS. . The common stock is traded on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market System under the symbol OTRX. CONTACT: OTR Express Inc., Olathe Gary Klusman, 913/829-1616, ext. 3127 |
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