Velocity Express To Extend 10Q Filing Date and Intends to Reschedule Second Quarter Conference Call.WESTPORT, Conn. -- Velocity Express Corporation (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 : VEXP VEXP Velocity Express Corporation
VEXP via Enhanced Xine Player ), announced today that it intends to file a Form 12b-25 with the U.S. Securities and Exchange Commission requesting a 5-day extension to file its Quarterly Report on Form 10-Q Form 10-Q
See 10-Q. for the quarter ended December 27, 2008.
The Company is not able to file the Form 10-Q by the prescribed pre·scribe
v. pre·scribed, pre·scrib·ing, pre·scribes
1. To set down as a rule or guide; enjoin. See Synonyms at dictate.
2. To order the use of (a medicine or other treatment). filing date without unreasonable effort and expense due to complexities associated with the Company's current negotiations for a new senior credit facility and further amendments to its Senior Subordinated Indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading.
The term indenture primarily describes secured contracts and has several applications in U.S. law. , including consent of the requisite holders of the Notes issued under the Indenture to the new senior credit facility. We hope to complete an agreement among the Company, our new potential lender and the holders of our Notes to accommodate certain requests by the Noteholders on or prior to February 13, 2009.
Form 12b-25 provides the Company with an extension of up to 5 days after the original due date of February 10, 2009 to file its Quarterly Report on Form 10-Q for the quarter ended December 27, 2008.
As a result of the request for an extension, Velocity will not host its previously announced investor conference call on Wednesday February 11, 2008 and expects to reschedule re·sched·ule
tr.v. re·sched·uled, re·sched·ul·ing, re·sched·ules
To schedule again or anew: rescheduled the meeting for the following week; rescheduled the debts of many developing nations. the call after the 10-Q is filed.
About Velocity Express
Velocity Express has one of the largest time definite nationwide delivery networks, providing a national footprint for customers desiring same day service throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company's services are supported by a customer-focused technology infrastructure, providing customers with the reliability and information they need to manage their transportation and logistics systems, including a proprietary package tracking system that enables customers to view the status of any package via a flexible web reporting system.
Forward Looking Statements
This press release contains certain 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. regarding Velocity Express within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements.