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EXHIBIT 99.1
PROFESSIONAL TRANSPORTATION GROUP RECEIVES NOTICE OF ACCELERATION
OF ITS LENDING FACILITY
MARIETTA, Ga., November 9, 2000 - Professional Transportation Group Ltd., Inc.
(Nasdaq: TRUC) today announced that it had received written notice from its
principal outside lender, SouthTrust Bank, that it has accelerated the payment
of the entire lending facility in the approximate amount of $16.3M.
The Company continues diligent negotiations with SouthTrust and several other
potential lenders in an effort to comply with the SouthTrust notice and to
secure financing for the Company. As the Company has previously announced, there
can be no assurance that the Company will be able to comply with SouthTrust's
demands or secure other suitable financing.
Professional Transportation Group Ltd., Inc., is headquartered in Marietta,
Georgia. The Company provides ground transportation and logistics services for
the airfreight and trucking industry in the continental United States through
its subsidiary, Timely Transportation, Inc. Professional Transportation's 200
plus trucks employ some of the most current transportation communication
technologies, such as satellite-based vehicle positioning and enhanced mobile
data systems and is a technological leader in the freight industry. The
resulting efficiencies ensure Professional Transportation customers "Almost as
Fast as Air"(C) service. A partial customer list also includes US Airways,
Airborne Express, UPS, Emery Worldwide, Nippon Air Cargo, and Danzas AEI.
For more information contact: William R. Asbell, Interim Chief Financial Officer
and Vice President General Counsel of Professional Transportation Group Ltd.,
Inc., 678-264-0400; or Michael Lafferman, President of Metropolitan Capital
Partners, Inc., 310-358-9977.
This release contains statements which constitute forward-looking statements
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. These statements
appear in a number of places in this release and include all statements that are
not statements of historical fact regarding the intent, belief or current
expectations of the Company, its directors or its officers with respect to,
among other things: (i) the Company's financing plans; (ii) trends affecting the
Company's financial condition or results of operations; (iii) the Company's
growth strategy and operating strategy; and (iv) the declaration and payment of
dividends. The words "may," "would," "will," "expect," "estimate," "anticipate,"
"believe," "intend," and similar expressions and variation thereof are intended
to identify forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance and involve
risks and uncertainties, many of which are beyond the Company's ability to
control, and that actual results may differ materially from those projected in
the forward-looking statements as a result of various factors discussed herein
and those factors discussed in detail in the Company's
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filings with the Securities and Exchange Commission, including the "Risk
Factors" section of the Company's Registration Statement on Form S-3
(Registration Number 333-90955), as declared effective by the Securities and
Exchange Commission on May 22, 2000.
SOURCE: Professional Transportation Group Ltd., Inc.
