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EXHIBIT 99.1
PROFESSIONAL TRANSPORTATION GROUP ANNOUNCES
TERMINATION OF TIMELY TRANSPORTATION OPERATIONS
Marietta, Ga., November 30, 2000/PRNewswire/ -- Professional
Transportation Group Ltd., Inc. (Nasdaq: TRUCE - news,) today announced it is in
the process of winding up the operations of its wholly-owned subsidiary, Timely
Transportation, as a result of the acceleration of its debt by SouthTrust Bank
and its inability to obtain funding from other sources. It is contemplated that
Timely Transportation will cease its operations within the next week and that
secured creditors will foreclose upon substantially all of its assets. It is
unlikely that either the unsecured creditors or shareholders the Company will
receive any of the proceeds of any such foreclosure sales or liquidation
transactions.
In addition, an agreement has been reached for the sale of
substantially all of the assets of the Company's subsidiary, DTSI, Inc., which
will permit the purchase to continue the business as usual with no interruption
of service.
Professional Transportation Group Ltd., Inc., is headquartered in
Marietta, Georgia. The Company provides ground transportation and logistics
services for the airfreight industry in the continental United States through
its subsidiaries.
For more information contact: William R. Asbell, Jr., Acting President
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 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.
