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EXHIBIT 99.1
PROFESSIONAL TRANSPORTATION GROUP RECEIVES DEFAULT NOTICE FROM LENDER
Marietta, Ga., November 2, 2000/PRNewswire/ -- Professional Transportation Group
Ltd., Inc. (Nasdaq: TRUC - news,) today announced that it received on November
1, 2000 written notice from its principal outside lender that the Company has
defaulted in the payment of interest and other amounts required pursuant to the
loan and security agreement between the bank and the Company. The notice does
not purport to accelerate the payment of the entire lending facility, but
demands payment of approximately $1,000,000 on November 2, 2000.
The Company is in active negotiations with SouthTrust and several other lenders
in an effort to comply with SouthTrust's demands. Dennis A. Bakal, president and
chief executive officer of Professional Transportation Group, said, "We are
making every effort to respond to SouthTrust's default notice, and as we
previously announced, we have been in active discussions with both SouthTrust
and other lenders in order to secure financing for the Company." There can be no
assurance, however, 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 the 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: Dennis A. Bakal, Chief Executive Officer 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
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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.
