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EXHIBIT 99.2
PROFESSIONAL TRANSPORTATION GROUP POSTPONES 10-Q FILING AND ANNOUNCES MANAGEMENT
CHANGES
Marietta, Ga., November 9, 2000/PRNewswire/ -- Professional
Transportation Group Ltd., Inc. (Nasdaq: TRUC - news,) today announced that it
and its auditors, Yohalem Gillman & Company LLP are reviewing certain revenue
recognition matters for the Company's previously filed quarterly reports on Form
10-Q for the periods ending March 31 and June 30, 2000. Until this review is
completed, the Company's financial statements for these periods should not be
relied upon. The Company also expects that it will not file timely its quarterly
report for the three and nine month periods ending September 30, 2000 because of
the uncertainty of the impact of the review for the prior quarters on the
current periods. The Company expects to restate the first two quarters to show
net losses rather than the net income previously reported.
In addition, the Company announced that Dennis A. Bakal, its President
and Chief Executive Officer, resigned as President and Chief Executive Officer
and that W. Anthony Huff, the Chairman of the Company's Board of Directors, has
been removed from his position as Chairman. Messrs. Bakal and Huff will remain
as directors of the Company. William R. Asbell, Jr., the Company's interim Chief
Financial Officer and General Counsel, has agreed to become the Company's Acting
President.
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: 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
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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.
