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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 30, 2000
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PROFESSIONAL TRANSPORTATION GROUP LTD., INC.
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(Exact name of registrant
as specified in its charter)
Georgia 000-22571 58-1915632
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
1950 Spectrum Circle, Suite B-100, Marietta, Georgia 30067
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (678) 264-0400
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS.
On November 30, 2000, Professional Transportation Group Ltd., Inc. (the
Company") announced that it was 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.
Further information is contained in the Company's press release which
is attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL SCHEDULES AND EXHIBITS.
(c) Exhibits.
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99.1 Press Release dated November 30, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PROFESSIONAL TRANSPORTATION GROUP
LTD., INC.
By: /s/ William R. Asbell, Jr.
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William R. Asbell, Jr.
Acting President
Dated: November 30, 2000
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EXHIBIT INDEX
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Exhibit
Number Exhibit Name
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99.1 Press Release dated November 30, 2000
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