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EXHIBIT 99.1
PROFESSIONAL TRANSPORTATION GROUP RECEIVES NASDAQ NOTICE REGARDING LISTING
REQUIREMENTS
Marietta, Ga., November 1, 2000/PRNewswire/ -- Professional Transportation Group
Ltd., Inc. (Nasdaq: TRUC - news,) today announced that it has received
notification from Nasdaq that the Company's current stock price does not comply
with one of the Nasdaq Small Cap Market continued listing requirements. Under
the applicable continued listing requirement, the common stock must have a
minimum closing bid price of $1.00 over the previous 30 consecutive trading
days. The Company currently meets all of the other applicable continued listing
requirements of The Nasdaq Small Cap Market, including maintaining net tangible
assets of approximately $12 million as of June 30, 2000, as compared with
Nasdaq's continued listing requirement of $2 million in net tangible assets.
For the Company to regain compliance with this continued listing requirement,
the minimum bid price for the Company's common stock must be at least $1.00 for
at least 10 consecutive trading days at any time before January 29, 2001. If the
Company does not meet this requirement, Nasdaq has indicated it will delist the
Company from The Nasdaq Small Cap Market at the opening of business on January
31, 2001. Even if the Company's common stock is delisted from The Nasdaq Small
Cap Market, it will continue to trade on the OTC Bulletin Board electronic
quotation system, and shareholders will still be able to access current trading
information, including the last trade, bid and ask quotations and share volume.
Dennis A. Bakal, president and chief executive officer of Professional
Transportation Group, said, "We are making every effort to comply with the
continuing listing requirements for The Nasdaq Small Cap Market. Our goal is to
return the Company to improved performance and to meet our primary objective as
a public company - to build value for our shareholders."
The Company intends to announce financial and operating results for the third
quarter and nine months ended September 30, 2000 on or about November 14, 2000.
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.
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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.
