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Skynet Holdings, Inc. Announces Filing Of Bankruptcy Petition By Its Subsidiary,
Pony Express Delivery Services, Inc.
ATLANTA--(BUSINESS WIRE)--June 14, 2000--Skynet Holdings, Inc. (OTC:SKYNE), a
provider of customized, same day, next day, and global time sensitive delivery
services announced today that its wholly owned subsidiary Pony Express Delivery
Services, Inc., has suspended substantially all of its operations, with the
exception of operations in the State of Florida, and has filed for Chapter 11
bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of
Georgia, Atlanta, Georgia.
"We regret this very unfortunate development. However, due to Pony Express'
deteriorating economic position, Skynet Holdings is no longer able to absorb the
ongoing losses experienced by Pony Express," said Donald L. Harrill, President &
CEO of Skynet Holdings, Inc.
Harrill continued that "although Pony Express will cease domestic operations
with the exception of Florida, worldwide operations of Skynet Holdings' other
subsidiaries continue uninterrupted. Skynet Holdings' three domestic offices --
offices in England, Malaysia, and Australia -- and the worldwide delivery
network of more than 1,100 independently owned and operated Skynet Worldwide
express offices in over one hundred countries continue normal operations."
In a related development, Skynet Holdings also announced that its wholly owned
subsidiary Fleet Acquisition Corp. and Courier Express, Inc., a wholly owned
subsidiary of Pony Express Delivery Services, Inc., also filed petitions for
protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court
for the Northern District of Georgia and suspended all operations.
About Skynet Holdings
Skynet Holdings, Inc., headquartered in Atlanta, Georgia, is a full service
provider of global transportation delivery services operating primarily as a
domestic regional and international express courier for time sensitive documents
and packages. Services include time certain deliveries within 24-48 hours of
pickup; next flight out services for same day expedited deliveries; local ground
transport; freight forwarding services; bulk shipment of mass mailing materials
for local distribution; and global logistics services incorporating the
company's proprietary computerized tracking system. Skynet operates company-
owned SkyNet Worldwide Express offices in England, Malaysia and Australia. In
addition, Skynet provides worldwide delivery services to its customers through a
network of more than 1,100 independently owned and operated "SkyNet Worldwide
Express" offices in over 100 countries.
In conjunction with the "Safe Harbor" provisions of the Private Securities
Litigation Reform Act of 1995, this news release may contain forward-looking
statements pertaining to future anticipated projected plans, performance and
developments, as well as other statements relating to future operations. All
such forward-looking statements are necessarily only estimates of future results
and there can be no assurance that actual results will not materially differ
from expectations. Further information on potential factors which could affect
Skynet Holdings, Inc. are included in the company's Annual Report on Form 10-K
for the year ended June 30, 1999, filed with the Securities and Exchange
Commission.
CONTACT:
Skynet Holdings Inc.
John T. Luft, 310/260-2650
or
The Lee Strategy Group
James Lee, 310/229-5771
KEYWORD: GEORGIA FLORIDA INTERNATIONAL EUROPE ASIA PACIFIC
