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): January 5, 2000
UNITED ROAD SERVICES, INC.
(Exact name of Registrant as specified in its charter)
Delaware 000-24019 94-3278455
(State or Other Jurisdiction of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
17 Computer Drive West, Albany, New York 12205
(Address of Principal Executive Offices) (Zip Code)
Registrant telephone number, including area code: (518) 446-0140
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Item 5. Other Events
On January 5, 2000, United Road Services, Inc. (the "Company") issued a
press release announcing the departure of Allan D. Pass, Ph.D, its President and
Chief Operating Officer. The Company also announced that Robert J. Adams, Jr.
would no longer serve as Senior Vice President and Chief Acquisition Officer of
the Company, but would continue serving the Company as a consultant. A copy of
the press release is attached hereto as Exhibit 99.1, and is incorporated herein
by reference.
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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 on this 11th day of January, 2000.
UNITED ROAD SERVICES, INC.
By: /s/ Gerald R. Riordan
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Name: Gerald R. Riordan
Title: Chief Executive Officer
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INDEX TO EXHIBITS
99.1 Press Release of United Road Services, Inc., dated as of January 5, 2000.
Exhibit 99.1
URSI ANNOUNCES BUSINESS REORGANIZATION
ALBANY, N.Y., Jan 5/PRNewswire/ -- United Road Services, Inc. (Nasdaq: URSI), a
leading provider of national transport and regional towing and recovery
services, today announced a reorganization of its business.
Gerald R. Riordan, Chief Executive Officer of United Road Services said, "The
Company is in the process of establishing separate operating units for both the
transport and towing and recovery businesses." The searches for a President of
the transport business unit and a President of the towing and recovery business
unit are nearing completion and announcements are expected within the next three
weeks.
Since its initial public offering in May of 1998, the Company has operated under
a structure where top field management was responsible for the operations of
both the transport and towing and recovery businesses. The new structure will
allow each President to focus on the unique opportunities and challenges of
their respective businesses.
Mr. Riordan stated, "The transport and towing and recovery divisions will be
grouped geographically into regions. Reporting directly to the President of each
division, newly designated regional managers will concentrate on implementing
operational improvements and will be accountable for the performance of their
divisions."
As a result of this reorganization, the Company announced the departure of its
current President and Chief Operating Officer, Allan D. Pass, Ph.D. In addition,
as a result of the Board of Directors' decision to scale back the Company's
acquisition strategy and focus on integrating acquired companies and improving
operating performance, the Company announced that Robert J. Adams, Jr. will no
longer serve as its Senior Vice President and Chief Acquisition Officer but will
continue as a consultant to the Company to assist in pursuing alternatives for
certain underperforming divisions.
Formed in July 1997, United Road Services, Inc. has a network of 66 locations in
22 states. The Company's comprehensive range of services includes transporting
new and used vehicles and heavy equipment; towing, impounding and storing motor
vehicles; and conducting lien sales and auctions of abandoned vehicles. More
information regarding United Road Services, Inc. can be obtained from the URSI
website at http://www.unitedroad.com.
This release contains forward-looking statements. These statements are subject
to certain risks and uncertainties, including, among others, loss of significant
customers and contracts, difficulties associated with integrating acquired
companies, changes in the level of demand for towing and transport services and
price changes in response to competitive factors. In addition, the ability of
the Company to successfully implement an operational turnaround is subject to a
number of factors, some of which are beyond its control, including the
sufficiency of its capital resources, stability of customer demand, the
effectiveness of changes in management and uncertainties associated with its
ability to achieve administrative and operating cost savings and capitalize on
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its asset base and strategic position. These risks and uncertainties could cause
actual results to differ materially from those anticipated in the
forward-looking statements. Readers should not place undue reliance on
forward-looking statements, which reflect management's view only as of the date
hereof. The Company undertakes no obligation to publicly revise these
forward-looking statements to reflect subsequent events or circumstances.
Readers should carefully review the risk factors described above and in the
documents the Company files from time to time with the Securities and Exchange
Commission, copies of which are available upon request from the Company's
investor relations department.
