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Exhibit 99
CONTACT: Richard H. Roberts
Senior Vice President and General Counsel
(423) 636-7000
FOR IMMEDIATE RELEASE
LANDAIR CORPORATION ANNOUNCES APPOINTMENT OF NEW CFO AND
COMPLETES REPURCHASE OF 1,130,281 SHARES OF ITS COMMON STOCK
GREENEVILLE, TN (June 16, 2000) - Landair Corporation (Nasdaq/NM:LAND)
announced today that Andrew J. Mantey has joined the Company as its new CFO,
Senior Vice President and Treasurer. Mr. Mantey will also serve as a director
of the Company.
Mr. Mantey joins Landair after serving the past six years as CFO for
May Trucking Company. He was formerly Controller for Freymiller Trucking, Inc.
and from 1985 to 1990 was a Senior Accountant with Ernst & Young.
Commenting on this important addition to the management team, Scott M.
Niswonger, Chairman and Chief Executive Officer, stated, "We're pleased that
someone of Andrew's caliber and experience has chosen to join the Landair team.
We expect that he will play a pivotal role in our continuing efforts to bring
Landair to the performance levels we believe are possible."
The Company also announced the repurchase of 1,130,281 shares of its
outstanding Common Stock in negotiated transactions with two block holders. The
weighted average price paid was $4.27 per share. The transaction consideration
totaled approximately $4.8 million. The reacquired shares represented 18.83% of
the 6,003,648 shares outstanding.
Tim Roach, President and COO of Landair, stated, "The decision to buy
these shares of Landair Common Stock represents a good value for the Company."
The repurchase will reduce the number of outstanding shares from
6,003,648 to 4,873,367.
This press release and statements made by Landair in reports to its
shareholders and public filings, as well as oral public statements by Landair
representatives, may contain certain forward-looking information that is subject
to certain risks and uncertainties that could cause actual results to differ
materially from those projected. Without limitation, these risks and
uncertainties include, but are not limited to, economic recessions or downturns
in business cycles, competition, rapid fluctuations in fuel prices or
availability, fluctuation in the frequency and severity of accidents, increases
in interest rates and the availability of qualified drivers.
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