News Release
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
TRANSFINANCIAL ANNOUNCES THE DISCONTINUATION OF THE
CROUSE CARTAGE COMPANY OPERATIONS
LENEXA, KANSAS, SEPTEMBER 18, 2000--TransFinancial Holdings, Inc. (Amex: TFH)
announced today that its subsidiary, Crouse Cartage Company ("Crouse"), has
discontinued its operations, effective September 16, 2000. Crouse, a regional
less-than-truckload motor carrier, stated that it had discontinued operations
because of continuing operating losses.
Crouse announced that it intended to form an Advisory Committee comprised of
unsecured creditors to assist Crouse management in the orderly liquidation of
assets and disposition of claims. Crouse stated that it would contact each
creditor regarding the procedures established for the resolution and payment of
claims.
Crouse also announced that it had made arrangements for the delivery of all
freight currently within its system.
TFH currently expects to incur an after tax one-time charge of approximately
$21 million as a result of the discontinuation of operations of Crouse.
Continuing operations of TFH include Specialized Transport, Inc.
("Specialized") and Universal Premium Acceptance Corporation ("UPAC").
Specialized operates as a truckload carrier with 48 state authority and UPAC
operates a nationwide insurance premium finance business.
Certain statements in this release that are not purely historical may be
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. The statements include statements regarding the
expected charge against earnings resulting from the discontinuation of
operations by Crouse and the Company's intentions on strategies regarding the
future. Such statements are dependent on assumptions that may not be
realized and are subject to a number of risks, uncertainties and other
factors, including the cost of discontinuing the Crouse operations, the
amounts realized upon the sale of assets of Crouse, the amount and nature of
claims asserted and other risks, uncertainties and other factors mentioned in
the Company's most recent Form 10-Q filed with the Securities and Exchange
Commission, that could cause actual results to differ materially.
Contact:
TransFinancial Holdings, Inc.
Tim O'Neil
(913) 859-0055
