EXHIBIT 99.1
IMMEDIATELY -- July 7, 2000
Jack Liles: (601) 933-1240
HIGH ROAD COMPLETES CASH TENDER OFFER
AND COMMENCES
SUBSEQUENT OFFERING PERIOD
JACKSON, MS -- July 7, 2000 -- High Road Acquisition Corp. announced today
that its subsidiary High Road Acquisition Subsidiary Corp. has completed
its $8.05 per share cash tender offer for all of the outstanding shares of
common stock of KLLM Transport Services, Inc. (Nasdaq National Market-
KLLM). The tender offer expired at 12:00 Midnight, New York City time on
Thursday, July 6, 2000, at which time approximately 2,712,639 shares of
KLLM common stock were validly tendered, including 28,763 pursuant to
Notice of Guaranteed Delivery. Payment for the shares purchased during the
initial offering period will be made promptly through Harris Trust Company
of New York, the depositary for the tender offer. The tendered shares,
together with the 689,123 shares acquired by High Road Acquisition Corp.
from the Liles family, represent approximately 82.9% of the outstanding
shares of KLLM common stock.
As previously announced, High Road will provide a subsequent offering
period of three business days for the KLLM tender offer, which begins today
at 9:00 a.m. New York City time and expires at 12:00 Midnight, New York
City time on Tuesday, July 11, 2000. The same price paid during the
initial offering is extended through the subsequent offering period: $8.05
per share, net to the seller in cash, to KLLM stockholders. If High Road
extends the subsequent offering period, a public announcement of the
extension will be made no later than 9:00 a.m. New York City time on the
next business day after the day on which the subsequent offering period was
scheduled to expire. Shares tendered during the subsequent offering period
may not be withdrawn.
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