EXHIBIT 99.(a)(1)(A)
IMMEDIATELY -- July 19, 2000
Jack Liles: (601) 933-1240
HIGH ROAD COMPLETES CASH TENDER OFFER
JACKSON, MS -- July 19, 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 subsequent offering period for the tender offer expired at 5:00 p.m.,
New York City time on Tuesday, July 18, 2000, at which time approximately
3,297,869 shares of KLLM common stock were validly tendered. Payment for
the shares purchased during the subsequent 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 97% of the outstanding shares of KLLM common stock.
High Road intends to complete its acquisition of KLLM by means of a
merger of its subsidiary High Road Acquisition Subsidiary Corp. with and
into KLLM. KLLM will be the surviving corporation in the merger, and High
Road Acquisition Corp. will be the sole stockholder of KLLM. As a result of
High Road obtaining more than 90% of the outstanding shares of KLLM common
stock, High Road will effect the merger without prior notice to, or any
action by, any other stockholder of KLLM. Upon the closing of the merger,
stockholders who did not tender their shares in the offer, other than those
who properly assert appraisal rights under Delaware law, will receive the
same price paid during the tender offer: $8.05 per share, net to the seller
in cash, without interest. The merger is expected to close before the end
of the month.
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