Exhibit (a)(1)(A)
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IMMEDIATELY -- June 23, 2000
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Jack Liles: (601) 933-1240
HIGH ROAD ANNOUNCES EXTENSION OF PENDING TENDER OFFER
TO JULY 6, 2000 AND TERMINATION
OF HART-SCOTT-RODINO WAITING PERIOD
JACKSON, MS -- June 23, 2000 -- High Road Acquisition Corp. announced today
that the expiration date of High Road Acquisition Subsidiary Corp.'s pending
tender offer for all of the outstanding shares of common stock of KLLM
Transport Services, Inc. (Nasdaq National Market-KLLM) for $8.05 per share
in cash has been extended to July 6, 2000 in order to give stockholders an
opportunity to review materials filed by High Road and KLLM today with the
Securities and Exchange Commission. High Road also announced that the
Federal Trade Commission has granted early termination of the waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect
to the tender offer. Accordingly, the condition to the offer that the
applicable waiting period under Hart-Scott-Rodino be terminated has been
satisfied.
High Road announced today that the offer, which was scheduled to expire
12:00 midnight, New York City time, on June 29, 2000, has been extended.
The offer is currently scheduled to expire 12:00 midnight, New York City
time, on July 6, 2000, but may be extended again under certain
circumstances. As of the close of business on June 22, 2000, 152,997 shares
of common stock of KLLM have been tendered in the offer and not withdrawn.
If High Road extends the offer again, a public announcement of the extension
will be made no later than 9:00 a.m. New York City time on the business day
on which the offer was scheduled to expire.
If the initial offering is completed, High Road will provide a
subsequent offering period of at least three business days in order to give
the stockholders who have not tendered an additional opportunity to tender
their shares and receive the $8.05 per share cash consideration. However,
High Road may not purchase any shares unless the Minimum Tender Condition is
met during the initial offering period now scheduled to expire 12:00
midnight, New York City time on July 6, 2000. The Minimum Tender Condition
requires that, during the initial offering period, there be validly tendered
and not withdrawn a number of shares that, together with 689,123 shares
beneficially owned by Jack Liles, will constitute at least a majority of the
shares outstanding on the date of High Road's purchase, on a fully diluted
basis. Therefore, stockholders are urged to tender their shares during the
initial offering period.
Information amending and updating both High Road's Offer to Purchase
dated June 2, 2000 pertaining to the tender offer and KLLM's
Solicitation/Recommendation Statement on Schedule 14D-9 was filed today
with the Securities and Exchange Commission and is being mailed to
stockholders. Stockholders may obtain a copy of the information amending
and updating the Offer to Purchase and the Schedule 14D-9 and other documents
filed with the SEC for free at the SEC's web site at http://www.sec.gov.
Georgeson Shareholder Communications, Inc. is the Information
<PAGE>
Agent with respect to the tender offer, and the information amending and
updating the Offer to Purchase and the Schedule 14D-9, along with the Offer
to Purchase and the letter of transmittal, may also be obtained from it
free of charge by calling 1-800-223-2064. This press release does not
constitute an offer to purchase or a solicitation of an offer to sell
securities. The complete terms and conditions of the tender offer are set
forth in the Offer to Purchase, dated June 2, 2000, as amended, and the
related Letter of Transmittal.
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