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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 1, 2000
U.S. XPRESS ENTERPRISES, INC.
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(Exact name of Registrant as specified in its charter)
Nevada 0-24806 62-1378182
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
4080 Jenkins Road, Chattanooga, Tennessee 37421
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(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code (423) 510-3000
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Item 5. Other Events
Effective July 1, 2000 the Company completed its acquisition of a 13%
membership interest in Transplace.com, LLC, a Nevada Limited Liability company
("Transplace"). Transplace was formed in April 2000 by six transportation
companies, including the Company, which had existing logistics businesses, to
operate as an internet-based, global transportation logistics company. In
exchange for its membership interest, the Company contributed assets consisting
of (i) $5 million in cash and (ii) all of the intangible assets of the Company's
transportation logistics business. Such intangible assets included all
contracts with customers, goodwill, logistics business software and software
licenses, patents, trademarks, and other intellectual property. Additionally,
the Company agreed generally not to compete with Transplace in the logistics
business.
The other members of Transplace include Covenant Transport, Inc. ("Covenant"),
J.B. Hunt Transport Services, Inc. ("Hunt"), M.S. Carriers, Inc. ("M.S."), Swift
Transportation Co., Inc. ("Swift"), and Werner Enterprises, Inc. ("Werner"),
each of which contributed cash in the amount of $5 million and the intangible
assets of their respective logistics business operations to Transplace in
exchange for their membership interests. The other parties' membership
interests in Transplace are as follows: Covenant - 13%; Hunt - 28%; M.S. - 14%;
Swift - 16%; Werner 16%.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: July 17, 2000 U.S. XPRESS ENTERPRISES, INC.
By: /s/ Ray M. Harlin
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Ray M. Harlin
Chief Financial Officer
