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EXHIBIT 99.1
ASCHE TRANSPORTATION SERVICES, INC. FILES FOR BANKRUPTCY
December 22, 2000
SHANNON, Ill., December 22/PRNewswire/ -- Asche Transportation Services, Inc.
(formerly ASHE Nasdaq) announced today that it filed for protection under
Chapter 7 of the Bankruptcy Code. Along with the parent company filing, Asche
Transfer, Inc. of Shannon, Illinois and AG Carriers, Inc. of Tavares, Florida,
wholly owned subsidiaries, also filed Chapter 7 petitions.
The operating subsidiaries, Asche Transfer, Inc. and AG Carriers, Inc., operated
long-haul temperature controlled trucking businesses. A number of factors
contributed to the Chapter 7 filings, including the economic slowdown, driver
shortages, higher fuel prices, increased insurance rates and higher interest
rates. Efforts to restructure the businesses, which included attempts to sell
the businesses, restructure the debt or obtain additional equity capital, were
unsuccessful.
Specialty Transportation Services, Inc. (STS), a waste hauling company
affiliated with Asche Transportation Services, Inc., will not be affected by the
Chapter 7 filings since approximately 76% of STS is owned directly by a private
institutional investor.
Source: Asche Transportation Services, Inc.
CONTACT: Gary Goldberg of Asche Transportation Services, Inc.
