Central Freight Lines, Inc. Makes Announcement
April 21 2006 - 8:02PM
PR Newswire (US)
WACO, Texas, April 21 /PRNewswire-FirstCall/ -- On April 17, 2006,
Central Freight Lines, Inc. (NASDAQ:CENF) filed a preliminary proxy
statement with the Securities and Exchange Commission concerning
the Company's 2006 Annual Meeting of Stockholders and the expected
vote on its previously announced merger transaction with North
American Truck Lines, LLC and Green Acquisition Company (the
"Merger"). The agreement for the Merger provides that a company
controlled by Jerry Moyes and certain related parties would become
the owners of the Company, and the Company would cease to be
publicly traded. The Company also announced on April 17, 2006 that
it had taken possession of approximately $5.3 million in revenue
equipment as the result of a transaction facilitated by Mr. Moyes.
The Company's independent registered public accounting firm
qualified its 2005 audit opinion due to a going concern
uncertainty. The pending Merger was not allowed to be considered by
the public accounting firm in its assessment of the Company. The
Company expects the Merger to be completed in July of 2006 and
appreciates the confidence Mr. Moyes expressed through the recent
equipment transaction. Central Freight Lines, Inc. is a non-union,
less-than-truckload carrier specializing in regional overnight and
second day markets in the Midwest, Southwest, West Coast, and
Pacific Northwest. Utilizing marketing alliances, the Company also
provides service to the Great Lakes, Northeast, Southeast, Mexico,
and Canada. This press release contains forward-looking statements
that involve risk, assumptions, and uncertainties that are
difficult to predict. Statements that constitute forward-looking
statements are usually identified by words such as "anticipates,"
"believes," "estimates," "projects," "expects," "plans," "intends,"
or similar expressions. These statements are made pursuant to the
safe harbor provisions of Section 21E of the Securities Exchange
Act of 1934, as amended, and Section 27A of the Securities Act of
1933, as amended. Such statements are based upon the current
beliefs and expectations of our management and are subject to
significant risks and uncertainties. Actual events may differ
materially from those set forth in the forward-looking statements.
We undertake no obligation to update any of these forward-looking
statements. With respect to statements regarding the consummation
of the Merger, the following factors, among others, could cause
actual results to differ materially from those in forward-looking
statements: the risk that our business will suffer due to
uncertainties caused by the announcement of the transaction; the
risk that we may not be able to obtain third party and stockholder
approvals necessary to consummate the transaction; as well as the
risk that the transaction will not close for other reasons.
Corporate Contact: Jeff Hale, Chief Financial Officer (480)
361-5295 http://www.newscom.com/cgi-bin/prnh/20040205/DACENTRALLOGO
http://photoarchive.ap.org/ DATASOURCE: Central Freight Lines, Inc.
CONTACT: Jeff Hale, Chief Financial Officer of Central Freight
Lines, Inc., +1-480-361-5295, or Web site:
http://www.centralfreight.com/
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