Smithway Motor Xpress Corp. Announces Stockholder Approval of Merger Agreement
June 12 2007 - 7:00PM
PR Newswire (US)
FORT DODGE, Iowa, June 12 /PRNewswire-FirstCall/ -- At a Special
Meeting of Stockholders held on Friday, June 8, 2007, the
stockholders of Smithway Motor Xpress Corp. (NASDAQ:SMXC) approved
the agreement and plan of merger by which Western Express, Inc.
would acquire Smithway. Western is a rapidly growing truckload
carrier with a history of strategic acquisitions. The merger
agreement provides that the stockholders of Smithway will receive
$10.63 in cash for each share of Smithway. The merger is expected
to be completed in July of 2007, subject to the satisfaction of
certain customary conditions. About Smithway Smithway is a
truckload carrier that hauls diversified freight nationwide,
concentrating primarily on the flatbed segment of the truckload
market. Its Class A Common Stock is traded on the Nasdaq Capital
Market under the symbol "SMXC." This press release and statements
made by the Company in its stockholder reports and public filings,
as well as oral public statements by Company representatives, may
contain certain forward-looking information, usually identified by
words such as "anticipates," "believes," "estimates," "projects,"
"plans," "expects," or similar expressions. These statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such statements are based
upon the current beliefs and expectations of the Company's
management and are subject to significant risks and uncertainties.
Actual results may differ from those set forth in forward-looking
statements. The following factors, among others, could cause actual
results to differ materially from those in forward-looking
statements: failure of the proposed acquisition of the Company to
close on a timely basis or at all as a result of unsatisfied
closing conditions or other factors; failure to sustain operating
profitability, which could result in violation of bank covenants
and acceleration of indebtedness at several financial institutions;
the ability to obtain financing on acceptable terms, and obtain
waivers and amendments to current financing in the event of
default; economic recessions or downturns in customers' business
cycles; excessive increases in capacity within truckload markets;
surplus inventories; decreased demand for transportation services
offered by the Company; increases or rapid fluctuations in
inflation, interest rates, fuel prices, and fuel hedging; the
availability and costs of attracting and retaining qualified
drivers and owner-operators; increases in insurance premiums and
deductible amounts, or changes in excess coverage, relating to
accident, cargo, workers' compensation, health, and other claims;
the resale value of used equipment and prices of new equipment;
seasonal factors such as harsh weather conditions that increase
operating costs; regulatory requirements that increase costs and
decrease efficiency, including emissions standards and
hours-of-service regulations; changes in management; and the
ability to negotiate, consummate, and integrate acquisitions.
Readers should review and consider the various disclosures made by
the Company in this press release, stockholder reports, and in its
Forms 10-K, 10-Q, and other public filings. The Company disclaims
any obligation to update or alter its forward-looking statements
whether as a result of new information, future events, or
otherwise. DATASOURCE: Smithway Motor Xpress Corp. CONTACT: press,
Douglas C. Sandvig, Senior Vice President, Treasurer and Chief
Financial Officer of Smithway Motor Xpress Corp., +1-515-576-7418
Web site: http://www.smxinc.com/
Copyright
Smithway Motor Xpress (NASDAQ:SMXC)
Historical Stock Chart
From Apr 2024 to May 2024
Smithway Motor Xpress (NASDAQ:SMXC)
Historical Stock Chart
From May 2023 to May 2024