Western Express and Smithway Motor Xpress Announce Expected Closing Date of August 2007 for Acquisition
July 27 2007 - 4:00PM
PR Newswire (US)
NASHVILLE, Tenn. and FORT DODGE, Iowa, July 27
/PRNewswire-FirstCall/ -- Western Express, Inc. and Smithway Motor
Xpress Corp. (NASDAQ:SMXC), two premier truckload carriers that
haul diversified freight nationwide, today announced that the
closing under the previously announced agreement on a plan for
Western to acquire Smithway is expected to occur next month, in
August of 2007. The acquisition terms have been approved by both
companies' Boards of Directors and by Smithway's stockholders and
are now subject to only those other customary closing conditions
described in the acquisition agreement. Wayne Wise, Chairman,
President, and Chief Executive Officer of Western, and G. Larry
Owens, President and Chief Executive Officer of Smithway, said,
"Both parties have been working diligently to satisfy the
outstanding closing conditions and we expect these efforts to be
rewarded with a successful closing next month." 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." About Western Western is a
rapidly growing truckload carrier with a history of strategic
acquisitions. This press release and statements made by Smithway in
its stockholder reports and public filings, as well as oral public
statements by Smithway 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 Smithway'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 Smithway 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 Smithway; 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 Smithway in this press release, stockholder
reports, and in its Forms 10-K, 10-Q, and other public filings.
Smithway 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: Rick Prickett, Chief Financial Officer of Western
Express, Inc., +1-615-259-9920; or 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