Pacer Closes Sale of Its Specialized, Heavy-Haul Trucking Operation
CONCORD, Calif. -- August 20, 2009
Pacer International, Inc. (Nasdaq:PACR), a leading North American freight
transportation and logistics services provider, announced that it has closed
the previously-announced sale of certain assets of its specialized heavy-haul
trucking operation to subsidiaries of Universal Truckload Services, Inc.
(UTSI) on August 17, 2009. In connection with the transaction, subsidiaries of
UTSI assumed the real property leases and equipment leases for tractors and
trailers used in the operation—as well as various customer, agent and other
contracts for a purchase price of approximately $2.0 million. Pacer retained
the rights to all receivables generated by this trucking operation through the
As a leading intermodal and trucking services provider in North America, Pacer
will continue to provide all its established highway and intermodal services
as part of the company's integrated operations. Pacer plans to use the
services of UTSI for seamless heavy-haul highway transport when appropriate.
“We are pleased to have completed the sale of these assets to UTSI where these
operations are a better strategic fit, and we appreciate the efforts of the
team that closed this transaction on schedule,” said Michael E. Uremovich,
chairman and CEO of Pacer.
ABOUT PACER INTERNATIONAL (www.pacer.com)
Pacer International is a leading asset-light North American freight
transportation and logistics provider, and through its intermodal and
logistics operating segments, offers a broad array of services to facilitate
the movement of freight from origin to destination. The intermodal segment
offers wholesale services provided by Pacer Stacktrain (cost-efficient,
two-tiered rail transportation for containerized shipments) and Pacer Cartage
(local trucking), as well as retail services through its Rail Brokerage unit
(intermodal marketing). The logistics segment provides retail truck brokerage,
trucking, warehousing and distribution, international freight forwarding, and
supply-chain management services. Pacer International is headquartered in
Concord, California. Its intermodal and logistics operating segments are
headquartered in Concord, California, and in Dublin, Ohio, respectively.
CERTAIN FORWARD-LOOKING STATEMENTS
This press release contains or may contain forward-looking statements (as such
term is defined in the Private Securities Litigation Reform Act of 1995).
These forward-looking statements are based on the company's current
expectations and beliefs and are subject to a number of risks, uncertainties
and assumptions. Among the important factors that could cause actual results
to differ materially from those expressed or implied in the forward-looking
statements are those set forth in the company's various filings with the
Securities and Exchange Commission, including those set forth in the company's
annual report on Form 10-K for the year ended December 26, 2008 filed with the
SEC on February 17, 2009 and the Form 10-Q for the quarter ended June 30, 2009
filed with the SEC on August 6, 2009. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions or estimates prove
incorrect, actual results may vary materially from those described herein as
anticipated, believed, expected or intended. Except as otherwise required by
federal securities laws, the company does not undertake any obligation to
update such forward-looking statements whether as a result of new information,
future events or otherwise.
Joseph B. Doherty
EVP, Investor Relations and Treasurer
James Street Associates
(708) 371-0110 X 1#
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