Patrick E. Quinn, president,co-chairman of the board, director and treasurer of U.S Xpress, and Max L. Fuller, CEO, co-chairman of the board, director and secretary of U.S. Xpress have advised the carrier's board that their corporation, Mountain Lake Acquisition Co., intends to offer $20.00 per share, a 44% premium for the company's Class A common stock that sold for an average of $13.88 per share for the 30 trading days prior to June 21, 2007.
U.S. Xpress notes that it offers regional coverage in the West, Midwest and Southeast with expedited and time-definite services as well as distribution-related services in the retail, automotive and building materials markets. Its wholly owned subsidiary, Xpress Global Systems, Inc., provides transportation, warehousing and distribution services to the floor coverings industry.
The company is a joint owner of the internet-based global transportation company, Transplace. It also has 80% interest in 1,500 truck Arnold Transportation Services that offers regional and dedicated services. U.S. Xpress' Total Transportation of Mississippi and affiliates offer dedicated dry van services in the Eastern US with its 500 truck fleet. Also offering coverage in the Eastern US is Abilene Motor Express Inc. whose 170 trucks provide dry van services. US Xpress has a 49% interest in Abilene.
