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SOURCE USA Truck, Inc.
VAN BUREN, Ark., Feb. 4, 2014 /PRNewswire/ -- USA Truck, Inc. (NASDAQ: USAK), a leading truckload transportation and logistics solutions provider, has entered into a settlement agreement with Knight Transportation, Inc.(NYSE: KNX) that dismisses all claims between the two parties arising from the litigation it filed against Knight Transportation on October 10, 2013.
In connection with the settlement, USA Truck and Knight Transportation have entered into a standstill agreement and a voting agreement effective through September 30, 2014. The standstill agreement contains customary terms, including that, through September 30, 2014, Knight Transportation will not acquire any securities or assets of USA Truck, propose any tender or exchange offer to acquire USA Truck securities or any consent solicitation, or seek representation on the Board of Directors of USA Truck. In addition, pursuant to the voting agreement, Knight Transportation has agreed not to vote the USA Truck shares it beneficially owns at the Company's 2014 shareholder meeting.
USA Truck issued the following statement regarding the settlement:
We are pleased that the parties have reached a settlement. USA Truck's management team and employees have been focused on executing plans to restore the Company's profitability and unlock its earnings leverage potential through improved operational excellence, profitable revenue growth and cost effectiveness. Nevertheless, by eliminating any of the distractions that have been created by this litigation, the settlement is a positive outcome for USA Truck's employees, customers and shareholders.
In conjunction with the settlement, USA Truck and Knight Transportation will file a joint stipulation to dismiss the lawsuit in its entirety with prejudice.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements generally may be identified by their use of terms or phrases such as "expects," "estimates," "anticipates," "projects," "believes," "plans," "goals," "intends," "may," "will," "should," "could," "potential," "continue," "future" and terms or phrases of similar substance. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements, including risks and uncertainties associated with the unsolicited proposal from Knight Transportation, Inc. to acquire all of the Company's shares and the settlement of related litigation, the impact of the pendency of that proposal or the settlement of litigation on the Company's relationships with its employees, customers and vendors, and the Company's ability to successfully execute on its strategic road map and meet its long-term financial goals. Accordingly, actual results may differ from those set forth in the forward-looking statements. Readers should review and consider the factors that may affect future results and other disclosures by the Company in its press releases, Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release might not occur.
All forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by this cautionary statement.
About USA Truck
USA Truck is a transportation and logistics provider headquartered in Van Buren, Arkansas, with terminals, offices and staging facilities located throughout the United States. We transport commodities throughout the continental U.S. and into and out of portions of Canada. We also transport general commodities into and out of Mexico by allowing through-trailer service from our terminal in Laredo, Texas. Our Strategic Capacity Solutions and Intermodal service offerings provide customized transportation solutions using the latest technological tools available and multiple modes of transportation.
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