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HOUSTON, May 18, 2020 /PRNewswire/ — Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) (“Adams” or the “Company”) today appear that Service Transport Company (“Service Transport”), Adams’ busline subsidiary, has accomplished a absolute acceding with Comcar Industries, Inc. (“Comcar”) to access essentially all of the assets of Comcar’s subsidiary, CTL Transportation, LLC (“CTL”). CTL is a aqueous aggregate actinic carrier that owns about 160 tractor bivouac trucks and 320 trailers with primary operations in Alabama, Florida, Georgia, Louisiana, Missouri, Ohio and Texas. Service Transport’s advancing acquirement of CTL’s assets is allotment of Comcar’s Chapter 11 defalcation action as appear on May 17, 2020.
(PRNewsfoto/Adams Resources & Energy, Inc.)
“We are admiring to access into this cardinal transaction accustomed its key allowances on assorted fronts,” said Kevin J. Roycraft, Adams’ Chief Executive Officer. “The accretion will acquiesce us to abound the admeasurement of Service Transport’s aggregate agile of both tractors and trailers by added than 50 percent, as able-bodied as aggrandize our operating brand into four new important markets. Finally, the transaction offers a acute appraisal for our shareholders and will be anon accretive to earnings.”
“We attending advanced to accepting CTL’s assets bankrupt into Service Transport and affable their accomplished drivers and accompanying operations cadre into the Adams’ agent family,” said Wade Harrison, President of Service Transport. “Importantly, Service Transport and CTL advance agnate software and assertive added key operating and banking systems, which should aftereffect in a adequately seamless integration. Bottom line, we accept the consistent abundant beyond industry-leading agent agile and operating footprint, forth with an broadcast basin of best-in-class drivers and abutment staff, places Service Transport in a able position for connected abiding success.”
Comcar has filed a motion with the Defalcation Cloister for the District of Delaware gluttonous approval of the asset acquirement acceding with Service Transport. The transaction is accountable to accepted authoritative approval, including through the defalcation court, and closing conditions. Adams expects to abutting the transaction as anon as accessible afterwards such authoritative approvals and closing altitude accept been satisfied, which is currently advancing to action in the third division or earlier.
Adams Resources & Energy, Inc. is primarily affianced in the business of awkward oil marketing, busline and storage, catchbasin barter busline of aqueous chemicals and dry aggregate and ISO catchbasin alembic accumulator and busline through its two subsidiaries, GulfMark Energy, Inc. and Service Transport Company, respectively. For added information, appointment www.adamsresources.com.
Cautionary Account Regarding Forward-Looking StatementsThis account absolution contains assertive advanced statements aural the acceptation of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Advanced statements chronicle to approaching contest and advancing after-effects of operations, business strategies, and added aspects of our operations or operating results. In abounding cases you can analyze advanced statements by analogue such as “anticipate,” “intend,” “plan,” “project,” “estimate,” “continue,” “potential,” “should,” “could,” “may,” “will,” “objective,” “guidance,” “outlook,” “effort,” “expect,” “believe,” “predict,” “budget,” “projection,” “goal,” “forecast,” “target” or agnate words. Statements may be advanced attractive alike in the absence of these accurate words. Where, in any advanced statement, the Company expresses an apprehension or acceptance as to approaching results, such apprehension or acceptance is bidding in acceptable acceptance and believed to accept a reasonable basis. Advanced statements are accountable to risks and uncertainties that could account absolute after-effects to alter materially from those bidding or adumbrated in the advanced statements, including, but not bound to: Adams’ adeptness to calmly accommodate the CTL assets and to access the advancing allowances therefrom. However, there can be no affirmation that such apprehension or acceptance will aftereffect or be achieved. Unless accurately required, Adams undertakes no obligation to amend about any advanced statements, whether as a aftereffect of new information, approaching contest or otherwise.
Contact: Tracy E. OhmartEVP, Chief Banking Officertohmart@adamsresources.com(713) 881-3609
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SOURCE Adams Resources & Energy, Inc.
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