Appoints Vadim Perelman and Thomas Glaser to the USA Truck Board
USA Truck, Inc. (NASDAQ: USAK), a leading North American transportation
and logistics provider, today announced that it has reached an agreement
(the “Cooperation Agreement”) with United Shareholders for the Benefit
of USAK, as well as its constituent stakeholders, Baker Street Capital
Management, LLC and Stone House Capital Management, LLC (collectively,
“United Shareholders”). United Shareholders are collectively the largest
shareholder of USA Truck with an approximate equity stake of 28% of the
Company’s shares.
Under the terms of the Cooperation Agreement, the Company has agreed to
appoint Vadim Perelman, Managing Partner and Chief Investment Officer of
Baker Street Capital, and Thomas Glaser to the Company’s Board of
Directors. With the addition of Messrs. Perelman and Glaser, the USA
Truck Board expands to nine members.
The United Shareholders have agreed to vote all of their shares for the
election of William H. Hanna and James D. Simpson, III as directors and
in favor of the other proposals submitted for stockholder approval at
the 2014 Annual Meeting. The United Shareholders have also agreed to
certain customary standstill provisions through the date that is 10 days
prior to the deadline for submission of stockholder nominations for the
2015 Annual Meeting.
USA Truck Chairman Robert A. Peiser commented, “As always, the USA Truck
Board is dedicated to creating value for our shareholders and we
appreciate the constructive input that Baker Street Capital and Stone
House Capital have provided towards our mutual goal over the past
several months. We welcome both Vadim Perelman and Tom Glaser to the
Board. We expect Vadim to be a constructive member of our Board who will
add valuable financial and strategic expertise that will help us
accelerate the execution of our turnaround plan. Tom has been a senior
transportation executive for almost three decades and served as a
consultant to USA Truck in 2012 and as interim Chief Operating Officer
in 2013. His deep knowledge of the trucking industry and USA Truck,
combined with his sound judgment and professionalism, will also further
the Company’s turnaround plan.”
Vadim Perelman and Thomas Glaser jointly remarked, “We are pleased to
join USA Truck’s Board of Directors. We look forward to working with
management and the Board to improve operational and financial
performance. Having met with the Company’s management team and Board, we
believe the greatest opportunity for maximizing shareholder value over
the long term is the successful execution of the Company’s standalone
plan to restore USA Truck to a best-in-class, profitable truckload and
logistics company.”
Safe Harbor Statement
This press release may contain 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.
Forward-looking statements are usually identified by words such as
‘anticipates’, ‘believes’, ‘estimates’, ‘plans’, ‘projects’, ‘expects’,
‘hopes’, ‘intends’, ‘will’, ‘could’, ‘may’ or similar expressions.
Forward-looking statements speak only as of the date the statement was
made. Such forward-looking are made pursuant to the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are inherently uncertain, are based upon the
current beliefs, assumptions and expectations of our management and
current market conditions, all of which are subject to significant risks
and uncertainties, some of which cannot be predicted or quantified,
particularly those identified in the Risk Factor section of our most
recent annual report Form 10-K as those risk factors may be updated from
time to time, and other factors identified from time to time in our
other disclosures in press releases, stockholder reports, and other
filings with the Securities and Exchange Commission. As a result of
these and other factors, actual results may differ materially from those
set forth in, contemplated by, or underlying the forward-looking
statements. The Company makes no commitment and disclaims any obligation
to update or revise any forward-looking statements to reflect actual
results or changes in the factors affecting the forward-looking
information.
All forward-looking statements attributable to us, or persons acting on
our behalf, are expressly qualified in their entirety by this cautionary
statement.
References to the “Company,” “we,” “us,” “our” and words of similar
import refer to USA Truck, Inc. and its subsidiary.
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.
