Exhibit 99.1 (Press Release)
Exhibit
99.1
CENTRAL
FREIGHT LINES, INC. ANNOUNCES COMPLETION OF GOING-PRIVATE
TRANSACTION
Waco,
TX (PR Newswire) -
November 28, 2006 - Central Freight Lines, Inc. today announced the completion
of its going-private transaction. The transaction, which was approved by
Central's stockholders on November 21, was accomplished through the merger
of
Green Acquisition Company with and into Central, with Central as the surviving
corporation. As a result of the merger, Jerry Moyes and certain related parties
became the owners of Central, and Central's former public stockholders became
entitled to receive cash equal to $2.25 per share of Central common
stock.
In
announcing the completion of the transaction, Bob Fasso, Central's President
and
Chief Executive Officer, stated: "Completing this merger represents a
significant step forward for Central. It will allow Central to leverage Jerry
Moyes and Moyes Enterprises to an extent that was not possible while we remained
a public company. We look forward to working with Mr. Moyes as we focus on
growing our business."
Mr.
Moyes
has a long history of experience in the trucking industry. He founded Swift
Transportation Co., Inc. in 1966 and became Chairman and Chief Executive Officer
of Swift in 1984. He served in that capacity for more than 20 years, building
Swift into a company that achieved more than $3 billion in revenue in 2005.
Swift currently owns the largest fleet of truckload carrier equipment in the
United States. Mr. Moyes also owns Central Refrigerated Service, Inc., a
refrigerated carrier with more than $300 million in annual revenue.
JPMorgan
Chase Bank, N.A. will act as the paying agent pursuant to the Agreement and
Plan
of Merger dated January 30, 2006, as amended on September 13, 2006. JPMorgan
Chase will mail to stockholders of record documents to accompany Central stock
certificates, which must be submitted to JPMorgan Chase in order for
stockholders to receive payment for their shares. Upon proper completion of
these documents and receipt of stock certificates, JPMorgan Chase will pay
the
merger consideration to each stockholder of record at the effective time of
the
merger.
Central
Freight Lines, Inc. is a non-union, less-than-truckload carrier specializing
in
regional overnight and second day markets in the Midwest, Southwest, West Coast,
and Pacific Northwest. Utilizing marketing alliances, Central also provides
service to the Great Lakes, Northeast, Southeast, Mexico, and
Canada.
This
press release contains forward-looking statements that involve risk,
assumptions, and uncertainties that are difficult to predict. Statements that
constitute forward-looking statements are usually identified by words such
as
"anticipates," "believes," "estimates," "projects," "expects," "plans,"
"intends," or similar expressions. These statements are made pursuant to the
safe harbor provisions of Section 21E of the Securities Exchange Act of 1934,
as
amended, and Section 27A of the Securities Act of 1933, as amended. Such
statements are based upon the current beliefs and expectations of our management
and are subject to significant risks and uncertainties. Actual events may differ
materially from those set forth in the forward-looking statements. We undertake
no obligation to update any of these forward-looking
statements.
Corporate
Contact:
Jeff
Hale, Chief Financial Officer
(480)
361-5295
jhale@centralfreight.com