HOUSTON, Jan. 9 /PRNewswire/ -- Eagle USA Airfreight, Inc. (Nasdaq: EUSA)
today announced that it intends to file a registration statement with the
Securities and Exchange Commission regarding a proposed public offering of
1,500,000 shares of its Common Stock by Mr. James R. Crane, its Chairman of
the Board and Chief Executive Officer. The offering would also include
225,000 shares of Common Stock that would be sold by the Company upon the
exercise of the underwriters' over-allotment option. The Company anticipates
that the offering will be made during the second half of January 1998.
The purpose of the offering of Mr. Crane's shares is to improve his
personal liquidity, and repay indebtedness, including that initially incurred
by him to purchase additional Common Stock since the Company's initial public
offering in 1995. The purpose of any sale of shares by the Company is to
provide funds for general corporate purposes. An additional purpose of the
offering is to increase the public float of shares of Common Stock. Following
the offering, Mr. Crane would be the owner of 8,842,378 shares (approximately
48.4%) of Common Stock.
The terms of the offering are expected to include a restriction on sales
of Common Stock by Mr. Crane for a one-year period and by the Company for a
90-day period, subject to certain exceptions.
The proposed offering will be made only by means of a prospectus.
The statements in this press release regarding the filing of a
registration statement, the amount of the securities offered, the timing of
the offering and any other future aspects relating to the offering and other
statements which are not historical facts are forward-looking statements.
Such statements involve risks and uncertainties, including, but not limited
to, market conditions, (including the price and market for the Common Stock)
and other factors detailed elsewhere in Company filings with the Securities
and Exchange Commission. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual outcomes
may vary materially from those indicated.
Visit us on the World Wide Web at http://www.eagleusa.com.
For more information on Eagle USA Airfreight via facsimile at no cost,
simply dial 800-PRO-INFO and enter the company ticker EUSA.
SOURCE Eagle USA Airfreight, Inc.
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Related links:
http://www.eagleusa.com.
CONTACT:
Douglas A. Seckel, Chief Financial Officer
of Investor Relations, or Mike Slaughter, of Eagle USA,
281-442-1188
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