Dynamex and Quick Terminate Merger Agreement

Business Wire, Jan 15, 1999

DALLAS--(BUSINESS WIRE)--Jan. 15, 1999--Dynamex Inc. (Nasdaq:DYMX) today announced that the Company and Q International Courier, Inc., which does business as Quick International Courier, have mutually agreed to terminate the agreement by which Dynamex would acquire Quick.

The acquisition, which had been agreed to in September of 1998, was scheduled to be completed in early 1999. As a result of the termination of the agreement Dynamex will take a charge against earnings for costs related to the transaction, including certain out-of-pocket expenses of Quick, and therefore expects to post a loss in its second fiscal quarter which ends January 31, 1999. As a part of the understanding to terminate the existing agreement, Dynamex will have the right of first offer to acquire Quick through July 1999.

Richard K McClelland, CEO and Chairman of Dynamex said, "While we remain convinced that a combination of Dynamex and Quick presents a compelling strategic fit, both Quick and Dynamex believe that the timing for such a combination just isn't right.

"In spite of the fact that the two companies will not join together at this time, we expect to work toward developing a strategic alliance between Dynamex and Quick. Through an alliance arrangement we expect that both companies will derive many of the benefits which would come with an actual combination of the two organizations. We at Dynamex continue to hold the management of Quick, as well as the entire organization, in the highest regards and look forward to working with them in the future.

Dynamex is a leading provider of same-day delivery and logistics services in the United States and Canada.

This release contains forward-looking statements which involve assumptions regarding Company operations and future prospects. Although the Company believes its expectations are based on reasonable assumptions, such statements are subject to risk and uncertainty, including, among other things, acquisition strategy, competition, foreign exchange, and risks associated with the local delivery industry. Caution should be taken that these factors could cause the actual results to differ from those stated or implied in this and other Company communications.