Forward Air Corporation Announces the Purchase of Certain Assets of the Airport-to-Airport Operations of U.S. Xpress Enterprises, Inc

Business Wire, May 31, 2005

GREENEVILLE, Tenn. -- Forward Air Corporation (NASDAQ:FWRD) today announced that it has signed a definitive asset purchase agreement to acquire certain assets of the airport-to-airport operations of Xpress Global Systems, Inc., a subsidiary of U.S. Xpress Enterprises, Inc. (NASDAQ:XPRSA) for $12.75 million. As part of the agreement, U.S. Xpress has agreed to exit the air cargo airport-to-airport business immediately and to deliver to Forward Air a non-compete agreement and its airport-to-airport customer list. Forward Air will continue to serve both its and Xpress Global's airport-to-airport customers through its nationwide network of terminals in 80 cities throughout the U.S. and Canada.

About Forward Air

Forward Air is a high-service-level contractor to the air cargo industry providing time-definite ground transportation services through a network of 80 terminals located on or near major airports in the United States and Canada. The Company provides these services as a cost-effective alternative to air transportation of cargo that must be delivered at a specific time but is relatively less time-sensitive than traditional airfreight or when air transportation is not economical.

Important Information

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