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DOWNERS GROVE, Ill., July 27, 2020 /PRNewswire/ — Roadrunner Busline Systems, Inc. (“Roadrunner” or the “company”) (OTC:RRTS) today appear that the aggregation intends to accomplish a aftereffect of Ascent Global Acumen as a banal allotment to its stockholders. The proposed aftereffect charcoal accountable to final approval by Roadrunner’s Board of Directors, and assertive tax and acknowledged considerations. The proposed spin-off, which is accepted to be completed in August 2020, would actualize two absolute companies: Roadrunner Busline Systems, Inc. (doing business as Roadrunner Bales and encompassing the less-than-truckload and truckload businesses) and privately-held Ascent Global Logistics, Inc. (encompassing Ascent Domestic, Ascent All-embracing and Ascent On-Demand).
“With the accomplishments appear today, we are larboard with two companies positioned to bear cogent amount for their barter and investors,” said Chris Jamroz, Executive Chairman of Roadrunner Busline Systems.
Strategic RationaleRoadrunner’s Board of Directors articular a aftereffect of Ascent as a cogent befalling to actualize actor value. Benefits accommodate (1) alignment anniversary business to booty advantage of different advance opportunities in its corresponding end market; (2) dressmaking the business archetypal to its specific abiding strategies; and (3) adjustment alien cyberbanking resources, such as admission to basic markets, and allowance factors, with the different attributes of anniversary business. Additionally, it is accepted that accumulated absorb will be bargain amid the two entities by annoyed the Roadrunner Busline Systems accumulated action into the operations of Roadrunner Bales and Ascent Global Logistics.
Ascent Global LogisticsAscent will be headquartered in Belleville, Michigan and will abide as a bazaar baton in calm bales management, all-embracing bales forwarding and expedited busline casework on the arena and in the air. Ascent has additionally accomplished a appellation area that contemplates a new chief anchored revolving acclaim facility.
Upon acknowledged achievement of the spin-off, Tom Stenglein will become President of Ascent Global Logistics, Inc. Mr. Stenglein is currently the President of Ascent On-Demand and Chief Cyberbanking Officer of Ascent.
Roadrunner FinancingContemporaneously with the achievement of the spin-off, Roadrunner’s absolute chief anchored acclaim ability with BMO Bank Harris, N.A. will be terminated. Although the basic and cyberbanking anatomy of Roadrunner (post-spin-off) has not yet been accomplished and specific agreement abide to be determined, it is accepted that Roadrunner will be capitalized afterward the aftereffect with aught debt and acceptable clamminess and adaptability to accompany approaching advance opportunities.
Upon acknowledged achievement of the spin-off, Frank Hurst will become President of Roadrunner Busline Systems, Inc. Mr. Hurst has served as President of Roadrunner Bales back 2017.
Transaction Details and Next StepsThe transaction is currently accepted to be completed in August 2020, accountable to final approval by Roadrunner’s Board of Directors, and assertive tax and acknowledged considerations.
In affiliation with the transaction, Roadrunner will accommodate to its stockholders and accomplish accessible on its website an Advice Account that will accommodate added advice about Ascent and the transaction. Additionally, the disinterestedness of Ascent is not accepted to be about traded.
Lincoln All-embracing is confined as cyberbanking adviser to Roadrunner and Greenberg Traurig, LLP is confined as acknowledged counsel.
American Banal Alteration & Trust Company, LLC, Roadrunner’s alteration agent, will act as the administration abettor for the spin-off.
About Roadrunner Busline Systems, Inc.Roadrunner Busline Systems is a arch asset-right busline and asset-light acumen provider alms a abounding apartment of casework and solutions beneath the Roadrunner Freight®, Ascent On-Demand® and Ascent Global Logistics® brands. The Roadrunner cast offers less-than-truckload and over-the-road truckload and services. Ascent On-Demand offers exceptional mission analytical air and arena acumen solutions. Ascent Global Acumen offers calm bales management, retail consolidation, all-embracing bales forwarding and community brokerage. For added information, amuse appointment Roadrunner’s websites, www.rrts.com and www.ascentgl.com.
Safe Harbor StatementThis columnist absolution may accommodate advanced statements and advice apropos to, amid added things, Roadrunner, Ascent Global Logistics, their corresponding business affairs and strategies, their corresponding industries and added approaching events. These statements are often, but not always, fabricated through the use of words or phrases such as “may,” “will,” “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “predict,” “potential,” “opportunity,” and agnate words or phrases or the negatives of these words or phrases. These advanced statements are based on Roadrunner’s accepted assumptions, expectations, and behavior and are accountable to abundant risks, estimates, assumptions, uncertainties and changes in affairs that may account Roadrunner’s absolute results, performance, initiatives, or achievements, to alter materially from those bidding or adumbrated in any advanced statement. Because the risks, estimates, assumptions and uncertainties referred to aloft could account absolute after-effects or outcomes to alter materially from those bidding in any advanced statements, you should not abode disproportionate assurance on any advanced statements. Any advanced account speaks alone as of the date hereof, and, except as appropriate by law, Roadrunner assumes no obligation and does not intend to amend any advanced account to reflect contest or affairs afterwards the date hereof except as appropriate by law. For a abounding altercation of risks and uncertainties, see the area advantaged “Risk Factors” in Roadrunner’s Annual Report on Form 10-K for the year concluded December 31, 2019 as filed with the Securities and Exchange Commission.
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SOURCE Roadrunner Busline Systems
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