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Concord, N.C. -- March 11, 2003 -- Cardinal Logistics Management (Cardinal), the privately held provider of dedicated and delivery transportation services, today announced the amendment and extension of its Senior Credit Facility with Fleet Capital Corporation and Transamerica Business Capital Corporation. The lenders are providing a new equipment acquisition loan and an extension of the current banking agreement to January 31, 2006 with terms to support the continuation of Cardinal’s market-leading growth track.

From its start in 1997 with the purchase of truckload common carrier Cardinal Freight, Cardinal has experienced explosive demand for its dedicated and delivery product lines. Revenues in 2002 were up more than 20% versus 2001. Operating margin and Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) both increased by about 80% versus 2001 which was impacted by a large volume of new account start ups. The growth of the dedicated and delivery business has more than offset the decrease from the sale of the van division to Swift Transportation in early 2001.

“We have a great customer base of market-leading companies, like The Home Depot, Office Depot, and 7-Eleven, and this gives us additional flexibility to create efficient solutions that support their strategies and growth targets,” stated Tom Hostetler, Cardinal’s CEO. “We’ve always been a reliable partner, and the new financing agreement adds to our financial strength.”
“ We are extremely pleased with Cardinal’s performance in growing the business profitably and we think the market for outsourced, specialized, high-intensity local fleet operations will continue to enjoy significant growth. Cardinal’s innovative capabilities and national infrastructure are ideally suited to create value for its clients in that arena.” said Dave Donnini, member of Cardinal's Board of Directors and Principal of GTCR Golder Rauner LLC.

About Cardinal Logistics Management Inc. (Cardinal)
Cardinal is an integrated transportation solutions provider that uses dedicated shipping resources, extensive industry expertise and advanced technology to help companies optimize their supply and demand chains. Cardinal’s logistics experts work directly with clients to develop and implement innovative solutions that turn their logistics operations from liabilities into strategic advantages. Cardinal customers include Fortune 50 companies within the retail, manufacturing and pulp and paper industries such as The Home Depot and Office Depot. Cardinal is headquartered in Concord, N.C. For more information about Cardinal, please visit www.cardlog.com.

About GTCR
GTCR is one of the oldest and most successful private equity firms in the country. Founded in 1980, GTCR pioneered the strategy of identifying and partnering with outstanding executives to build leading companies. This strategy has proven exceptionally enduring, as illustrated by successful investments in more than 150 companies in a wide variety of industries over the last 20 years. For more information, see www.gtcr.com.

Anthony Flynn
Director - Marketing
Cardinal Logistics Management Corporation
1000 Old Roswell Lakes Parkway, Suite 300
Roswell, GA 30076
678-612-2447
aflynn@cardlog.com

 

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