U.S. 1 Industries, Inc. (OTCBB: USOO) announced today it had received a proposal from Trucking Investment Co. Inc. ("TIC") to acquire the outstanding shares of the Company at a price of $1.43 per share. This is an increase from the $1.17 per share offer previously received by the Company and announced in September 2010. The increase in offer price reflects negotiations between a special committee of independent directors of the Company and TIC.
TIC was formed by Harold Antonson and Michael Kibler, who combined own approximately 52% of the Company's stock. The price represents a premium of 46% over the $0.98 per share average reported closing price of the Company's common stock for the 90 trading days ended September 15, 2010, the last trading day prior to the initial proposal and a 43% premium over the $1.00 per share reported closing price on September 15, 2010.
The proposal is conditioned upon the Company entering into a definitive merger agreement with TIC providing for the acquisition by TIC of the shares of the Company that are not held by Messrs. Antonson and Kibler. The special committee and TIC are actively negotiating a definitive merger agreement. TIC has been advised by U.S. Bank that it believes that it will be able to fund the purchase price for the shares that are acquired.
Contacts:
U.S. 1 Industries, Inc.
Michael Kibler, 219-476-1320
m.kibler@us1industries.com
www.us1industries.com