CD&L Announces Sale of Air Division

Apr 02, 2001, 01:00 ET from CD&L, Inc.

    SOUTH HACKENSACK, N.J., April 2 /PRNewswire/ -- CD&L, Inc. (Amex:   CDV),
 one of the world's leading providers of customized, time-critical ground
 delivery services, has announced the sale of its air division, Sureway
 Worldwide. Sureway's annual revenues in the year 2000 were approximately
 $65.0 million.  The terms of the sale were not disclosed.
     CD&L Chairman and CEO Albert W. Van Ness, Jr. said: "We made a decision in
 the middle of last year to place our strategic focus on expanding our
 same-day, on-demand distribution and logistics ground network.
 Simultaneously, Sureway's senior management and a former owner of Sureway
 approached us with a purchase proposal.  We saw this as a win-win situation
 for both our shareholders and our employees.  Although the terms of the sale
 remain confidential, the proceeds from the transaction will be used to pay
 down our senior credit facility and will result in a significantly improved
 debt-to-equity position for CD&L."
     Randall Catlin, Sureway's current president; Bill Beaury, one of the
 former owners of Sureway; and his partner, Jim Galante, stated: "We share a
 vision that under this new ownership team, we will provide our employees with
 the tangible and intangible assets they need to give our customers
 unparalleled service. The additional management and staff we have put together
 will deliver consistently better solutions and opportunities to our short and
 long-term business goals.  Many of these opportunities are focused on the
 international aspect of our business."
     After accounting for this transaction, CD&L is a full-service, same-day,
 on demand, ground distribution and delivery and logistics company with
 72 offices in 24 states and annual revenues of about $170,000,000.  The
 company has nearly 2,400 employees and utilizes approximately 1,675
 independent contractors to provide time-sensitive delivery services to
 thousands of customers across
 the country.
 
     Certain statements in this news release may be "forward-looking
 statements" within the meaning of Section 27A of the Securities and Exchange
 Act of 1933. These forward-looking statements include comments on improvement
 of CD&L's debt to equity position and expanding its existing ground network.
 Statements regarding future prospects and developments are based upon current
 expectations and involve certain risks and uncertainties that could cause
 actual results and developments to differ materially from the forward-looking
 statements.  Potential risks include the risk that CD&L will be unable to
 improve its debt to equity position or expand its existing ground network as a
 result of the sale or other risks specified in CD&L's SEC filings.
 
 

SOURCE CD&L, Inc.
    SOUTH HACKENSACK, N.J., April 2 /PRNewswire/ -- CD&L, Inc. (Amex:   CDV),
 one of the world's leading providers of customized, time-critical ground
 delivery services, has announced the sale of its air division, Sureway
 Worldwide. Sureway's annual revenues in the year 2000 were approximately
 $65.0 million.  The terms of the sale were not disclosed.
     CD&L Chairman and CEO Albert W. Van Ness, Jr. said: "We made a decision in
 the middle of last year to place our strategic focus on expanding our
 same-day, on-demand distribution and logistics ground network.
 Simultaneously, Sureway's senior management and a former owner of Sureway
 approached us with a purchase proposal.  We saw this as a win-win situation
 for both our shareholders and our employees.  Although the terms of the sale
 remain confidential, the proceeds from the transaction will be used to pay
 down our senior credit facility and will result in a significantly improved
 debt-to-equity position for CD&L."
     Randall Catlin, Sureway's current president; Bill Beaury, one of the
 former owners of Sureway; and his partner, Jim Galante, stated: "We share a
 vision that under this new ownership team, we will provide our employees with
 the tangible and intangible assets they need to give our customers
 unparalleled service. The additional management and staff we have put together
 will deliver consistently better solutions and opportunities to our short and
 long-term business goals.  Many of these opportunities are focused on the
 international aspect of our business."
     After accounting for this transaction, CD&L is a full-service, same-day,
 on demand, ground distribution and delivery and logistics company with
 72 offices in 24 states and annual revenues of about $170,000,000.  The
 company has nearly 2,400 employees and utilizes approximately 1,675
 independent contractors to provide time-sensitive delivery services to
 thousands of customers across
 the country.
 
     Certain statements in this news release may be "forward-looking
 statements" within the meaning of Section 27A of the Securities and Exchange
 Act of 1933. These forward-looking statements include comments on improvement
 of CD&L's debt to equity position and expanding its existing ground network.
 Statements regarding future prospects and developments are based upon current
 expectations and involve certain risks and uncertainties that could cause
 actual results and developments to differ materially from the forward-looking
 statements.  Potential risks include the risk that CD&L will be unable to
 improve its debt to equity position or expand its existing ground network as a
 result of the sale or other risks specified in CD&L's SEC filings.
 
 SOURCE  CD&L, Inc.