ActionView discusses acquisition of Jim Palmer Trucking

ActionView management says it is confident that Jim Palmer Trucking is a high quality company that has a tremendous future operating in the public markets.

The Trucker News Services

5/19/2008

VANCOUVER, British Columbia — ActionView International Inc. CEO Steven R. Peacock on May 15 discussed the company’s recently announced letter of intent for an acquisition transaction with Jim Palmer Trucking Inc. of Missoula, Mont. ActionView International had been evaluating acquisition candidates for several months before entering into the agreement with Jim Palmer Trucking, the company reported.

“It was our intention from the time we first became involved with ActionView International to target the best possible acquisition candidate,” said Peacock. “During this process, we were presented with and conducted due diligence on a number of private companies that were seeking acquisition by a public company. While the disclosure of specific financial information for Jim Palmer Trucking will be part of the closing process, we can say that ActionView management is confident that Jim Palmer Trucking is a high quality company that we believe has a tremendous future operating in the public markets.”

Jim Palmer Trucking was established in 1966 with one truck and has grown into one of the premier refrigerated carriers in the United States. Jim Palmer Trucking operates in 44 states and maintains a fleet of 350 trucks and 500 trailers, according the ActionVierw news release.

Jim Palmer Trucking’s top five customers by percentage of revenues include Anheuser Busch, the Kroger Co., Coors Brewing Company, C.H. Robinson Worldwide, and Tyson Foods. In addition to its headquarters in Missoula, Jim Palmer Trucking has terminals in Salina, Kan. and Denver, Colo. Jim Palmer Trucking also has drop lots located in Fontana, Calif.; Tampa, Fla.; Portland, Ore.; Wenatchee, Wash. and Chicago.

“The timeline for this acquisition is expected to be relatively short, with the close expect within 60 days of the announced letter of intent,” added Peacock. “We look forward to providing as much information as possible over the next several weeks regarding the details of the transaction and the future of the public company with Jim Palmer Trucking as its focus.”

The initial agreement in the form of a letter of intent provides the framework for a subsequent definitive agreement under which ActionView International would acquire all of the issued and outstanding shares of Jim Palmer Trucking Inc. in exchange for a majority percentage of ActionView International, the company said. The details of the proposed share exchange will be included in the definitive agreement.

The post-merger plan for Jim Palmer Trucking includes a potential acquisition strategy, the addition of new members to the management team, and the development of additional business lines within the trucking industry while maintaining and growing existing accounts in its core business.

ActionView International’s operating subsidiary custom-designs, develops, and manufactures vividly illuminated motion billboards.