HOUSTON, June 29, 2020 /PRNewswire/ -- Adams
Resources & Energy, Inc. (NYSE AMERICAN: AE) ("Adams" or the "Company") today announced that
Service Transport Company ("Service Transport"), Adams' transportation subsidiary, has closed
on its previously announced purchase of substantially all of the
assets of CTL Transportation, LLC ("CTL"), a subsidiary of Comcar
The acquisition grows Service Transport's collective fleet size
through the addition of approximately 163 tractor trailer trucks
and 328 trailers, and expands its footprint of operations into
Florida, Georgia, Illinois, Missouri and Ohio. The transaction is
expected to be immediately accretive to earnings.
Adams Resources & Energy, Inc. is primarily engaged
in the business of crude oil marketing, transportation and storage,
tank truck transportation of liquid chemicals and dry bulk and ISO
tank container storage and transportation through its two
subsidiaries, GulfMark Energy, Inc. and Service Transport Company,
respectively. For more information, visit
Cautionary Statement Regarding Forward-Looking
This news release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements relate to future events and anticipated results of
operations, business strategies, and other aspects of our
operations or operating results. In many cases you can identify
forward-looking statements by terminology such as "anticipate,"
"intend," "plan," "project," "estimate," "continue," "potential,"
"should," "could," "may," "will," "objective," "guidance,"
"outlook," "effort," "expect," "believe," "predict," "budget,"
"projection," "goal," "forecast," "target" or similar words.
Statements may be forward looking even in the absence of these
particular words. Where, in any forward-looking statement, the
Company expresses an expectation or belief as to future results,
such expectation or belief is expressed in good faith and believed
to have a reasonable basis. Forward-looking statements are subject
to risks and uncertainties that could cause actual results to
differ materially from those expressed or implied in the
forward-looking statements, including, but not limited to:
Adams' ability to efficiently
integrate the CTL assets and to obtain the anticipated benefits
therefrom. However, there can be no assurance that such
expectation or belief will result or be achieved. Unless legally
required, Adams undertakes no
obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or
Contact: Tracy E.
EVP, Chief Financial Officer
View original content to download
SOURCE Adams Resources & Energy, Inc.