Quality Distribution, Inc. Announces Filing Of S-3 Shelf Registration Statement For Offering Of Common Stock
TAMPA, Fla., Jan. 6, 2011 (GLOBE NEWSWIRE) -- Quality Distribution, Inc. (Nasdaq:QLTY) ("Quality") announced today that it has filed a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission ("SEC") to offer to the public from time to time in one or more offerings up to 1,500,000 shares of its common stock, at prices and on terms that Quality will decide at the time of any offering. In addition, under the shelf registration, if and when declared effective by the SEC, our stockholders may offer for resale to the public from time to time in one or more offerings up to 1,950,000 secondary shares of Quality's common stock owned by them or their affiliates at prices and on terms to be determined at the time of any such offering. Quality also announced today that it has filed a request to withdraw its previously-filed registration statement on Form S-1 with the SEC.
"This shelf registration will allow us a more flexible vehicle to access equity capital at an appropriate time and provide Apollo, our largest shareholder, with a mechanism to potentially reduce its holdings in the Company," commented Joe Troy, Executive Vice President and Chief Financial Officer.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor does it constitute an offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation or sale is unlawful. About Quality Headquartered in Tampa, Florida, Quality operates the largest chemical bulk tank truck network in North America through its wholly owned subsidiary, Quality Carriers, Inc., and is the largest North American provider of intermodal tank container and depot services through its wholly owned subsidiary, Boasso America Corporation. Quality Carriers' network of independent affiliates and independent owner-operators provides nationwide bulk transportation and related services. Quality is an American Chemistry Council Responsible Care® Partner and is a core carrier for many of the Fortune 500 companies that are engaged in chemical production and processing.
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