Significant TransactionsIn November 2010, Quality issued $225.0 million in aggregate principal amount of 9.875% Second-Priority Senior Secured Notes due 2018 at an issue price of 99.324% of par. The proceeds from these notes were used to pay down a portion of Quality's outstanding borrowings under its ABL Facility and to repay or redeem its other existing notes, other than a portion of its 11.75% Senior Subordinated PIK Notes ("2013 PIK Notes"), on December 3, 2010. Quality repurchased and redeemed an additional $12.5 million of its 2013 PIK Notes later in December 2010 and in January 2011. On February 9, 2011, Quality sold 2,000,000 shares of its common stock in a public offering at $9.50 per share and received net proceeds, after fees and expenses, of $17.5 million. Quality intends to utilize the net proceeds from the common stock offering to redeem at par, plus accrued and unpaid interest, $17.5 million of its 2013 PIK Notes upon the expiration of the 30-day required notification period under the indenture on March 11, 2011. In conjunction with the Company's public sale of shares, certain affiliates of Apollo Management, L.P. ("Apollo") sold 2,000,000 shares and also granted underwriters an over-allotment option to purchase up to 600,000 shares of additional common stock. The underwriters fully exercised this option, and Apollo presently owns approximately 33.5% of the Company's outstanding shares, down from 48.9% prior to the offering. "As a result of our solid free cash flow generation, we ended 2010 in a strong liquidity position, with $79.6 million of availability under our asset-based revolving credit facility," said Joe Troy, Chief Financial Officer. "We have made great strides toward strengthening our balance sheet over the last six months, which puts us in a better position to pursue and achieve our growth initiatives." Quality will host a conference call for investors to discuss these results on Thursday, March 10, 2011 at 10:00 a.m. Eastern Time. The toll free dial-in number is 888-599-8692; the toll number is 913-981-5580; the passcode is 2374710. A replay of the call will be available through April 9, 2011, by dialing 888-203-1112; passcode: 2374710. A webcast of the conference call may be accessed in the Investor Relations section of Quality's website at www.qualitydistribution.com . Copies of this earnings release and other financial information about Quality may be accessed in the Investor Relations section of Quality's website. The Company regularly posts or otherwise makes available information on the Investor Relations section that may be important to investors. 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.