Atlas World Group Announces Sale of American Red Ball Transit

February 13, 2001

EVANSVILLE, (Ind.) - Atlas World Group, Inc. (AWG) Chairman Michael L. Shaffer announced that an agreement has been reached with the senior management of American Red Ball Transit Co., Inc. to sell them the wholly owned subsidiary. With closing expected to occur by March 31, partners Katrina Blackwell, Brad Beal and David Combs will purchase the 82-year-old Indianapolis-based American Red Ball Transit Co. and its subsidiaries from parent AWG, which has owned the company since May 1996 when it purchased Red Ball Corporation.

AWG will retain ownership of Red Ball Corporation and its other subsidiaries, including American Red Ball International. In addition, AWG and American Red Ball Transit have agreed to continue many of the operational relationships that have benefited both companies.

Shaffer stated that, "While the relationship with American Red Ball Transit has been positive and mutually beneficial, the decision to sell the van line as a stand-alone company was based on its prospects as a primarily military and COD carrier, and on our cultural differences."

In a joint statement Blackwell, Beal and Combs said that their desire to purchase the company is a result of their long-term commitment to its growth and success, and "We welcome the opportunity to take this company to the next level by taking advantage of untapped potential that can only be realized as an independently owned and operated van line. The willingness of AWG to sell the company to us is a once in a lifetime opportunity to own something we've devoted many years to making successful."

Katrina Blackwell, with over 30 years in the industry and 25 with American Red Ball Transit, will continue as President, with direct responsibility for Agency Development and Sales & Marketing.

Brad Beal, with over 20 years in the industry, has been with American Red Ball Transit for 10 years. As COO, he will continue to be responsible for Operations and Government Services, with the added responsibility of Driver Services. David Combs has been with American Red Ball Transit for over 20 years and holds a BS degree in accounting from Indiana University. As CFO, he will be responsible for all financial and administrative functions of the company.

Founded in 1919, American Red Ball Transit Co., Inc. is the oldest interstate moving company in the nation, a certified member of the American Moving & Storage Association, and a leader in household goods relocation. American Red Ball Transit has 250 agents across the U.S.

With its world headquarters in Evansville, Ind., AWG also is the holding company for Atlas Van Lines, Inc., a major transporter of household goods and special products through some 600 agents across the U.S. and Canada, and nearly 800 worldwide. Atlas is the nation's fourth-largest van line, and third-largest carrier of household goods.