OVERLAND PARK, KS, September 15, 2003 - Meridian IQ, the transportation management solutions subsidiary of Yellow Corporation (NASDAQ: YELL), today announced that it has acquired GPS USA, the US operations of global logistics service provider GPS Logistics, based in Hong Kong.
The Company said the acquisition is another step along the path of becoming the leading provider of global transportation management services and providing one-stop shopping for clients around the world. Yellow Global, the global transportation management business of Meridian IQ and GPS will be combined under the trade name Yellow GPS enabling the company to expand its market coverage and service network.
"This acquisition is an important step for both our organizations to become the provider of one-stop shopping for global transportation," said Jim Ritchie, President and Chief Executive Officer of Meridian IQ. "The complementary locations and market coverage of Yellow Global and GPS USA add scale and scope to our global network. This new partnership is a natural outgrowth of the strong relationship Yellow Global already has with GPS Logistics, its agent partner in handling goods between the U.S., the United Kingdom and Asia. "
"I am pleased that this combination will provide customers with an even greater sense of control and visibility on their global shipments," said Paul Fitzpatrick, President of GPS USA. "They will now have increased access to resources to meet their transportation needs worldwide, including all the transportation and logistics capabilities of Meridian IQ and the resources of Yellow Corporation, one of the world's largest transportation service providers and most widely recognized brand names in the industry."
Bill Zollars, Chairman, President and Chief Executive Officer of Yellow Corporation, said, "The addition of GPS USA into the Yellow family signifies our continued commitment to build the non-asset side of our business. In adding customers and capabilities both in the U.S. and overseas, Yellow Corporation continues to solidify its reputation in global transportation."