Carter Morse & Mathias Announces Sale of Alterman Transport Lines

Press Releases

FOR IMMEDIATE RELEASE

SOUTHPORT, Connecticut, January 20, 2004 -- Carter Morse & Mathias ("CM&M") today announced the sale of the Alterman Corporation ("Alterman") to an undisclosed buyer, following the sale of a significant portion of its operating assets. Alterman, headquartered in Miami, Florida was, at its peak, the second largest national LTL ("Less than Truckload") carrier of perishable freight in the country, operating in all 48 continental states. Carter Morse & Mathias acted as Alterman's exclusive financial advisor in this transaction and throughout the process.

Alterman had been in operation for 64 years, having been founded in 1938 by Sidney Alterman when he began hauling fruits and vegetables from Florida to New York City. Based on this modest beginning, the Company grew steadily whereby at the end of 2002 it employed over 1,300 people, owned 16 terminals and 4 million square feet of cold storage across the country and was one of the most respected carriers of its kind.

Following the death of Sidney Alterman, the shareholders engaged CM&M in 2002 to sell the business. During the process several offers were considered and were deemed to be inadequate when measured against the potential of an orderly liquidation of assets. Accordingly, a significant portion of the Company's operating assets were sold during the first quarter of 2003 and the shares of the Alterman Corporation were sold to an undisclosed private acquirer at the end of 2003. The result was that all creditors were paid in full, and the after tax distribution to shareholders was maximized.

Carter Morse & Mathias is a regional investment-banking firm, founded in 1987 and headquartered in Southport, Connecticut. It specializes in merger and acquisition advisory activities, raising private capital, and business valuations for entrepreneurial companies. It is affiliated with Carter Capital Corporation, a broker dealer, registered with the NASD and the SEC.

For more information, contact Frank Morse, Managing Director (203) 254-3333, ext. 223