PTG Completes Financing Deals

CALHOUN, Ga. — Professional Transportation Group raised $500,000 from the private sale of 9% convertible debentures and warrants for the purchase of up to 1.1 million shares of the company’s stock.

PTG also announced an agreement with SouthTrust Bank to extend existing loan arrangements for five months until May 31, 1999. As part of the agreement, SouthTrust revised certain non-monetary covenants and waived all past defaults, PTG said.

President Dennis A. Bakal said proceeds from the sale of debentures and warrants will be used to pay down debt and provide for working capital. The sales were to two investors whom the company did not identify.

PTG is the parent of Timely Transportation, a truckload carrier that provides ground transportation services for air freight carriers and the carpet industry. It also operates Truck-Net Inc., a freight brokerage firm.