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Kitty Hawk, Inc. (AMEX:KHK), the parent company of Kitty Hawk
Cargo, Inc., Kitty Hawk Ground, Inc. and Kitty Hawk Aircargo, Inc.,
today announced a leadership transition plan under which the next era
of the Company's development will be launched. As part of the plan,
Robert W. Zoller, 60, President and CEO, will retire from Kitty Hawk
effective April 30 2007 while remaining a member of the Board of
Directors and becoming a consultant to the Company. Four other members
of the Company's Board of Directors including Gerald Gitner, Raymond
Greer, Myron Kaplan and Laurie Shahon have resigned from the Board.
A two-member Executive Committee comprised of current Board
members Mel Keating and Joe Ruffolo will temporarily assume Mr.
Zoller's responsibilities until a replacement is appointed. The
executive management team will continue in their current positions and
will report to the Executive Committee.
Mr. Keating, who joined the Kitty Hawk Board of Directors in March
2006, has been appointed Chairman of the Board, replacing Mr. Gitner.
Bryant Riley, a greater than 15 percent stockholder of Kitty Hawk, and
Alan Howe, Vice President of Strategic and Wireless Business
Development for Covad Communications, Inc. and recommended by Lloyd
Miller III, a greater than 23 percent stockholder of Kitty Hawk have
been appointed to the Board of Directors. The Board has been reduced
to five members from seven.
"We look forward to working with senior management to continue to
build Kitty Hawk's scheduled North American expedited air and ground
network, and to increase its return to stockholders," said Mr.
Keating. "As we transition the leadership of the organization, our
goals are to enhance its competitive position in the marketplace while
significantly improving the financial performance of its operations.
We believe that we have the existing management team and financial
resources in place to execute this strategy. In addition, Joe and I
are especially pleased that Bryant Riley and Alan Howe have agreed to
join the Board of Directors and play an active role in the oversight
of the Company.
"At the same time, Joe, Bryant and I would like to thank Bob
Zoller for his visionary leadership since 2002. Recently, Bob
expressed a desire to cut back on his day-to-day activities and our
plan is enabling that transition. We appreciate Bob's willingness to
be available to the Executive Committee as well as the senior
leadership team as we move forward," said Mr. Keating.
"I look forward to working with the board and management team at
Kitty Hawk," added Mr. Riley. "Our new Board chairman, Mel Keating,
brings significant relevant experience to Kitty Hawk and our existing
management team has strong operational experience within the industry.
With the new financial resources in place, Kitty Hawk is poised to
capitalize on its unique position in the marketplace."
"We believe that the leadership transition plan set into place
will provide benefits to all of our stakeholders," added Mr. Miller.
"We have a high degree of confidence in the senior management team of
Kitty Hawk and in the Company's strategy."
"With the implementation of Kitty Hawk's new internet-based cargo
management technology platform, the Kitty Hawk team will complete its
previously planned re-engineering and re-positioning of the Company's
products, services and capabilities," said Mr. Zoller. "I am confident
in the abilities of the team and believe now is an opportune time for
a leadership transition."
About Kitty Hawk, Inc.
www.kittyhawkcompanies.com
As a recognized leader in customer service, Kitty Hawk is the
premier provider of guaranteed, mission-critical, overnight air,
second morning-air and expedited ground freight transportation to
major business centers, international freight gateways and surrounding
communities throughout North America, including, Alaska; Hawaii;
Toronto, Canada; and San Juan, Puerto Rico. Kitty Hawk's scheduled
freight network and award-winning guaranteed overnight air or
expedited ground products are ideal for heavy-weight (over 150 lbs.),
high-value or high-security, special goods with unique dimensions,
perishables, animals and/or other shipments requiring special
handling.
With more than 30 years experience in the aviation and air freight
industries, Kitty Hawk plays a key connecting role in the global
supply chain. Kitty Hawk serves the logistics needs of more than 550
freight forwarders, integrated carriers, domestic and international
airlines and logistics companies with its extensive integrated air and
ground network, fleet of Boeing 737-300SF and 727-200 cargo aircraft,
as well as a 240,000 square-foot cargo warehouse, U.S. Customs
clearance and sort facility at its Fort Wayne, Indiana hub.
In 2005, Kitty Hawk became the North American launch customer for
the fuel-efficient and environmentally-friendly Boeing 737-300SF cargo
aircraft. In late 2005 Kitty Hawk launched its new coast-to-coast and
border-to-border expedited ground network reaching key business
centers throughout the U.S., Canada and Mexico. In early 2006 to
manage the growing demand for its high customer service ground freight
product Kitty Hawk formed Kitty Hawk Ground, Inc. In June 2006 Kitty
Hawk Ground acquired and began integrating the majority of the assets
of 20-year-old Air Container Transport (ACT), the dominant expedited
airport-to-airport freight trucking company operating from
southwestern Canada to San Diego as well as additional cities as far
east as Texas and Illinois.
Statement under the Private Securities Litigation Reform Act:
This report may contain forward-looking statements that are
intended to be subject to the safe harbor protection provided by
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements relate to future
events or future financial and operating performance and involve known
and unknown risks and uncertainties that may cause actual results or
performance to be materially different from those indicated by any
forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as "forecast," "may,"
"will," "could," "should," "expect," "intends," "plan," "believe,"
"potential" or other similar words indicating future events or
contingencies. Some of the things that could cause actual results to
differ from expectations are: economic conditions; the impact of high
fuel prices; our inability to successfully implement and operate our
expanded scheduled airport-to-airport expedited ground freight
network; failure of key suppliers and vendors to perform; our
inability to attract sufficient customers at economical prices for our
air network or ground network; unforeseen increases in liquidity and
working capital requirements related to our air and ground network;
potential competitive responses from other operators of nationwide
airport-to-airport ground freight networks; the continued impact of
terrorist attacks, global instability and potential U.S. military
involvement; the Company's significant lease obligations and
indebtedness; the competitive environment and other trends in the
Company's industry; changes in laws and regulations; changes in the
Company's operating costs including fuel; changes in the Company's
business plans; interest rates and the availability of financing;
limitations upon financial and operating flexibility due to the terms
of our revolving facility; liability and other claims asserted against
the Company; labor disputes; the Company's ability to attract and
retain qualified personnel; and inflation. For a discussion of these
and other risk factors, see the Company's most recent Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities
and Exchange Commission. All of the forward-looking statements are
qualified in their entirety by reference to the risk factors discussed
therein. These risk factors may not be exhaustive. The Company
operates in a continually changing business environment, and new risk
factors emerge from time to time. Management cannot predict such new
risk factors, nor can it assess the impact, if any, of such new risk
factors on the Company's business or events described in any
forward-looking statements. The Company disclaims any obligation to
publicly update or revise any forward-looking statements after the
date of this release to conform them to actual results.
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