Trailer Bridge Files Appeal to Remain on Nasdaq Stock Market Press Release, Jacksonville, FL -- Trailer Bridge, Inc. (NASDAQ: TRBR) today announced that it received a Nasdaq Staff Determination on April 15, 2004 indicating that the Company fails to comply with the requirements for continued listing on The Nasdaq Small Cap Market. Specifically, the Company has failed to file its Form 10-K for the period ended December 31, 2003, as required by Marketplace Rule 4310(c) (14). Trailer Bridge has requested a hearing before a Nasdaq Listing Qualifications Panel ("the Panel") to review the Staff's determination. The hearing date will be determined by Nasdaq, but the Company expects to correct its deficiency before such a hearing. Trailer Bridge's common stock will continue to be traded on The Nasdaq Small Cap Market pending the outcome of the hearing. There can be no assurances that the Panel will grant the Company's request for continued listing. Trailer Bridge expects to file its Form 10-K for the period ended December 31, 2003 within the next 7 business days. As previously announced, Trailer Bridge has delayed filing its Form 10-K for the year-ended December 31, 2003 pending the completion of the audited financial statements by the Company's new independent public accounting firm. The Company is also obtaining information related to certain contingencies, including the re-financing of the Company's revolving credit facility. Trailer Bridge is continuing to document its re-financing and expects to close shortly. Trailer Bridge provides integrated trucking and marine freight service to and from all points in the lower 48 states and Puerto Rico, bringing efficiency, environmental and safety benefits to domestic cargo in that traffic lane. This total transportation system utilizes its own trucks, drivers, trailers, containers, U.S. flag vessels and marine facilities in Jacksonville and San Juan. Additional information on Trailer Bridge is available at the www.trailerbridge.com website. This press release contains statements that constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. The matters discussed in this press release include statements regarding
the intent, belief or current expectations of the Company, its directors or its
officers with respect to the future operating performance of the Company.
Investors are cautioned that any such forward looking statements are not
guarantees of future performance and involve risks and uncertainties, and that
actual results may differ materially from those in the forward looking
statements as a result of various factors. Without limitation, these risks and
uncertainties include the risks of being unable to refinance its debt on
favorable terms, economic recessions, the generation and maintenance of
sufficient liquidity, severe weather, changes in demand for transportation
services offered by the Company, capacity conditions in the Puerto Rico lane and
changes in rate levels for transportation services offered by the Company. Contact: Trailer Bridge, Inc.
John D. McCown, 800-554-1589
or
TRBR Investor Relations Counsel:
The Equity Group Inc.
Adam Prior, 212-836-9606
Devin Sullivan, 212-836-9608
www.theequitygroup.com
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