Simon Transportation declares Chapter 11

| Tuesday, February 26, 2002

Simon Transportation Services Inc. announced Monday that it and its subsidiary, Dick Simon Trucking Inc., have filed for reorganization under Chapter 11. The company said in a released statement its decision to seek reorganization was based on a combination of economic, industry, and company-specific factors.

The filings, in the U.S. Bankruptcy Court for the District of Utah, Central Division, in Salt Lake City, indicate the company's intent to complete the reorganization through a sale of assets on an expedited basis.

Dick Simon Trucking, a subsidiary of Simon Transportation Services Inc, is a truckload carrier providing nationwide, predominantly temperature-controlled transportation services for major shippers in the food industry.

During the reorganization period, Simon said it plans to reduce the size of its tractor and trailer fleet by as much as 40 percent, effective immediately. Details on the company's owner-operator program are not available. The company reportedly will continue to operate its business and serve customers.

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