Mullen spins off 3PL, Internet-related business
ALDERSYDE, Alta. (April 20, 2001) — Mullen Transportation Inc. said it will spin off Moveitonline, an Internet-related and third-party logistics subsidiary, to shareholders.
The company said its board of directors has approved a plan to issue each shareholder of Mullen Transportation one share in Mullen and one share in the new company, called Moveitonline Inc., in exchange for its current share of Mullen. Moveitonline will be publicly traded, said Mullen Transportation president and CEO Murray Mullen.
The transaction is expected to be complete on June 1, pending regulatory approval.
Russ Wells, hired by Mullen in February to manage the Moveitonline subsidiary, has been named president and CEO-elect of the new venture. Wells is a former senior vice-president and chief information officer at TransCanada Pipelines Ltd.
Mullen Transportation is one of CanadaÕs largest trucking and oilfield services operations. Its shares are traded on the Toronto Stock Exchange under the symbol MTL. The company is part of the TSE 300 Composite Index.
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