MULLEN TRANSPORTATION REORGANIZED

ALDERSYDE, Alta. — Mullen Transportation’s Board of Directors have approved a proposal that will see the company divided into two separate corporations.

Mullen Transportation Inc. and Moveitonline Inc. – Mullen’s Internet-based third-party logistics company – will be divided as of June 1, 2001 as a result of the reorganization. Moveitonline will be spun off to shareholders as part of the shakeup.

Mullen officials say the move will help both branches of the company to better pursue their independent strategies.

"Our view is that we are in early stages of understanding the real power of the Internet," said Murray Mullen, President and Chief Executive Officer of Mullen. "Moveitonline is a new business model, has a new slate of directors and new management group led by Mr. Russ Wells, President and Chief Executive Officer elect. We have assembled a great team to lead this venture, combining a group of successful and seasoned business executives with some very bright people that have a strong technology background. The business is fundamentally strong with an exciting future focused on technology as it relates to the supply chain."

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