QDI Signs Letter of Intent to Sell Bulknet.com

Quality Distribution Inc (QDI) has signed a letter of intent to sell its subsidiary, Bulknet.com, to Mark S Bitting, Bulknet's president and chief executive officer. Terms were not disclosed. QDI is the parent company of Quality Carriers Inc of Tampa FL.

Bitting leads a small group of investors who will acquire the stock during second-quarter 2001. The move is designed to position Bulknet more favorably as a neutral exchange, servicing and providing application services for the chemical transportation and the tank truck industries. Tullytown PA-based Bulknet is an online exchange, as well as a load tendering and scheduling software provider, serving the bulk motor transportation marketplace.

Tom Finkbiner, QDI president and CEO, said that divesting Bulknet will allow QDI to focus on its core tank truck services to chemical producers while still participating as a member of the Bulknet exchange.

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