New Owners, New IdleAire

As Assets Sale Closes

KNOXVILLE, Tenn., Sept. 2 /PRNewswire/ -- IdleAire, Inc., comprised of six
investment management companies, now owns essentially all of the bankrupt
IdleAire Technologies Corp.'s assets with the official closing late Friday on
their successful $17.5 million bid submitted earlier this year.
IdleAire, Inc. owners include advisory clients of Airlie Group, Kenmont
Investments Management, SV Special Situations Fund, Whitebox Advisors; Wayzata
Investment Partners, and Wilfrid Aubrey, LLC. Together, these groups manage
several billions of dollars in investments, and have participated in numerous
restructurings and turnarounds, including that of Knoxville-based Regal
Cinemas.
"It's a new company with new owners who are very optimistic about
IdleAire's prospects," said John Calabrese, a partner with the turnaround
specialist firm CRG Partners Group. Calabrese and Stephen Gray, a managing
partner of CRG, are providing transitional management of the company while a
search for a CEO is underway. They have 40 years of management experience
between them.
"We believe the new owners' support and enthusiasm for this company,
coupled with their experience and resources, will re-energize what is a
fundamentally sound concept," said Calabrese. "IdleAire has amazing growth
potential and is positioned to be a world class company."
The new company is retaining both the "IdleAire" brand and the Advanced
Travel Center Electrification (ATE(R)) designation. The now privately-held
company is also expected to remain headquartered in Knoxville, Tennessee, and
to retain current IdleAire employees, although there will be changes in senior
management.
"The immediate priority of the new owners of IdleAire is to create a
world-class management team and identification of this team is underway," said
Calabrese. "Secondly, we have to maximize the resources and infrastructure
already in place. Over the next few weeks and months, CRG Partners will work
with the new owners and IdleAire employees to lay out a comprehensive business
plan to better serve fleets, drivers and travel centers, all of whom benefit
from the service. We have already discussed numerous prospective areas of
growth, but the first priority is to create a business that is fundamentally
strong. Once the new CEO is on board, which is on track to occur in October,
we will be able to be more specific," said Calabrese. "Right now, we are
focused on continuing to serve our fleet and driver customers across the
nation."
IdleAire set a new record in service the week of July 27 by providing over
49,000 customers with 483,104 hours of service in the seven-day period, and
signing up 1,898 new driver customers in the process. That translates to
nearly 500,000 gallons of diesel saved for truck owners and over 11 million
pounds of diesel idling emissions prevented.
Since it's inception, the award-winning IdleAire technology has delivered
nearly 37 million hours of service to the nation's fleets and long-haul
drivers, saving that many gallons of diesel or more, and preventing over 855
million pounds of diesel idling emissions from entering the air.
IdleAire has 131 locations in 34 states, providing filtered heating and
air conditioning, electrical outlets, and a range of communications and
entertainment options that allow long-haul truck drivers to shut down their
engines instead of idling for cab comfort during daily rest periods. The only
truck "retrofit" required to utilize IdleAire services is a $10 window adapter
that stays with the truck. More than 1,600 fleets pay for basic IdleAire
services for their drivers.
SOURCE IdleAire, Inc.

John Doty or John Calabrese for IdleAire, Inc., +1-865-342-3600