Bekins Approves Recapitalization Plan

February 5, 2009 – Hillside, Ill – Bekins Van Lines, one of the largest and best known brands in the moving and relocation industry, is pleased to announce that its Board of Directors has unanimously approved a plan to recapitalize the company.  This will strengthen Bekins by reducing debt while providing the additional capital to continue to grow the company.

George Gilbert, Chairman of Bekins, and Mike Petersen, President of the company, are encouraged by the unanimous support of the plan by the board and other key agents. As part of the plan, all current shareholders will retain an equity interest in the company and Bekins remains “Agent Owned”.  George Gilbert stated, “Agent ownership allows the Van Line to continue to be flexible and responsive to our customers and encourages innovation, the key driver of growth”.  Michael Petersen added, “This additional equity will infuse capital that will revitalize the company and ensure long-term sustainability in a difficult global marketplace.  Bekins Van Lines has been in business for over 118 years and this plan starts a new chapter in the long and proud history of the company.”

A shareholder meeting is being scheduled to unveil all the details of the recapitalization plan within the next month.

Bekins Van Lines