UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
June 19, 2003
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(Date of the earliest event reported)
CANNON EXPRESS, INC.
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(Exact name of Registrant as specified in its charter)
DELAWARE 1-13917 71-0650141
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
1457 EAST ROBINSON AVENUE, P.O. BOX 364, SPRINGDALE, ARKANSAS 72765
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(Address of principal executive offices) (Zip Code)
(479) 751-9209
(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
On June 11, 2003, General Electric Capital Corporation ("GECC")
brought suit in the District Court of Dallas County, Texas (the "District
Court") against Registrant, TCC Leasing, Inc. and Cannon Express Corp. seeking
money damages and a Temporary Restraining Order and Injunctive Relief enjoining
the use of certain equipment subject to GECC's security interest. On June 19,
2003, the District Court granted a Temporary Restraining Order enjoining the use
of the equipment which allowed for the completion of deliveries that were then
in progress.
In addition, the Registrant received a Notice of Default pursuant to
several agreements between the Registrant and CitiCapital Commercial Leasing
Corporation (a/k/a Associates Leasing, Inc.) ("CCLC") asserting the failure to
timely make required payments and the change of control of Registrant. The
Registrant is engaged in discussions with CCLC in an effort to resolve those
default issues.
The Registrant and GECC have agreed in principle on the logistics for
fleet substitution in an orderly manner over a period of three weeks so as not
to disrupt normal traffic operations.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: June 24, 2003
CANNON EXPRESS, INC.
By: /S/ DUANE WORMINGTON
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Name: Duane Wormington
Title: Chief Financial Officer