Malcom P Mclean News

Trailer Bridge, Inc. announced the execution of an amendment to its financing agreement with GE Capital and the addition of four new members to the Company’s Board of Directors. The amendment with GE Capital waives past non-compliance with certain covenants and establishes new financial covenants that the Company is confident it will remain in compliance with. Trailer Bridge has a $15 million revolving credit facility, with actual draws determined by a borrowing base formula. At March 31, 2002, the amount outstanding under this facility was $4.7 million. The Company also has approximately $10.3 million outstanding under a term loan facility with GE Capital. The Company also announced that Peter S. Shaerf has joined the board and that Malcom P. McLean, Jr., Greggory B. Mendenhall and F.

Trailer Bridge, Inc. announced that the United States Patent and Trademark Office (USPTO) awarded Patent No. 6,416,264 on July 9, 2002 to Trailer Bridge as assignee for its invention known as the Vehicle Transportation Module® (VTM®). The inventors are Ralph W. Heim, J. Edward Morley and P.W. Shahani. Heim is President and Chief Operating Officer of Trailer Bridge and Morley is Vice President of Operations. Shahani is a consulting engineer who has provided services to the Company. The VTM® container is a module for receiving motorized vehicles for transportation that interchanges easily between transport modes without the necessity of re-handling the vehicles.

Trailer Bridge, Inc. (NASDAQ: TRBR) announced that it has been notified by the United States Patent and Trademark Office (USPTO) that the Company has received a notice of allowance for its patent application related to the process of loading and unloading containers on its Triplestack Box Carrier™ vessels. Trailer Bridge as assignee had initially applied for this patent in April 1998 and the application has been amended several times following review by the USPTO. The patent is expected to be formally awarded within three months of payment of an administrative fee to the USPTO. The inventors of the patent are John D. McCown, Chairman & Chief Executive Officer of Trailer Bridge and Malcom P. McLean, the late founder of the Company.

Trailer Bridge, Inc. announced that Jay Thomassen, Director, Corporate Sales, is the recipient of the 2003 Malcom P. McLean Innovative Spirit Award. The Company recognized Mr. Thomassen at its annual stockholders' meeting, which took place May 28th at Trailer Bridge's corporate headquarters in Jacksonville, FL. The award, in honor of the late founder of Trailer Bridge who was the leading transportation innovator of the 20th century, is given each year at the Annual Meeting to that employee whose innovative and persistent efforts particularly benefited the Company. In his remarks presenting the award for 2003, John D. McCown, Trailer Bridge's Chairman & CEO, stated, "Jay has responsibility for some of the largest accounts within the Trailer Bridge system.

Trailer Bridge, Inc. announced that Adam E. Gawrysh, Jr., 38, has been promoted to Vice President, Inland Operations. His previous position at Trailer Bridge was Director, Trucking Operations. This is a newly created position and Mr. Gawrysh will take on additional responsibilities related to Trailer Bridge’s inland operations. With this addition, the Company now has eight officers with an average tenure of twelve years. Trailer Bridge was founded thirteen years ago. Mr. Gawrysh has been employed at Trailer Bridge since 1992. He has managed Trailer Bridge’s trucking and inland operations since 2000 and before that served in various sales capacities for the Company. Mr. Gawrysh earned a Bachelor of Science degree from Western Illinois University in 1988.