Serves the Commercial Small Fleet Market of 10 – 50 Vehicles

Smith System Acquired by David M. Boucher and McFadden Brothers

April 28, 2003

Smith System, a professional driver training service, announced that it has been acquiredby David M. Boucher and McFadden Brothers, a New York City-based investmentfirm. Boucher, who acts as chairman of McFadden Brothers' other operatingcompanies that include Cryogenic Transportation and Easton Coach Company,will also act as chairman of Smith System. Smith System was purchased from CNA Financial Corp. The company will continueits operations at its headquarters in Arlington, Texas. Smith's managementteam will be led by Tony Douglas, who will act as president and CEO. "As the recognized leader in driver improvement training, Smith Systemhas sustained a rich history of success thanks to the contributions ofits employees and customers," said Douglas. "My first exposure to SmithSystem was as a courier trainee with Federal Express in 1981. Since thenI have put the Smith System to work in many companies with outstandingresults. I believe in the Smith System philosophy and the positive impactour products have on corporations and individuals."Smith System was founded in 1952 as the nation's first fleet driver safetytraining organization with on-road, hands-on safety education techniquesfor experienced drivers. Smith System says it delivers behind the wheel instructionto more than 15,000 fleet drivers each year and has presented their programin 47 countries."We are very pleased that Smith System has become one of our portfoliocompanies," said Boucher, chairman. "We are committed to supporting thecontinuous improvement of products and services, employing the latesttechnology in driver improvement, and providing the value added trainingand support materials that customers have come to expect from Smith System."McFadden Brothers has other interests in transportation-related companies,including Cryogenic Transportation, Inc., a Houston-based trucking companyspecializing in the carriage of industrial gases; and Easton Coach Company,an Easton, Pennsylvania-based passenger transportation company.
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