Velocity Express Corporation (Velocity), together with its subsidiaries, is engaged in the business of providing same-day transportation and distribution/logistics services to individual consumers and businesses. The Company's service offerings are divided into three principal categories: scheduled logistics, distribution logistics and expedited logistics. Scheduled logistics consist of the daily pickup and delivery of parcels with narrowly defined time schedules predetermined by the customer. Distribution logistics consist of the receipt of customer bulk shipments that are divided and sorted at metropolitan locations and delivered into multiple routes with defined endpoints and more broadly defined time schedules. Expedited logistics consist of expedited point-to-point service for customers with time-sensitive delivery requirements. The Company operates primarily in the United States with limited operations in Canada. Its customers are comprised of multi-location, blue chip customers with operations in the commercial and office products, financial, healthcare, transportation and logistics, technology and energy sectors. The Company's largest customer base for scheduled logistics consists of financial institutions that need a variety of services, including the pickup and delivery of non-negotiable instruments, primarily canceled checks and automated teller machine receipts, the delivery of office supplies, and the transfer of inter-office mail and correspondence. Distribution logistics typically involves receiving bulk shipments from the customer, and dividing and sorting them for delivery to specific locations. Customers utilizing distribution logistics normally include pharmaceutical wholesalers, retailers, manufacturers or other companies, who must distribute merchandise every day from a single point of origin to many locations within a geographic region. Most expedited logistics services occur within a major metropolitan area or radius of 40 miles, and Velocity usually offers one-hour, 2 to 4-hour and over four-hour delivery services depending on the customer's time requirements. These services are typically available around the clock. Expedited logistics services also include critical parts management and delivery for companies. Velocity operates in the same-day, time-critical logistics industry, which includes scheduled and non-scheduled, same-day transportation of documents and packages in local and inter-city markets. As of July 2, 2005, the Company operated from 127 leased facilities in the United States, and one leased facility in Canada (not including customer-owned facilities). These facilities are principally used for distribution and warehousing operations.

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