Arizona Diversified Acquires 60% of Cannon Express

Truckload carrier Cannon Express Inc. said Thursday that Arizona Diversified Equity LLC had acquired about 60% of the company's outstanding stock from founders Dean and Rose Marie Cannon.

The Springdale, Ark.-based company said a new board of directors had been elected and John W. Pacheco was named chairman and interim chief executive officer. Pacheco founded Diversified Equity Financial Corp., a national investment firm specializing in the acquisition management.

In addition, Cannon said in a release that James T. Schnoes was named president and Gary Pryor was named director. Chief Financial Officer Duane Wormington would remain in his capacity, the company said.

In May, Cannon Express, which was founded in 1981, reported a net loss for its fiscal thirdquarter of $3.6 million or $1.11 per share on revenue of $12.6 million.

Click here for the full press release.)