Jacksonville, Florida; August 4, 2004 -- Patriot Transportation Holding, Inc. (NASDAQ-PATR) announced today that H. W. (Mike) Shad has been elected to its Board of Directors and appointed to the Audit Committee. Mr. Shad is a Certified Public Accountant and a Certified Valuation Analyst. He performs business valuations and management consulting primarily to the retail automobile industry. This follows a very successful 27-year career during which Mr. Shad acquired, operated and later sold two highly regarded, award winning automobile dealerships within the Greater Jacksonville Area. He is a graduate of Leadership Jacksonville and Leadership Florida, and is past chairman of the Ford National Dealer Council, representing all 4,500 Ford dealers.
Commenting on Mr. Shad's election to the Board, Chairman Edward L. Baker said: "Mike Shad is an outstanding leader and businessman who brings to our Board considerable experience and expertise and sound independent judgment."
Patriot Transportation Holding, Inc. is engaged in the transportation and real estate businesses. The Company's transportation business is conducted through two wholly owned subsidiaries. Florida Rock & Tank Lines, Inc. is a Southeastern transportation company concentrating in the hauling by motor carrier of petroleum products and other liquid and dry bulk commodities. SunBelt Transport, Inc. serves the flatbed portion of the trucking industry in the Southeast, Midwest and Mid-Atlantic States, hauling primarily construction materials. The Company's real estate group, through subsidiaries, acquires, constructs, leases, operates and manages land and buildings to generate both current cash flows and long-term capital appreciation. The real estate group also owns real estate which is leased under mining royalty agreements or held for investment.