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June 14, 2005 8:00 AM, EDT

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ullen Transportation said Tuesday it had completed its acquisition of Payne Transportation.

Mullen was an initial investor in Payne, holding a 45% interest.

For the remaining 55%, Mullen will pay about $1.2 million in cash plus 100,000 common shares of its stock.

Payne handles truckload and less-than-truckload general freight across Canada and into the United States from its headquarters in Winnipeg and its terminals across Canada.

Payne operates about 220 owner-operated trucks and 400 trailers. It will operate as a wholly owned subsidiary of Mullen.

"Our original investment in Payne has far exceeded our expectations," said Murray Mullen, the company’s chairman and co-chief executive officer.

Mullen is ranked No. 63 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies.