Boston, MA — May 12, 2005 — Covington Associates LLC, financial advisors to companies in the Consumer & Industrial, Healthcare and Technology sectors, announced today that it has arranged senior debt financing for Lily Transportation Corp. ("Lily"), a full service truck leasing and logistics company based in Needham, Massachusetts. The senior debt financing was provided by Textron Financial Corporation ("Textron"), based in Alpharetta, GA. Terms of the transaction were not disclosed.

The senior debt financing will allow the company to lower its cost of capital and provide additional financing for growth and acquisitions. Textron is a division of the global conglomerate Textron Inc. (NYSE: TXT). It provides a broad range of working capital solutions to businesses in the transportation industry, especially middle market companies who could benefit from their flexible financing options.

Michael Papile, a Managing Director at Covington Associates and lead advisor to Lily on the transaction, commented "We are thrilled to have had the opportunity to work with the Simourian family and management team of Lily, one of the most prominent names in the industry. We expect that this financing will allow them to continue to compete effectively in their markets and provide the high level of service to their customers for which they are known."

John Simourian, Chairman and Chief Executive Officer of Lily, said "We are immensely pleased with the outcome of this refinancing. Textron understands our business and industry and took the time to understand our specific financing needs. We were delighted to work with the team from Covington Associates, who drew upon their knowledge of the debt capital markets and deep experience in the truck leasing industry."

About Lily Transportation Corporation
Lily Transportation has been a family-owned and operated business since 1958. It is one of the largest independently owned, diverse transportation companies in the Northeast with operating facilities from Maine to Virginia. Lily operates three primary business lines. The Lily Truck Leasing division finances, maintains and manages the fleets of over 260 customers by providing trucks supported with preventative maintenance, repairs, federal and state inspections, emergency service, fuel replacement vehicles, short-term rental vehicles for customers' peak needs and tax payment services. The Lily Dedicated Services division provides "turnkey" distribution solutions whereby the Company operates and manages the customer's transportation system by providing every thing from trucks to management services. Finally, it operates a product line of Lily Truck Leasing that provides truck maintenance and management support to third party fleets.

About Covington Associates
Covington Associates is a specialty investment banking firm offering financial advisory services in the areas of mergers, acquisitions and capital raising. For more than a decade, Covington Associates' senior advisors have been providing a superior level of service to middle-market companies in the healthcare, technology and industrial/consumer sectors. Covington Associates has completed transactions ranging from $5 million to more than $1 billion for both privately held and publicly traded companies across the U.S. and abroad. To learn more about Covington Associates, visit www.covingtonassociates.com.



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