Arizona Diversified Equity LLC has acquired about 60% of the outstanding stock of truckload carrier Cannon Express Inc. from company founders Dean and Rose Marie Cannon.

Arizona Diversified Equity said it purchased Cannon Express because of its solid reputation of excellent service in the transportation and logistics industry.

CFOex Inc. was hired by Cannon in August to assist it in improving its financial and operational position. Soon after arriving, CFOex president Bruce Jones took over day-to-day operation from Dean Cannon.

The carrier's revenue for the first quarter of the year is $47,817,977, which is less than the $60,028,215 it earned in the same period last year. Its net loss climbed to $9,573,841, compared to a net loss of $6,950,611 in the nine-month period of fiscal 2002.