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                                                                    EXHIBIT 99.1
 
           GREYHOUND LINES ANNOUNCES PRIVATE OFFERINGS OF SECURITIES
 
DALLAS, TX (March 17, 1997) -- Greyhound Lines, Inc., (Amex: BUS) announced
today that it is commencing two private offerings of its securities. The
offerings are expected to be resold by the initial purchaser pursuant to Rule
144A under the Securities Act of 1933.
 
     Greyhound will be offering $150 million aggregate principal amount of a new
class of senior notes and $60 million liquidation preference of a new class of
convertible exchangeable preferred stock (plus up to an additional $9.0 million
liquidation preference solely to cover over-allotments, if any). The net
proceeds from these offerings will be used to retire certain long-term
indebtedness of Greyhound, including its current outstanding 10% Senior Notes
due 2001, to fund the Company's pending acquisition of Carolina Trailways, and
to acquire certain real estate currently leased by the Company.
 
     The senior notes and convertible exchangeable preferred stock to be sold in
the foregoing offerings will not and have not been registered under the
Securities Act of 1933, as amended, or any state securities or blue sky laws,
and may not be offered or sold in the United States or in any state thereof
absent registration or an applicable exemption from the registration
requirements of such laws.
 
     Greyhound is the only nationwide provider of intercity bus transportation,
serving more than 2,470 destinations with a fleet of approximately 2,000 buses.
The Company also provides package express delivery service, charter service, and
food service at certain terminals.
