IFCR to Sign Letter Of Intent to Acquire $5,000,000 Newark Operations
Accesswire
2 hours ago
Continues To Expand Northeast Corridor Niche Carrier Strategy
DANBURY, CT / ACCESSWIRE / March 2, 2016 / Integrated Freight Corporation (OTC PINK: IFCR) today announced that this week it will execute a Letter of Intent to purchase the stock of a $5,000,000 carrier based in Newark, NJ in a transaction utilizing Integrated Freight's stock and cash.
"This week we will execute a letter of intent to acquire a well established carrier based in Newark, NJ with satellite operations in Philadelphia, PA," stated David N. Fuselier, CEO of Integrated Freight Corporation. "The carrier is a provider of regional trucking dedicated to the refrigerated transport and cold storage markets. The proposed acquisition continues to expand our Northeast operations in both Hartford and Philadelphia and adds a key presence in Newark. These hub cities are crucial to our long-term strategic growth."
Hank Hoffman, President and COO of Integrated Freight, said, "The companies initiated acquisition discussions in late 2012. However, in late October of that year operations of the target business were effectively destroyed by Hurricane Sandy. Since that time, management teams of both companies have continued to collaborate, a full recovery was affected, and we are now prepared to complete the acquisition of this excellent niche motor carrier."
The company is based in Newark and will add 40 employees and over 70 pieces of equipment. Integrated's current operations in Philadelphia will be consolidated into the acquired operations. The closing of the purchase will be effective on or about April 1, 2016 and may include the company legally acting as a stand-alone enterprise until a few of Integrated's legacy litigation cases are resolved.
Integrated Freight's management noted that, with this acquisition, projected run rate revenues will exceed $30,000,000 and be EBITDLA positive.
About Integrated Freight Corporation
Integrated Freight Corporation (OTC PINK: IFCR) provides long-haul, regional and local motor freight service. For its customers, the Company provides dry van and hazardous waste truckload services in well-established traffic lanes in the Upper Midwest, Texas, California and along the Atlantic seaboard. For its shareholders, Integrated Freight acquires operating motor freight companies that build, maintain and deliver shareholder value. The Company's corporate mission is to be the best niche motor carrier in North America.
Forward Looking Statements
This press release may contain forward-looking statements, made in reliance upon Section 21D of the Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. The Company's expectations, among other things, are dependent upon economic conditions, continued demand for its products, the availability of raw materials, retention of its key management and operating personnel, its ability to operate its subsidiary companies effectively, need for and availability of more capital as well as other uncontrollable or unknown factors which are more fully disclosed in the Company's 10-K's and 10-Q's on file with the Securities and Exchange Commission.
We may, from time to time, make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statements that may be made from time to time by us or on our behalf.
Contact:
Hank Hoffman, President and COO
Integrated Freight Corporation
417-434-1782
Jace Simmons, CFO
Integrated Freight Corporation
954-646-5511
SOURCE: Integrated Freight Corporation
