Jul 29, 2016) - Integrated Freight Corporation (ot
Post# of 1873
Posted On: 07/29/2016 3:00:55 PM
Re: unexpected #1454
Jul 29, 2016) - Integrated Freight Corporation (otc pink:IFCR) announced today an update on revenues, creditors and outstanding litigation.
Management noted the following relating to its current operations:
1. The Company has negotiated, in terms, the settlement or conversion of approximately $4,000,000 of its outstanding debt; much of the debt is related to legacy judgment creditors as noted in the Company's previous
2. As mentioned previously, the IFCR Board of Directors approved the creation of classes of preferred stock that will be utilized to resolve the above mentioned claims. The Company will issue shares in its new class of preferred as a portion of the consideration.
3. The Company was recently made aware of a judgment claim in excess of $8,000,000. Management is continuing weekly discussions with counsel for the creditor and believes the claim will be settled, in terms, between $75,000 and $200,000. Management expects these negotiations to conclude prior to the end of the Company's fiscal second quarter.
4. The Company is involved in a lawsuit with one of its four subsidiaries regarding ownership and will most likely book the operations of this subsidiary as discontinued for the quarter ended December 31, 2015. Management anticipates that revenues for March 2016 to be reduced to estimated run rates of $16,000,000 per year.
5. Management continues its negotiations with additional niche motor carrier acquisition candidates generating revenues between $5,000,000 and $15,000,000.
6. Management has identified candidates for its Chief Financial Officer role and expects to announce its new hire within the next two weeks.
Management noted the following relating to its current operations:
1. The Company has negotiated, in terms, the settlement or conversion of approximately $4,000,000 of its outstanding debt; much of the debt is related to legacy judgment creditors as noted in the Company's previous
2. As mentioned previously, the IFCR Board of Directors approved the creation of classes of preferred stock that will be utilized to resolve the above mentioned claims. The Company will issue shares in its new class of preferred as a portion of the consideration.
3. The Company was recently made aware of a judgment claim in excess of $8,000,000. Management is continuing weekly discussions with counsel for the creditor and believes the claim will be settled, in terms, between $75,000 and $200,000. Management expects these negotiations to conclude prior to the end of the Company's fiscal second quarter.
4. The Company is involved in a lawsuit with one of its four subsidiaries regarding ownership and will most likely book the operations of this subsidiary as discontinued for the quarter ended December 31, 2015. Management anticipates that revenues for March 2016 to be reduced to estimated run rates of $16,000,000 per year.
5. Management continues its negotiations with additional niche motor carrier acquisition candidates generating revenues between $5,000,000 and $15,000,000.
6. Management has identified candidates for its Chief Financial Officer role and expects to announce its new hire within the next two weeks.
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