TransForce Announces Renewal of Normal Course Issuer Bid

MONTREAL, QUEBEC--(Marketwired - Sept. 28, 2016) - TransForce Inc. (TSX:TFI)(OTCQX:TFIFF), a North American leader in the transportation and logistics industry, today announced that the Toronto Stock Exchange ("TSX") has approved the renewal of TransForce's normal course issuer bid ("NCIB"). Under the NCIB, as renewed, TransForce may purchase for cancellation a maximum of 6,000,000 common shares, representing 7.7% of the 77,926,183 shares forming TransForce's public float. The shares may be purchased through the facilities of the TSX and on alternatives exchanges in Canada over the twelve-month period from September 30, 2016 to September 29, 2017. As of September 13, 2016, TransForce had 92,008,949 common shares issued and outstanding.

Under its previous NCIB, which entered into effect on September 28, 2015 and which expired on September 27, 2016, TransForce repurchased, as of September 21, 2016, 4,012,200 common shares at an average purchase price of $24.5203 per share. All of the repurchased shares were cancelled by TransForce.

Any shares purchased by TransForce under the renewed NCIB will be at the market price of the shares at the time of such purchases. The actual number of shares that may be purchased and the timing of any such purchases will be determined by TransForce. Any purchases made by TransForce pursuant to the renewed NCIB will be made in accordance with the rules and policies of the TSX.

During the most recently-completed six months, the average daily trading volume for the common shares of TransForce on the TSX was 145,705. Consequently, under the policies of the TSX, TransForce will have the right to repurchase during any one trading day a maximum of 36,426 shares, representing 25% of the average daily trading volume. In addition, TransForce may make, once per calendar week, a block purchase (as such term is defined in the TSX Company Manual) of shares not directly or indirectly owned by insiders of TransForce, in accordance with the policies of the TSX.

In the opinion of TransForce's Board of Directors, TransForce's shares have been trading in a price range which does not adequately reflect their value, based on TransForce's business and strong financial position, and the share price is driving an unusually high yield. As a result, TransForce believes that, at appropriate times, repurchases of its shares through the NCIB can enhance shareholder value and represents an appropriate use of TransForce's financial resources.

To the knowledge of TransForce, no director or senior officer, including the CEO, and no person acting jointly or in concert with TransForce currently intends to sell shares during the renewed NCIB. TransForce is not aware of the intentions of the one shareholder currently holding, to TransForce's knowledge, 10% or more of its issued and outstanding common shares. However, sales by such persons through the facilities of the TSX may occur if any such person makes a decision unrelated to the NCIB. The benefits to any such person whose shares are purchased would be the same as the benefits available to all other shareholders whose shares are purchased under the NCIB.

In connection with the renewed NCIB, TransForce intends to enter into an automatic share purchase plan with National Bank Financial Inc. in order to allow for purchases under the NCIB during TransForce's "black-out" periods, as permitted by the TSX Company Manual and the Securities Act (Québec).

ABOUT TRANSFORCE

TransForce Inc. is a North American leader in the transportation and logistics industry, operating across Canada and the United States through its subsidiaries. TransForce creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned operating subsidiaries. Under the TransForce umbrella, companies benefit from financial and operational resources to build their businesses and increase their efficiency. TransForce companies service the following segments:

• Package and Courier;
• Less-Than-Truckload;
• Truckload;
• Logistics.

TransForce Inc. is publicly traded on the Toronto Stock Exchange (TSX:TFI) and the OTCQX marketplace in the U.S. (OTCQX:TFIFF). For more information, visit http://www.transforcecompany.com.

FORWARD-LOOKING STATEMENTS

Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of TransForce. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for TransForce's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.