SOURCE: Integrated Freight Corporation

October 06, 2015 12:15 ET

IFCR Continues to Achieve Milestones

Reports Progress on Audit, Debt Settlement and Acquisition

DANBURY, CT--(Marketwired - October 06, 2015) - Integrated Freight Corporation (OTC PINK: IFCR), a niche motor freight carrier providing transportation and logistics services on key routes throughout the United States, today announced new developments related to its current audit, a new acquisition, and progress related to creditor negotiations.

David N. Fuselier, CEO of Integrated Freight, stated, "With the unexpected resignation of our old auditor in mid-July, our new audit firm has done a great job getting up to speed. They have completed the first of two required site visits for the current 10-K filing and are proceeding rapidly toward completion." Fuselier continued, "On a related matter, since the initiation of our turnaround, the Company has reduced its debt from over $20 million to under $10 million. We are continuing to negotiate with our remaining creditors and, as of this week, have reached tentative agreement on our single largest settlement to date. We believe that a fully reporting IFCR with a vastly improved balance sheet will be a great reward for our loyal shareholders."

"On the operating front, the Company is doing final diligence on a new acquisition to complement its purchase of American Transportation & Logistics in July of this year," said Hank Hoffman, IFCR president. "This $6 million truckload carrier is profitable and operates in niche markets consistent with IFCR's long-term vision. We are extremely pleased to have the opportunity to bring this established, well-run business into our carrier family."

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.

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-Ks and 10-Qs 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 Information

  • Contact:
    Hank Hoffman
    President and COO
    Integrated Freight Corporation

    David Fuselier
    Integrated Freight Corporation