SOURCE: Integrated Freight Corporation

December 07, 2011 09:43 ET

Integrated Freight Corporation Announces New Financing Commitment

Utica Leaseco to Complete Sale/Leaseback of Cross Creek Unit's Rolling Stock

SARASOTA, FL--(Marketwire - Dec 7, 2011) - Integrated Freight Corporation (IFCR) (OTCBB: IFCR) (OTCQB: IFCR) announces the execution of a $3.4 million financing commitment from Utica Leaseco for the restructuring of its Cross Creek Trucking subsidiary. Cross Creek is a Medford, Oregon-based motor carrier that specializes in transporting refrigerated organic fruit and vegetables. This financing will be used primarily for refinancing the carrier's revenue equipment.

"Since IFCR's acquisition of Cross Creek earlier this year, we have recognized that restructuring the company's financing would be key to its long term success," said Hank Hoffman, president and COO of Integrated Freight Corporation. "With the new equipment financing in place, the Cross Creek team will be able to focus on profitable growth in its niche refrigerated markets."

David Levy, president of Utica Leaseco of Detroit, Michigan, stated, "Utica Leaseco specializes in providing asset-based financing solutions for companies. Our focus is to rely on machinery and equipment as collateral in the sale/leaseback transactions. We are very pleased to be working with Cross Creek and Integrated Freight Corporation. We look forward to a long working relationship with IFCR and its team in Oregon."

Mike DeSimone, Cross Creek's previous owner, is acting as consultant during the restructuring.

Utica Leaseco is a Detroit, Michigan-based finance group. Utica Leaseco specializes in providing asset-based, financial solutions for companies. Their focus is to rely on industrial machinery and equipment as the collateral in the sale/leaseback transaction.

Integrated Freight Corporation (OTCBB: IFCR) (OTCQB: IFCR) is a Sarasota, Florida headquartered motor freight company providing long-haul, regional and local service to its customers. The Company specializes in dry and refrigerated truckload services, operating primarily in well-established traffic lanes in the Upper Midwest, Pacific Northwest, Texas, California and the Atlantic seaboard. Integrated Freight was formed for the purpose of acquiring and consolidating operating motor freight companies and incorporated in the state of Florida in 2008. Integrated Freight's mission is to build a safe, reliable, high-quality national freight carrier and customized logistics service with a diverse customer base that is well-positioned in growing profitable markets. For more information, please visit http://www.integrated-freight.com.

Safe Harbor Statement

The foregoing press release contains forward-looking statements, including statements regarding the company's expectation of its future business and earnings, subject to the safe-harbor provisions for forward-looking statements provided in the Securities Exchange Act and the regulations there under. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the company's control. Actual results could differ materially from these forward-looking statements. Additional risks that could affect our future operating results are more fully described in our filings with United States Securities and Exchange Commission. These filings are available at www.sec.gov.

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.