SOURCE: Integrated Freight Corporation

November 16, 2010 08:00 ET

Integrated Freight Corporation Executes Letter of Intent With Texas Star Express of Rockwall, Texas

SARASOTA, FL--(Marketwire - November 16, 2010) - Integrated Freight Corporation ( (OTCBB: IFCR) announced today that it has executed a Letter of Intent to acquire Texas Star Express of Rockwall, TX. The LOI allows for 45 days of due diligence and a definitive agreement to be completed within that time frame. The current proposed deal is for a combination of cash, stock and a note from IFC.

Paul Henley, CEO of Integrated Freight, stated, "It is very exciting to have a company of this size and with the geographic region it covers become a part of Integrated Freight Corporation as we continue to expand."

Founded in 1987, Texas Star Express is a subsidiary of Epes Carriers, Inc. With a fleet of 315 tractors and 1,100 trailers, Texas Star Express provides regional and long haul dry van truckload services to a diverse group of general commodity customers. Dedicated services are also offered. Areas of service include Texas and surrounding states to and from the Midwest, Southeast and intra-state Texas. 2010 revenues are expected to exceed $58 million.

Integrated Freight is a Sarasota, Florida headquartered motor freight company providing long-haul, regional and local service to our customers. We specialize in dry freight, refrigerated freight and haz-waste truckload services, operating primarily in well-established traffic lanes in the upper mid-West, Texas, California and the Atlantic seaboard. Integrated Freight was formed for the purpose of acquiring and consolidating operating motor freight companies. We completed our third acquisition in May of 2010 and recently reported first quarter revenues (for the three months ended June 30, 2010) of $6.7M.

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 thereunder. 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.

Contact Information

  • Investor Relations Contact:
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    Jack Eversull
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