SOURCE: Integrated Freight Corporation

October 21, 2010 09:11 ET

Integrated Freight Corporation Signs LOI With Cross Creek Trucking

SARASOTA, FL--(Marketwire - October 21, 2010) - Integrated Freight Company (http://www.integrated-freight.com) (OTCBB: IFCR) announced today that it has executed a Letter of Intent to acquire Cross Creek Trucking, Inc. of Medford, OR. 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 stock and a note from IFC.

Founded in 1989, Cross Creek Trucking, Inc. is a family and community oriented company that operates a fleet of over 115 trucks, 170 utility refrigerated trailers, and 20 dry utility trailers providing service primarily to the West Coast of the United States. In 2009, Cross Creek had revenues of over $28M and EBITDA of $3.9M.

Paul Henley, CEO of Integrated Freight, stated, "We are very excited about this business combination with Cross Creek. Their management team is very strong and their overall business fits hand in glove with our current operations." 

Mike DeSimone, President of Cross Creek, remarked, "We feel the potential merger with IFC will add to our strength in customer service and increase our productivity and value proposition to our customers."

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. IFCR was formed for the purpose of acquiring and consolidating operating motor freight companies. The company completed its third acquisition in May of 2010 and recently reported second quarter revenues of $6.7M.

Forward-Looking Statements:

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:
    The Eversull Group, Inc.
    Jack Eversull
    President
    972-571-1624
    (fax) 214-469-2361
    Email Contact