SOURCE: Integrated Freight Corporation

Integrated Freight Corporation

July 11, 2013 15:10 ET

Integrated Freight Reaches $5.1MM Creditor Agreement

Increases Company's Net Equity and Reduces Debt 35%

TAMPA, FL--(Marketwired - Jul 11, 2013) -  Integrated Freight Corporation (OTCQB: IFCR) announced that it has reached an agreement with its single largest creditor group thereby sharply reducing its total outstanding debt.

On March 28th, the investment group, led by Tangiers Investors, reached an agreement with Integrated Freight that reduced the Company's outstanding debt over five million dollars or approximately 35% of its FYE2012 debt. The agreement calls for the conversion of the Tangiers debt into a new class of preferred stock as well as future cash payments which will be fully disclosed in future 8-K filings. This conversion, when combined with the other debt conversions and settlement agreements, has resulted in a nearly $10 million increase in the Company's net equity.

David N. Fuselier, Chairman and CEO, said, "The IFCR Management and Board are pleased the Tangiers and associated investor group expressed their confidence in the Company's recovery plans and revamped strategic direction. This is a healthy, long-term commitment that we believe expresses our creditor/investor partners' belief in this industry and, more specifically, Integrated Freight."

Robert Papiri, Managing Director at Tangiers, stated, "We are avid proponents in Integrated's new direction. Management has executed a solid turnaround plan and we remain optimistic about the Company's growth prospects in the U.S. transportation industry."

Integrated Freight Corporation (OTCQB: 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.