SOURCE: Integrated Freight Corporation
TAMPA, FL--(Marketwire - Jan 14, 2013) - (PINKSHEETS: IFCR) -- Integrated Freight Corporation (IFCR) has completed a five-month restructuring effort that has cut overhead, eliminated unprofitable operations and retained its profitable core trucking routes. "The last five months have been rigorous but productive. We have returned to profitability, rebuilt operations, and now are reliably meeting our customers' expectations," said Hank Hoffman, Integrated's President and a director of the Company. "The market needs solid niche motor carriers and we are pleased that IFCR is emerging from this restructuring to meet that strategic need."
IFCR started its rebuilding process last August by retaining Fuselier and Co. of Old Tappan, NJ, a turnaround and merchant banking firm that specializes in distressed small cap stocks. Since then, the Company has made significant structural and operational changes designed to return IFCR to profitability. In its most significant action, IFCR sold its three unprofitable operations to Deep South Capital.
The Company's remaining operations have maintained their historic profitability, while its corporate overhead has been reduced to one of the lowest of all small cap carriers. IFCR also has reached settlements with several of its key creditors, resulting in substantial improvement to its balance sheet. To address its earlier poor strategic efforts and improve corporate governance, IFCR named new members to its Board of Directors, retaining only one of its former directors. The new Board has dismissed the Company's previous auditor and retained a new accounting firm to complete its current SEC reporting.
IFCR's new Chairman and CEO, David N. Fuselier, said, "Integrated has made tremendous progress in the last five months and has taken the difficult steps needed to not only survive but to thrive. With our current operations performing well and our overhead now right-sized, IFCR is well positioned to grow and improve profitability. The Company continues to resolve disputes with a few remaining stubborn creditors but, for the most part, our lenders and shareholders understand and appreciate our efforts to position IFCR for growth and profitability."
Integrated Freight Corporation (PINKSHEETS: IFCR) provides long-haul, regional and local motor freight service. For our customers, we provide dry van and hazardous waste truckload services in well-established traffic lanes in the Upper Midwest, Texas, California and along the Atlantic seaboard. For our shareholders, Integrated Freight acquires operating motor freight companies that build, maintain and nourish shareholder value. Our 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.