SOURCE: Integrated Freight Corporation
TAMPA, FL--(Marketwire - Feb 14, 2013) - Integrated Freight Corporation (OTCQB: IFCR) announced today that to date, it has cut its non-asset based debt by more than 40% or $5 million. These substantial reductions enable the Company to move forward with its previously stated strategic plan to grow both organically and by acquisitions.
Hank Hoffman, Integrated Freight's President and Company Director, stated, "In a difficult economy, and with high fuel prices, this turnaround effort has been about as tough as it gets. These reductions are important to our operations because they prepare our parent company's balance sheet for capital formation and larger credit facilities. Today, Integrated has nearly $10 million in asset-based debt and we will need additional credit to grow. We greatly appreciate the response we have received from our creditors to date."
David Fuselier, IFCR's Chairman and CEO, said, "Integrated's management learned some expensive lessons regarding acquisition timing and strategic fit in 2011 and 2012. Since then, the Company has taken critical steps to resolve both parent company-related lawsuits and long-outstanding claims. Creditors, for the most part, have recognized our substantial progress and have either agreed to reduce their debt or exchange it for Integrated equity. These positive steps mean that Integrated's enterprise value will increase."
IFCR shuttered two of its four operations in early 2012 and eliminated most of its overhead, while focusing attention on its two remaining operating companies. It now is emerging as a value player in the small cap public market.
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 nourish 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.
Integrated Freight may from time to time, make additional written and oral forward-looking statements, including statements contained in its filings with the Securities and Exchange Commission and reports to shareholders. Integrated Freight does not undertake to update any forward-looking statements that may be made from time to time by the Company or on its behalf.