WOODBRIDGE, ONTARIO--(Marketwired - June 17, 2016) - Titanium Transportation Group Inc. ("Titanium" or the "Company") (TSX VENTURE:TTR) is pleased to announce that it has obtained TSX Venture Exchange approval and has closed its previously announced acquisition of certain assets from Tregaskiss Investment Group Inc. (the "Vendor").
Titanium purchased 19 Volvo power units, 59 trailers and furniture and equipment ("Rolling Stock") for aggregate consideration of $2.9 million. The consideration paid was comprised of a payment of $0.9 million in cash and the issuance of 1,120,708 of the Company's common shares to the Vendor. In addition, the Company assumed leases on 28 Volvo power units.
Titanium also previously announced the acquisition of the Windsor Terminal comprised of land and building located at 3315 Devon Dr., Windsor, Ontario for $3.4 million. This acquisition closed on June 13, 2016.
Finder's fees totaling $98,000 are payable to RockSteady Management. The common shares of Titanium issued in connection with the transaction are subject to a two-year escrow arrangement with partial releases every six months.
Titanium is a leading asset-based transportation and logistics company servicing Canada and the United States, with approximately 450 power units, over 1,300 trailers and over 500 employees and independent owner operators. Titanium provides truckload, dedicated, and cross-border trucking services, freight logistics, and warehousing and distribution to over 1,000 customers. Titanium is a recognized consolidator of asset-based transportation companies in Ontario, having completed nine asset-based trucking acquisitions since 2011. Titanium has also been ranked by PROFIT magazine as one of Canada's Fastest Growing Companies for seven consecutive years.
Cautionary statement regarding forward-looking statements
Certain statements contained in this press release constitute forward-looking statements and information within the meaning of Canadian securities laws. Forward-looking statements and information are provided for the purposes of assisting the reader in understanding Titanium's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Particularly, statements regarding performance, achievements, prospects or opportunities for Titanium or the industry in which it operates are forward-looking statements. In some cases, forward-looking information can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts. More particularly, without limitation, this press release contains forward-looking statements concerning the following: the benefits to the Company of the acquisition of the Rolling Stock.
Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.
The forward-looking statements made in this press release are dated, and relate only to events or information, as of the date of this press release. Except as specifically required by law, Titanium undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.