TransForce Announces Preliminary Results of Substantial Issuer Bid

MONTREAL, QUEBEC--(Marketwired - March 29, 2016) - TransForce Inc. (TSX:TFI)(OTCQX:TFIFF), a North American leader in the transportation and logistics industry, today announced preliminary results of its "modified Dutch Auction" substantial issuer bid to purchase for cancellation up to $220 million of its common shares (the "Offer"), which expired at 5:00 p.m. (eastern time) yesterday.

In accordance with the terms and conditions of the Offer and based on a preliminary count by Computershare Trust Company of Canada, the depositary for the Offer, TransForce expects to purchase for cancellation an aggregate of 2,699,924 common shares at a price of $22.00 per share, for a total cost of $59,398,328. These shares represent approximately 2.76% of TransForce's outstanding common shares. After the repurchase, TransForce will have 94,969,812 common shares outstanding.

Based on the preliminary count by the depositary for the Offer, shareholders who deposited common shares to the Offer at or below the purchase price of $22.00 per share will have all of such deposited shares purchased for cancellation.

The number of common shares to be purchased and the price per share under the Offer are preliminary. TransForce and the depositary expect that the final determination of the number of common shares purchased for cancellation and the purchase price under the Offer will be made on or before March 30, 2016. Take-up and payment for the common shares tendered and accepted for purchase will be made promptly thereafter. Payment for common shares will be made in cash, without interest. Shares invalidly deposited will be returned promptly to the tendering shareholder.

TransForce also announced that it intends to recommence purchases of shares under its normal course issuer bid through the facilities of the Toronto Stock Exchange.

This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell TransForce's common shares. The full details of the Offer are described in the Offer to Purchase and Issuer Bid Circular and related documents, all of which are available on SEDAR at www.sedar.com. Shareholders are urged to read these materials carefully.

ABOUT TRANSFORCE

TransForce Inc. is a North American leader in the transportation and logistics industry, operating across Canada and the United States through its subsidiaries. TransForce creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned operating subsidiaries. Under the TransForce umbrella, companies benefit from financial and operational resources to build their businesses and increase their efficiency. TransForce companies service the following segments:

• Package and Courier;
• Less-Than-Truckload;
• Truckload;
• Logistics.

TransForce Inc. is publicly traded on the Toronto Stock Exchange (TSX:TFI) and the OTCQX marketplace in the U.S. (OTCQX:TFIFF).

FORWARD-LOOKING STATEMENTS

Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of TransForce. These forward-looking statements relate to, among other things, the results of the Offer. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for TransForce's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.