MONTREAL, QUEBEC--(Marketwired - Nov. 28, 2016) - TransForce Inc. (TSX:TFI)(OTCQX:TFIFF), a North American leader in the transportation and logistics industry, today announced that it intends to change its corporate name from TransForce Inc. to TFI International Inc. to reflect the increased geographic scope of its operations.
A special meeting of TransForce shareholders, to be held in Montreal, Quebec, has been called for December 23, 2016 to consider the change, which must be approved by at least two-thirds of the votes cast by the holders of TransForce's common shares, either present in person or represented by proxy at the special meeting. A management proxy circular for the special meeting is available under TransForce's profile on SEDAR at www.sedar.com and is being mailed to TransForce's shareholders.
Upon approval, TransForce will file Articles of Amendment to effect the change of name, and expects that its shares will commence trading on the Toronto Stock Exchange under the new name prior to year-end. TransForce's stock symbol on the TSX will also change to TFII.
"This change in our corporate identity is in line with the company's growing operations and footprint in the U.S. where we currently generate approximately 50% of our revenue," commented Alain Bédard, Chairman, President and CEO.
In October the Company announced that a wholly-owned subsidiary of TransForce had acquired the North American truckload operation of XPO Logistics, Inc. (NYSE: XPO). The acquisition, now operating under CFI, represents an important expansion of TransForce's truckload ("TL") and logistics services across North America.
Following the change of name, registered shareholders may continue to use their current share certificates. Beneficial shareholders will not be required to take any action.
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;
TransForce Inc. is publicly traded on the Toronto Stock Exchange (TSX:TFI) and the OTCQX marketplace in the U.S. (OTCQX:TFIFF). For more information, visit http://www.transforcecompany.com.
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 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.