DANBURY, CT--(Marketwired - October 06, 2015) - Integrated Freight Corporation (OTC PINK: IFCR), a niche motor freight carrier providing transportation and logistics services on key routes throughout the United States, today announced new developments related to its current audit, a new acquisition, and progress related to creditor negotiations.
David N. Fuselier, CEO of Integrated Freight, stated, "With the unexpected resignation of our old auditor in mid-July, our new audit firm has done a great job getting up to speed. They have completed the first of two required site visits for the current 10-K filing and are proceeding rapidly toward completion." Fuselier continued, "On a related matter, since the initiation of our turnaround, the Company has reduced its debt from over $20 million to under $10 million. We are continuing to negotiate with our remaining creditors and, as of this week, have reached tentative agreement on our single largest settlement to date. We believe that a fully reporting IFCR with a vastly improved balance sheet will be a great reward for our loyal shareholders."
"On the operating front, the Company is doing final diligence on a new acquisition to complement its purchase of American Transportation & Logistics in July of this year," said Hank Hoffman, IFCR president. "This $6 million truckload carrier is profitable and operates in niche markets consistent with IFCR's long-term vision. We are extremely pleased to have the opportunity to bring this established, well-run business into our carrier family."
About Integrated Freight Corporation
Integrated Freight Corporation (OTC PINK: 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 deliver shareholder value. The Company's corporate mission is to be the best niche motor carrier in North America.
Years Teach Us, Which Days Never Knew
