IFCR HUGE NEWS OUT.
Mar 02, 2016 (ACCESSWIRE via COMTEX) -- Continues To Expand Northeast Corridor Niche Carrier Strategy
DANBURY, CT / ACCESSWIRE / March 2, 2016 / Integrated Freight Corporation (otc pink:IFCR) today announced that this week it will execute a Letter of Intent to purchase the stock of a $5,000,000 carrier based in Newark, NJ in a transaction utilizing Integrated Freight's stock and cash.
"This week we will execute a letter of intent to acquire a well established carrier based in Newark, NJ with satellite operations in Philadelphia, PA," stated David N. Fuselier, CEO of Integrated Freight Corporation. "The carrier is a provider of regional trucking dedicated to the refrigerated transport and cold storage markets. The proposed acquisition continues to expand our Northeast operations in both Hartford and Philadelphia and adds a key presence in Newark. These hub cities are crucial to our long-term strategic growth."
Hank Hoffman, President and COO of Integrated Freight, said, "The companies initiated acquisition discussions in late 2012. However, in late October of that year operations of the target business were effectively destroyed by Hurricane Sandy. Since that time, management teams of both companies have continued to collaborate, a full recovery was affected, and we are now prepared to complete the acquisition of this excellent niche motor carrier."
The company is based in Newark and will add 40 employees and over 70 pieces of equipment. Integrated's current operations in Philadelphia will be consolidated into the acquired operations. The closing of the purchase will be effective on or about April 1, 2016 and may include the company legally acting as a stand-alone enterprise until a few of Integrated's legacy litigation cases are resolved.
Integrated Freight's management noted that, with this acquisition, projected run rate revenues will exceed $30,000,000 and be EBITDLA positive.
