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Integrated Freight Successfully Completes Refinancing for Cross Creek Subsidiary
Refinance Facilitates Restructuring Effort
Integrated Freight Corporation (OTCBB: IFCR)
SARASOTA, FL–(Marketwire -01/13/12)- Integrated Freight Corporation (“Integrated Freight” or the “Company”) (OTCQB:IFCR.OB – News) (OTC.BB: IFCR.OB – News) today announced the successful completion of its refinancing and restructuring of equipment totaling $3.6 million, at its Cross Creek Trucking subsidiary. This included financing by Utica Leaseco of $2.6 million.
Cross Creek is a Medford, Oregon-based motor carrier that specializes in transporting refrigerated organic fruit and vegetables.
“The refinance enables us to do several,” stated Paul Henley, Chief Executive Officer of Integrated Freight. “We have been able to reduce our monthly payments on equipment with a new amortization schedule; we will re-locate some equipment to maximize revenue and margins, and we plan reducing overall SG&A expenses.”
Additionally, this refinancing facilitates our ultimate plan of integrating some of our operations with our other subsidiaries to further streamline costs and peruse more lucrative routes in different parts of the country.”
About Integrated Freight Corporation
Integrated Freight Corporation (OTCQB: IFCR.OB – News) (OTC.BB: IFCR.OB – News) is a Sarasota, Florida headquartered motor freight company providing long-haul, regional and local service to its customers. The Company specializes in dry and refrigerated truckload services, operating primarily in well-established traffic lanes in the Upper Midwest, Pacific Northwest, Texas, California and the Atlantic seaboard. Integrated Freight was formed for the purpose of acquiring and consolidating operating motor freight companies and incorporated in the state of Florida in 2008. Integrated Freight’s mission is to build a safe, reliable, high-quality national freight carrier and customized logistics service with a diverse customer base that is well-positioned in growing profitable markets. For more information, please visit http://www.integrated-freight.com.
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Safe Harbor Statement
The foregoing press release contains forward-looking statements, including statements regarding the company’s expectation of its future business and earnings, subject to the safe-harbor provisions for forward-looking statements provided in the Securities Exchange Act and the regulations there under. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the company’s control. Actual results could differ materially from these forward-looking statements. Additional risks that could affect our future operating results are more fully described in our filings with United States Securities and Exchange Commission. These filings are available at www.sec.gov.
We may, from time to time, make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statements that may be made from time to time by us or on our behalf.
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