DANBURY, CT -- (Marketwired) -- 06/13/16 -- Integrated Freight Corporation (OTC PINK: IFCR) announced today updates to its operations and guidance for the near future. Integrated Freight's CEO, David N. Fuselier, provided the following updates and will be able to offer greater detail later this week:
- The Company's SEC audits will be delayed for an additional period of time and it will provide an update to the new expected completion date as soon as practicable.
- One of IFCR's three subsidiaries sued the Company in late May 2016. The Company is responding to the lawsuit and hiring counsel to defend this action.
- Overall operations continue to generate $24,000,000 per year and include $10,000,000 of revenues relating to the above litigation.
- The Company has accepted the resignation of its CFO, Jace Simmons.
- As previously noted, at the parent level, over $10,000,000 of outstanding debts exist. Of these debts, 79% have expressed a willingness to restructure. Management anticipates closing out a significant portion of this restructuring by the end of June 2016. The remaining 21% of debt is related to active litigation which the Company is defending.
- The Company has been made aware of a judgment dating to 2011 in excess of $8,000,000 and is in negotiations to settle this claim. Management believes that this claim is of limited merit.
- IFCR's Board has approved a 14C filing.
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.
Forward Looking Statements
This press release may contain forward-looking statements, made in reliance upon Section 21D of the Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. The Company's expectations, among other things, are dependent upon economic conditions, continued demand for its products, the availability of raw materials, retention of its key management and operating personnel, its ability to operate its subsidiary companies effectively, need for and availability of more capital as well as other uncontrollable or unknown factors which are more fully disclosed in the Company's 10-Ks and 10-Qs on file with the Securities and Exchange Commission.
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.
Source: Integrated Freight Corporation