IFCR Issues Update of Company''s Progress
Continues Execution of Debt Reduction and Profitability Plan
(firmenpresse) - DANBURY, CT -- (Marketwired) -- 04/06/16 -- Integrated Freight Corporation (OTC PINK: IFCR) today issued a recap of the results of its three-year turnaround and recovery effort. This recap serves as an interim report to shareholders prior to the Company''s release of its SEC 10-K audited financials.
"Through Integrated Freight''s first five years of operations from FY2008 through FY2012, the Company amassed long-term debt in excess of $20 million and had never achieved profitability. At the beginning of FY2013, the Company''s new management team initiated its turnaround plan," stated David N. Fuselier, CEO of Integrated Freight. "Since that time, IFCR''s debt has been reduced by half to less than $10 million. Moreover, the Company has operated profitably and has posted positive EBITDA since the initiation of the turnaround. Today, even in a difficult but improving operating environment, our enterprise value is above $10,000,000 but we trade at a market capitalization of less than $100,000. We don''t expect these economics to always be this way as we will no longer be patient with creditors who choose not to negotiate in good faith. To be clear, all alternatives are on the table to ensure that Integrated''s inherent enterprise value and shareholders are protected."
According to Jace Simmons, IFCR Chief Financial Officer, "Even with our progress, we have had difficulty with ongoing financing efforts due to our required restructuring effort and, most recently, critical filing delays caused by SEC sanctions of our former audit firm (see recent SEC 8-K dated March 4, 2016). While the SEC''s administrative action in no way reflects upon IFCR''s business or our restructuring efforts, it has created a filing delay which has substantially impacted our timeliness in capital formation and growth capabilities."
"We believe that our business is substantially undervalued," said Hank Hoffman, IFCR COO. "For example, P/E ratios in the trucking industry are typically in the 17-18 range. Our company is a small but profitable niche motor carrier with run rate revenues in excess of $24 million. However, on a fully diluted basis we continue to trade at a P/E below 1.0. We believe that upon our filings becoming current that our valuation may recover to a level commensurate with a more typical truckload industry P/E multiple."
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.
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.
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Datum: 06.04.2016 - 09:56 Uhr
Sprache: Deutsch
News-ID 1426440
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