MONTREAL, March 12, 2013 /CNW Telbec/ - TransForce Inc. (TSX: TFI), a North American leader in the transportation and
logistics industry, announces that it has indirectly disposed of
500,000 common shares of Vitran Corporation Inc. (NASDAQ: VTNC, TSX:
VTN), representing, to TransForce's knowledge, 3.05% of the issued and
outstanding common shares of Vitran. As a result of this disposition,
TransForce has indirectly ownership of, and control and direction over,
an aggregate of 1,263,478 common shares of Vitran, representing, to
TransForce's knowledge, 7.70% of the issued and outstanding common
shares of Vitran. TransForce sold the shares on March 7, 2013.
TransForce sold the 500,000 shares through the facilities of Nasdaq.
The 500,000 shares were sold by TransForce at a price of US$6.20 per
share, for aggregate proceeds to TransForce of US$3,100,000. The
shares were sold by TFI Holdings Inc., a wholly-owned subsidiary of
TransForce is holding the shares of Vitran described in this press
release for investment purposes, and may, in accordance with applicable
securities laws, from time to time and at any time, acquire ownership
of, or control or direction over, additional securities of Vitran in
the open market or otherwise. TransForce reserves the right to dispose
of any or all of its securities of Vitran in the open market or
otherwise, at any time and from time to time, and to engage in any
hedging or similar transactions with respect to the securities, the
whole depending on market conditions, the business and prospects of
Vitran and other relevant factors.
TransForce Inc. is a North American leader in the transportation and
logistics industry. Operating across Canada and the United States,
TransForce creates value for shareholders by identifying strategic
acquisitions and managing a growing network of wholly-owned, operating
subsidiaries. Under the TransForce umbrella, companies benefit from
corporate financial and operational resources to build their businesses
and increase their efficiency. TransForce companies service the
Package and Courier;
Truckload, which includes specialized truckload and dedicated services;
Specialized Services, which includes services to the energy sector,
waste management, logistics and ancillary transportation services.
TransForce Inc. (TFI) is publicly traded on the Toronto Stock Exchange
(TSX). For more information, visit http://www.transforcecompany.com.
Except for historical information provided herein, this press release
may contain information and statements of a forward-looking nature
concerning the future performance of TransForce. These statements are
based on suppositions and uncertainties as well as on management's best
possible evaluation of future events. Such factors may include, without
excluding other considerations, fluctuations in quarterly results,
evolution in customer demand for TransForce's products and services,
the impact of price pressures exerted by competitors, and general
market trends or economic changes. As a result, readers are advised
that actual results may differ from expected results.
SOURCE: TRANSFORCE INC.
For further information:
Chairman of the Board, President and CEO
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