TransForce Announces Signature of Letter of Intent to Acquire Century II Holdings Inc.



    MONTREAL, Aug. 2 /CNW Telbec/ - TransForce Income Fund (TSX: TIF.UN), the
leader in the Canadian transportation and logistics industry, today announced
that it has entered into a letter of intent with Century II Holdings Inc. (the
"Company"); to acquire all of its issued and outstanding shares. The Company
is a publicly listed holding company (TSX: CH) whose wholly owed subsidiary,
Information Communication Services (ICS) Inc. (ICS Courier), operates a fixed
route courier business servicing in excess of 35,000 accounts in the
insurance, optical, financial, travel, dental and legal business sectors
across Canada.
    The letter of intent provides that the purchase price per share would be
the aggregate of $8.00, plus working capital of the Company, as of the closing
date. Based on the working capital of the Company as of March 31, 2007, the
total consideration would be $9.75 per share. This price per share represents
a 58.4% premium over the volume weighted average closing price of the shares
for the 20 trading days up to, and including, July 30, 2007. There are
currently 12,398,886 issued and issuable shares outstanding, including
967,000 shares reserved for issuance pursuant to options held by employees.
The transaction is conditional to signing a definitive agreement, normal
closing and regulatory conditions and is expected to close on October 31,
2007.
    The LOI was approved by the Board of Trustees of TransForce and the Board
of Directors of the Company. The two major shareholders of the Company have
indicated their support of the transaction.
    Established in 1978, ICS Courier is headquartered in Toronto and employs
a workforce of more than 1,300 employees and owner-operators through a network
of 35 offices. In 2006, ICS Courier generated approximately $90 million in
revenues.
    "ICS Courier is a well established company with an excellent track
record," said Alain Bédard, President and CEO of TransForce. "This acquisition
will open up a new service niche within TransForce's LTL and Parcel Delivery
business segment, will significantly increase volume and will help solidify
our competitive position in that segment."

    Profile

    TransForce Income Fund (www.transforce.ca) is the leader in Canada's
transportation and logistics industry. Headquartered in Montreal, Quebec, the
Fund's objective is to create value for unitholders through managing and
investing in a growing network of independent operating subsidiaries.
TransForce provides a comprehensive and unique combination of capabilities,
resources and geographical coverage in both domestic and trans-border markets.
Its companies operate in four well-defined business segments:

    
    - Less Than Truckload and Parcel Delivery;
    - Specialized Services, which includes its ancillary transportation
      services business;
    - Specialized Truckload; and
    - Truckload.
    

    TransForce's trust units (TIF.UN) are listed on the Toronto Stock
    Exchange and are included in the S&P/TSX Composite Index.

    Forward-Looking Statements

    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.




For further information:

For further information: Investors: Alain Bédard, Chairman, President
and CEO, TransForce Income Fund, (514) 331-4200, abedard@transforce.ca; Media:
John Lute, Lute & Company, (416) 929 5883, jlute@luteco.com

Organization Profile

TRANSFORCE INCOME FUND

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