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.
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 following segments:
- 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.
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