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.