Woodbridge, Ontario – Titanium Transportation Group Inc. (TSX-V:TTR) (“Titanium” or the “Company”) is pleased to announce that the Company provided a historical review of the Company’s strategy and operations to its shareholders following its Annual General Meeting (“AGM”) held on June 14, 2016. Highlights include:
- The Muskoka Transport acquisition was fully integrated
- Titanium received TMW Systems 2015 Technology Award
- Titanium recognized on Profit 500 as one of Canada’s Fastest-Growing Companies for the seventh consecutive year
- The acquisition of ProNorth Transportation was completed on December 1, 2015 and integration is well underway
- Revenue increased by 54% and EBITDA by 81%, year over year
- The Company maintained Industry Leading Driver Turnover in 2015
- Construction well under way for new head office in Bolton, Ontario
- Titanium completed acquisition of new Windsor terminal
In addition, Titanium reports that, at the Meeting, all resolutions presented in the management information circular and proxy were overwhelmingly approved, which included the election of all management director nominees, the reappointment of Williams & Partners as auditors of the Company and the approval of the Company’s stock option plan.
Titanium is a leading asset-based transportation and logistics company servicing Canada and the United States, with over 450 power units, over 1,300 trailers and over 500 employees and independent owner operators. Titanium provides truckload, dedicated, and cross-border trucking services, freight logistics, and warehousing and distribution to over 1,000 customers. Titanium is a recognized consolidator of asset-based transportation companies in Ontario, having completed nine asset-based trucking acquisitions since 2011. Titanium has also been ranked by PROFIT magazine as one of Canada’s Fastest Growing Companies for seven consecutive years.
NON-IFRS FINANCIAL MEASURES
The following financial measures do not have any standardized meaning under IFRS and may not be comparable to similar measures employed by other companies:
“Earnings before interest, income taxes, depreciation and amortization” (“EBITDA”) is calculated as net income before depreciation, amortization, asset impairments, gains or losses on the sale of equipment, finance income and costs, gains or losses on foreign exchange, income tax expense and reverse takeover costs.
“EBITDA margin” is calculated as EBITDA as a percentage of revenue before fuel surcharge.
Management of the Company believes that these financial measures are useful for investors and other readers when used in conjunction with other IFRS financial measures. However, these financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of financial performance prepared in accordance with IFRS.
Cautionary statement regarding forward-looking statements
Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding Titanium’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information may relate to Titanium’s future outlook and anticipated events, and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving Titanium. In some cases, forward-looking information can be identified by terms such as “may”, “might”, “will”, “could”, “should”, “would”, “occur”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “seek”, “aim”, “estimate”, “target”, “project”, “predict”, “forecast”, “potential”, “continue”, “likely”, “schedule”, or the negative thereof or other similar expressions concerning matters that are not historical facts.
Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.
The forward-looking statements made in this press release are dated, and relate only to events or information, as of the date of this press release. Except as specifically required by law, Titanium undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.