Bolton, Ontario – Titanium Transportation Group Inc. (TSX-V:TTR) (“Titanium” or the “Company”) announced today its intention to implement a share purchase plan (the “Plan”) for eligible employees and Titanium’s eligible truck owner operators (collectively, “Participants”) pending shareholder approval at the Company’s upcoming Annual and Special Meeting on June 13, 2017. The Plan will allow Participants who enroll in the Plan to acquire common shares of the Company (“Shares”) and to receive a matching Share for every Share purchased under the Plan.
Mr. Ted Daniel, CEO of Titanium commented: “The goal of our share purchase plan is to encourage an ownership interest in the operation, growth and development of our Company by all of our truck drivers and staff. Companies with employee share purchase plans have demonstrated superior profitability and lower employee turnover rates, two very important considerations, especially once truck transportation capacity begins to tighten in the industry. As the only Canadian trucking company with a share purchase plan like ours, we believe this will further differentiate Titanium from its competitors.”
The Plan, which was approved by the Board of Directors on May 4, 2017 and conditionally approved by the Toronto Venture Exchange (“TSXV”) on May 8, 2017, will allow Participants who have enrolled in the Plan to contribute up to 5% of their compensation towards the Plan in each pay period. Participants will include Titanium’s approximately 500 employees and independent truck owner operators, but exclude insiders of the Company. Contributions under the Plan will be used to purchase Shares from treasury based on a 20 day volume weighted trading price on the TSXV. The Company matched portion will be subject to a three year vesting period in the case of employees, or a three year deferred matching period in the case of independent contractors. The Plan will be administered by Solium Capital Inc.
The Plan is subject to shareholder approval at the Company’s Annual and Special Meeting of Shareholders, which is scheduled for June 13, 2017. Subject to such approval, the Company expects that the Plan will be fully implemented by September 2017. A summary and full copy of the Plan is included in the Company’s Management Information Circular dated May 5, 2017 which can be accessed at www.sedar.com.
Titanium is a leading asset-based transportation and logistics company servicing Canada and the United States, with approximately 400 power units, over 1,300 trailers and approximately 500 employees and independent truck 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 eight asset-based trucking acquisitions since 2011. Titanium has also been ranked by PROFIT magazine as one of Canada’s Fastest Growing Companies for eight consecutive years.
For Investor Relations
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. Particularly, statements regarding future acquisitions, the availability of credit, performance, achievements, prospects or opportunities for Titanium or the industry in which it operates are forward-looking statements, including statements relating to the Plan and its proposed implementation and the timeline for such implementation. 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. For greater certainty and notwithstanding the foregoing, annualized run rate total revenue and EBITDA are not presented herein as forward-looking statements. These annualized figures are based solely on historical data and are included to allow readers to understand the current size of the Company, and should not in any circumstance be construed as projections or forecasts of the Company’s future performance.
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.