Woodbridge, ON – Titanium Transportation Group Inc. (TSX-V:TTR) (“Titanium” or the “Company”) is pleased to provide an operational update regarding the integration of ProNorth Transportation (“ProNorth”).
Titanium completed the acquisition of ProNorth on December 1, 2015. Titanium’s use of leading edge customized technology is allowing for the rapid integration of ProNorth and the extraction of significant cost savings and synergies.
The following highlights operational improvements that have been implemented at ProNorth:
- Ongoing modernization and integration of IT infrastructure including satellite and equipment monitoring, software customization and dispatch optimization
- Operating cross-border routes out of Titanium’s Woodbridge terminal allowing for further efficiencies
- Cross-selling of Titanium flatbed customers and ProNorth van shipping customers
- Replacing aging equipment with new Volvo VNL 670’s and dry vans
- Reducing costs due to Titanium’s access to low cost financing, lower insurance rates and head office integration
Mr. Ted Daniel, CEO of Titanium commented: “The integration of ProNorth is on schedule and we are on track to increase margins to levels consistent with our Truck Transportation division. We are actively pursuing additional acquisitions and are fully funded to execute our acquisition strategy in 2016.”
Titanium is a leading asset-based transportation and logistics company servicing Canada and the United States, with approximately 450 power units, 1,200 trailers and 550 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 eight 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.
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 performance, achievements, prospects or opportunities for Titanium or the industry in which it operates are forward-looking statements. 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.
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