In last trading session, the stock price of Integrated Freight Corp (OTCMKTS:IFCR) jumped 100% to close the day at $0.00020. The gains came at a share volume of 333.82 million compared to average share volume of 73.93 million.
Earlier in the month, Integrated Freight reported that it has withdrawn its proposal to procure a $5 million ‘Newark’, NJ motor carrier depending upon the acquisition contender’s existing safety record. Hank Hoffman, the President of Integrated Freight, reported that the most essential concern for a motor carrier remains its safe operating practices. These practices not only shield the welfare of the motor carrier’s employees, but also of its clients and the public.
During the progression of due diligence process, the company’s acquisition team acknowledged procedures and practices at the target firm that are inconsistent with Integrated Freight core beliefs pertaining public safety within industry. Doing the required changes would come at a cost, and it would be time-consuming. Also, it would result in an exposure that team believes is not in the best interests of company and its shareholders.
The management speaks
David N. Fuselier, the CEO of Integrated Freight, stated that they are not disappointed because the latest development shows due diligence mechanism works. They are assessing additional acquisition contenders and, in future too they will continue to identify quality niche carrier applicants that identify safety and are an upright strategic fit within their organization.
Back in April, Integrated Freight reported that its businesses continue to generate nearly $24 million in revenues. The EBITDLA remains positive and it intends to file Form 10-K very soon. During same period, the company released a preview of its turnaround accomplishments so far which will be memorialized in the next 10-K report. The company recorded good progress towards the closure of the audits of previous year financial statements.