Integrated Freight Corp (OTCMKTS:IFCR) has provided an update on its outstanding debt, litigation as well as a judgment claim involving one creditor. In a press release to shareholders, the company says it has reached an agreement for the settlement of $4 million related to legacy creditors.
The board of directors has approved the creation of classes of preferred stock that are to be used to settle the outstanding debt. The shares are to be issued as a portion of the consideration for the settlement of the outstanding debt. Away from the outstanding debt, Integrated Freight Corporation says it has opened talks with one of the creditors as part of an effort of finding an amicable solution on a judgment claim in the excess of $8 million.
The holding company says it is continuing with weekly discussions with the counsel of the creditor to see if the $8m claim can be settled in the range of between $75,000 and $200,000. If everything goes as planned negotiations should conclude before the end of the fiscal second quarter.
Integrated Freight Corporation has also confirmed that it is engaged in a fierce tussle with one of its subsidiaries over ownership. Given the standoff, the company has warned it could book the subsidiaries’ operations as discontinued for the quarter ended December 31, 2016. Such a move will also reduce the estimated run rated by $16 million annually.
The management is already looking into the future amidst the ongoing tussle with one of the subsidiaries. In a bid to offset the expected loss in revenue, the management has confirmed that it is in negotiations with other acquisition targets. Success on this front should bolster the holding company’s revenues by between $5 million and $15 million.
Separately Integrated Freight Corp (OTCMKTS:IFCR) says it has identified candidates for the Vacant Chief financial officer. An announcement on the new hire should be made in the next few weeks.
Iddriven Inc (OTCMKTS:IDDR) Starts To Decline Once More After Brief Spike
Iddriven Inc (OTCMKTS:IDDR) has started to gradually decline, after observing a spike in its share value, after it engaged a major tech firm, based in Belgium. The stock has lost around $0.05 in terms of its share value, during the last five trading sessions alone. On August 25, IDDR had announced that it had engaged with Tobania, a tech consulting firm, based in Belgium. The company noted that the tech firm had an impressive client list, with several Fortune 500 companies on the list. The tech firm also has a revenue forecast of $70 million for the current year.
This was the second engagement by the company, in a month’s time, with a consulting firm based in Europe. Earlier IDDR had announced that it had partnered with PATECCO, which is based in Germany. The consulting firm was to be a channel partner for the company’s Identity Access Management platform. In the past few months, IDDR has engaged with a total of four IT consulting firms, for its IAM platform, both nationally and internationally.