The Freight Connection Inc. Announces Changes in Ownership and Share Structure
7/24/2001 5:18:00 PM
ATLANTA, Jul 24, 2001 (BUSINESS WIRE) -- The Freight Connection, Inc. (FTCN) (TFC), an intermodal marketing company (IMC) and transportation broker, announced that Vitran Corporation Inc. ("Vitran") recently acquired 643,400 shares of common stock of The Freight Connection, Inc. (the "Company") from an independent shareholder.
After completion of that transaction, Vitran's ownership increased to 94.5% of the Company's common stock.
On July 18, 2001, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Delaware Secretary of State. The Amendment, which was approved by the Company's Board of Directors and by Vitran as majority stockholder on July 17, 2001, has reduced the Company's authorized shares from 20,000,000 shares of common stock, $.001 par value, to 100 shares of common stock, $200 par value, and reclassified the common stock so that each 350,000 shares of common stock, $.001 par value, has been changed to one share of common stock, $200 par value. The Amendment has also cancelled any fractional shares of common stock outstanding after the reclassification and provides for the payment of cash to holders of fractional shares.
As a result of the Amendment and reclassification, the Company will have no stockholders other than Vitran. Stockholders of record on July 18, 2001, will be notified of the Amendment and will receive the fair value of their shares when they deliver their share certificates to the Company. The Company intends to terminate its reporting obligations under the Securities Exchange Act of 1934 prior to August 14, 2001, but has not made a final determination to do so as of the date of this Report.
The Freight Connection is an intermodal marketing company (IMC) and transportation broker, servicing clients throughout North America from its Atlanta (headquarters), Los Angeles, and Chicago offices. TFC is a 94.5% subsidiary of Vitran Corporation Inc. (VVN) , a multi-service North American transportation firm. The TFC headquarters can be reached at (770) 517-7744 or (888) 349-9818.
CONTACT: The Freight Connection
Richard E. Gaetz, 416/596-7664 |
