MONTREAL and TORONTO, Nov. 1 /CNW/ - TransForce Income Fund (TSX: TIF.UN) and Century II Holdings Inc. (TSX: CH) today announced the completion of the amalgamation of Century with two subsidiaries of TransForce effective November 1, 2007.
Toronto-based Century owns structured route courier company Information Communication Services (ICS) Inc. which services more than 35,000 accounts in the insurance, optical, financial, dental and hearing appliance business sectors across Canada. It had revenues of approximately $90 million in 2006.
As a result of the amalgamation, Century became an indirect, wholly-owned subsidiary of TransForce. The common shares of Century will be delisted from the Toronto Stock Exchange on or about November 2, 2007.
Shareholders of Century received one redeemable, preferred share of the amalgamated corporation for each common share of Century held. The redeemable preferred shares have been redeemed, entitling shareholders to receive $10.20 in cash per such share. Century shareholders are encouraged to send in their letter of transmittal and share certificates to receive their cash proceeds, which are to be distributed by CIBC Mellon Trust Company. Beneficial shareholders should contact their broker or financial institution to ensure that their shares are deposited and that they receive their cash proceeds.
Profile
TransForce Income Fund (www.transforce.ca) is the leader in Canada's transportation and logistics industry. Headquartered in Montreal, Quebec, the Fund's objective is to create value for unitholders through managing and investing in a growing network of independent operating subsidiaries. TransForce provides a comprehensive and unique combination of capabilities, resources and geographical coverage in both domestic and trans-border markets. Its companies operate in four well-defined business segments:
- Less Than Truckload and Parcel Delivery; - Specialized Services, which includes its ancillary transportation services and fleet management & personnel services businesses; - Specialized Truckload; and - Truckload.
TransForce's trust units (TIF.UN) are listed on the Toronto Stock Exchange and are included in the S&P/TSX Composite Index.
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