Titanium Transportation Group Completes Sale of Non-Core Assets for Gross Proceeds of $4.5M
Titanium Transportation Group Inc. completed the sale of non-core assets, generating $4.5M in proceeds to pay down debt. The sale enhances the balance sheet and supports future growth.
- The sale of non-core assets strengthens Titanium's balance sheet by generating $4.5 million in cash proceeds.
- The proceeds from the sale will be used to pay down the company's debt, allowing for accelerated debt reduction.
- The divestment of unused land assets in Cornwall demonstrates Titanium's commitment to strategic growth and creating long-term shareholder value.
- Optimizing the asset mix and fortifying the balance sheet through this sale positions Titanium well for future growth initiatives.
- None.
Sale bolsters balance sheet and positions Titanium to pay down debt on an accelerated basis
BOLTON, Ontario, May 06, 2024 (GLOBE NEWSWIRE) -- Titanium Transportation Group Inc. ("Titanium" or the "Company") (TSX:TTNM, OTCQX:TTNMF), a leading provider of transportation and logistics services throughout North America, today announced that it has completed the sale of non-core, undeveloped land assets, totalling approximately 21 acres, in Cornwall, Ontario for gross proceeds of
Ted Daniel, Chief Executive Officer, Titanium Transportation Group, commented, “Our decision to divest the unused land assets in Cornwall underscores our commitment to continue to execute on our strategic growth and pursue all avenues to drive long-term shareholder value. These assets were added to our portfolio by way of previous acquisitions, and this proactive measure allows us to optimize our asset mix and fortify our balance sheet, while utilizing net proceeds to rapidly pay off debt, positioning us well for future growth initiatives.”
For more details, or visit Titanium’s investor relations website at https://www.ttgi.com/investors
About Titanium
Titanium is a leading North American transportation company with asset-based trucking operations and logistics brokerages servicing Canada and the United States, with approximately 900 power units, 3,000 trailers and 1,300 employees and independent owner operators. Titanium provides truckload, dedicated, and cross-border trucking services, logistics, and warehousing and distribution to over 1,000 customers. Titanium has established both asset-based and brokerage operations in Canada and the U.S. with eighteen (18) locations. Titanium is a recognized purchaser of asset-based trucking companies, having completed thirteen (13) transactions since 2011. Titanium ranked among top 500 companies in the inaugural Financial Times Americas’ Fastest Growing Companies in 2020. The Company was ranked by Canadian Business as one of Canada's Fastest Growing Companies for eleven (11) consecutive years. For three (3) consecutive years, Titanium has also been ranked one of Canada’s Top Growing Companies by the Globe and Mail’s Report on Business of Canada. Titanium is listed on the Toronto Stock Exchange under the symbol “TTNM" and “TTNMF” on the OTCQX.
Contact Information
Titanium Transportation Group Inc.
Ted Daniel, CPA, CA
Chief Executive Officer
(905) 266-3011
ted.daniel@ttgi.com
www.ttgi.com
For Investors
James Bowen, CFA
416-519-9442
James.Bowen@loderockadvisors.com
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