TransForce Announces Signature of Letter of Intent to Acquire Century II Holdings Inc.
Montreal, August 2, 2007 — TransForce Income Fund (TSX: TIF.UN), the leader in the Canadian
transportation and logistics industry, today announced that it has entered into a letter of intent with
Century II Holdings Inc. (the “Company”); to acquire all of its issued and outstanding shares. The
Company is a publicly listed holding company (TSX: CH) whose wholly owed subsidiary,
Information Communication Services (ICS) Inc. (ICS Courier), operates a fixed route courier
business servicing in excess of 35,000 accounts in the insurance, optical, financial, travel, dental
and legal business sectors across Canada.
The letter of intent provides that the purchase price per share would be the aggregate of $8.00,
plus working capital of the Company, as of the closing date. Based on the working capital of the
Company as of March 31, 2007, the total consideration would be $9.75 per share. This price per
share represents a 58.4% premium over the volume weighted average closing price of the shares
for the 20 trading days up to, and including, July 30, 2007. There are currently 12,398,886 issued
and issuable shares outstanding, including 967,000 shares reserved for issuance pursuant to
options held by employees. The transaction is conditional to signing a definitive agreement, normal
closing and regulatory conditions and is expected to close on October 31, 2007.
The LOI was approved by the Board of Trustees of TransForce and the Board of Directors of the
Company. The two major shareholders of the Company have indicated their support of the transaction
Established in 1978, ICS Courier is headquartered in Toronto and employs a workforce of more than
1,300 employees and owner-operators through a network of 35 offices. In 2006, ICS Courier
generated approximately $90 million in revenues.
“ICS Courier is a well established company with an excellent track record,” said Alain Bédard,
President and CEO of TransForce. “This acquisition will open up a new service niche within
TransForce’s LTL and Parcel Delivery business segment, will significantly increase volume and will
help solidify our competitive position in that segment.”