TransForce Inc. Announces Normal Course Issuer Bid Intention
Montreal, March 16, 2009 – TransForce Inc. (“TransForce” or “the Company”) (TSX: TFI - T), the
leader in the Canadian transportation and logistics industry, today announced its intention to
repurchase certain of its issued and outstanding common shares (the “Shares”) pursuant to a
normal course issuer bid (the “Bid”). The Bid has been approved by the Toronto Stock Exchange
(“TSX”) and shall commence on March18, 2009 and end on March 17, 2010. TransForce’s intention
is to purchase for cancellation up to a maximum of 5,000,000 Shares, representing approximately
7.5% of the 67,135,714 Shares forming the unrestricted public-float of the Company as of March 10
2009, over a twelve-month period at the prevailing market price of the Shares at the time of such
purchases. There are a total of 86,790,097 Shares issued and outstanding as of March 10, 2009.
The actual number of Shares that may be purchased and the timing of any such purchases will be
determined by TransForce. All purchases will be made through the facilities of the TSX in
accordance with the requirements of the TSX.
The average daily trading volume of the Shares over the most recently completed six (6) calendar
months was 261,253 Shares. Accordingly, the Company is entitled to purchase, on any trading day,
up to 65,313 Shares.
In the opinion of the board of directors of the Company, the Shares have been trading in a price
range which does not adequately reflect the value of the Shares based on TransForce’s business and
strong financial position and are driving an unusually high yield. As a result, TransForce believes
that, at appropriate times, repurchases through the Bid can enhance shareholder value and
represents an appropriate use of TransForce’s financial resources.
To the knowledge of TransForce, no director or senior officer, including the CEO, no person acting
jointly or in concert with TransForce and no person holding 10% or more of any Shares of
TransForce currently intends to sell Shares during the course of the Bid. However, sales by such
persons through the facilities of the TSX may occur if any such person makes a decision unrelated
to the Bid. The benefits to any such person whose Shares are purchased would be the same as the
benefits available to all other holders whose Shares are purchased under the Bid.
TransForce has not purchased any Shares pursuant to a normal course issuer bid during the
preceding 12 months.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any
securities, nor shall there be any sale of the securities in any state or other jurisdiction in which
such offer, solicitation or sale would be unlawful.