Montreal, January 24, 2013– TransForceInc. (TSX: TFI), a North American leader in the transportation and logistics industry, announces that it has indirectly acquired ownership of, and control and direction over, an aggregate of1,763,478 common shares of Vitran Corporation Inc. (NASDAQ: VTNC, TSX: VTN), representing, to TransForce’s knowledge, 10.75% of the issued and outstanding common shares of Vitran. TransForce acquired the shares during the period from December 17, 2012 to January 24, 2013.
TransForce acquired the 1,763,478 shares through the facilities of the Toronto Stock Exchange and NASDAQ. The 1,763,478 shares were acquired by TransForce at an average price of CDN$5.18, for aggregate consideration of CDN$9,136,403. The shares were acquired by TFI Holdings Inc., a wholly-owned subsidiary of TransForce.
TransForce acquired the shares of Vitran described in this press release for investment purposes, and may, in accordance with applicable securities laws, from time to time and at any time, acquire ownership of, or control or direction over, additional securities of Vitran in the open market or otherwise. TransForce reserves the right to dispose of any or all of its securities of Vitran in the open market or otherwise, at any time and from time to time, and to engage in any hedging or similar transactions with respect to the securities, the whole depending on market conditions, the business and prospects of Vitran and other relevant factors.