Atlas Cold Storage acquires TCT Logistics reefer division

TORONTO (March 4, 2002) — A division of Atlas Cold Storage has agreed to buy the refrigerated trucking assets of TCT Logistics, the Calgary transportation and warehousing firm that went into receivership in January.

Atlas Supply Chain Services also said it will assume the operations conducted at TCT Logistics’ Brampton, Ont., terminal. The purchase is being made from KPMG, interim receiver of TCT Logistics. Financial terms were not disclosed.

The business will operate under the name of Atlas Cold Logistics and have annual revenues of about $75 million, the company said. It will operate a fleet of 290 tractors, including 190 owner-operators, and 550 refrigerated trailers.

“This transaction firmly establishes Atlas as the largest temperature-controlled integrated logistics company in Canada,” said Patrick A. Gouveia, president and chief executive officer of Atlas Cold Storage. “Our focus will be on providing refrigerated truckload services throughout Canada and into the United States and regional LTL services.”

Based in Toronto, Atlas Cold Storage (TSE: FZR.UN and FZR.DB) operates the fourth-largest temperature-controlled distribution network in North America with 33 facilities with nearly 130 million cubic feet of refrigerated space. In 2001, its operations generated $170 million in revenue.