TCT Logistics raises $10 million

CALGARY (April 18, 2001) — TCT Logistics said it has received $10 million, primarily through an investment by the Ontario Teachers’ Pension Plan Board.

Pension fund managers paid $8 million for preferred shares convertible to common shares of TCT at $0.17 after one year, subject to shareholder approval of the conversion price. Four individual investors acquired the remaining $1 million in shares.

Tri-White Corp., from which TCT bought Tri-Line, a flatbed and general freight carrier, last year, also agreed to increase its existing subordinated loan to TCT from $7 million to $8 million.

TCT Logistics is an asset-based supply-chain management company with revenues of $350 million. Last year, it acquired Tri-Line, Daily Motor Freight, and the dry van and temperature-controlled van assets of Kleysen Transport.

“This investment significantly enhances our balance sheet, satisfies commitments we made to our financiers last July upon completion of the acquisitions of Tri-Line, Daily, and Kleysen, and was completed in a tough market,Ó said TCT president Ken Lucas.