PlanGraphics, Inc. (OTCBB: PGRA) (www.integrated-freight.com (http://www.integrated-freight.com) ), announced the completion of a merger with Integrated Freight Corporation on December 24, 2009. Integrated Freight was merged into PlanGraphics following an acquisition of more than 90 percent of Integrated Freight's stock. Integrated Freight is an established motor freight company providing truck load service primarily to markets in the Midwestern United States. Following the merger, PlanGraphics sold its operating subsidiary, also named PlanGraphics. Prior to the merger, the directors and officers of Integrated Freight replaced PlanGraphics management.
Paul A. Henley, CEO, stated, "The completion of this merger was the critical step in achieving the objective of turning Integrated Freight into a publicly traded company. With the merger and the related sale of the PlanGraphics subsidiary, our business is now solely focused on growth in the trucking industry, fueled by the expected expansion of our existing operations and by anticipated acquisitions. We believe that the change in our business direction to motor freight will create significant value for our stockholders as our economy rebounds."
Following clearance of a pending information statement by SEC, PlanGraphics will hold a special stockholders meeting to approve the change of its name to Integrated Freight Corporation and a reverse stock split of one to 244.8598. PlanGraphics, whose fiscal year ends September 30, has filed its annual report on January 13, 2010 with the SEC which was within the fifteen day extension period. The annual report contains information about PlanGraphics' trucking operations.
PlanGraphics is registered under the Securities Exchange Act of 1934 and files reports with the SEC. PlanGraphics provides truckload motor freight services in the Midwest through two subsidiaries, Morris Transportation located in Hamburg, Arkansas and Smith Systems Transportation located in Scotts Bluff, Nebraska. For more information about PlanGraphics, please visit http://www.integrated-freight.com (http://www.integrated-freight.com) .
The foregoing press release contains forward-looking statements, including statements regarding the company's expectation of its future business and earnings. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the company's control. Actual results could differ materially from these forward-looking statements.
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