Titanium Transportation Group Expands North American Footprint with First U.S. Based Asset Acquisition

• Acquisition of Crane Transport expands Titanium’s North American footprint through the addition of approximately 200 U.S.-based trucks, two strategically located terminals in Georgia and Alabama, and approximately US$60 million in top line annual revenue.
• Strategic Acquisition will provide Titanium with a critical mass of assets in the U.S., enabling customers to access a comprehensive freight management offering driving growth in Titanium’s US-based logistics business.

BOLTON, Ontario, July 31, 2023 (GLOBE NEWSWIRE) -- Titanium Transportation Group Inc. ("Titanium" or the "Company") (TSX:TTNM, OTCQX:TTNMF), today announced it acquired the assets and equipment of Crane Transport (“Crane”) of Oakwood, GA, for a total consideration of US$53 million comprising cash, a vendor takeback loan and assumption of net debt, subject to closing adjustments (the “Acquisition”). Titanium also purchased all real estate related to Crane’s operations, including the head office terminal in Georgia, and its satellite terminal in Alabama, for an additional consideration of US$6 million. Titanium has the funds to close the transaction and does not require additional financing.

Founded in 2001, Crane Transport is a family-owned and operated business specializing in Full Truckload interstate freight transportation services. Crane generates approximately US$60 million in annualized revenue and operates approximately 200 trucks.

Ted Daniel, CEO, Titanium Transportation Group, commented, “Today’s announcement is further evidence of Titanium executing on its strategic plan and continuing to build a strong foundation for future growth in North America. The addition of Crane Transport’s full truckload business is highly synergistic within our existing network, immediately adding capacity and valuable new customer relationships. The Acquisition will allow us to expand our presence across the United States through our new strategically located terminals in Georgia and Alabama, expanding our service offerings and enabling us to offer a wide range of services including end-to-end supply chain and freight management solutions to our existing customers.”

“With the addition of Crane Transport, we see multiple near-term opportunities to enhance profitability, as well as longer-term opportunities to optimize equipment and technology towards continued growth and shareholder value creation. Crane Transport is an excellent fit for us, from a strategic and cultural point of view and I would like to welcome the Crane team into the Titanium family,” added Mr. Daniel.