Tuesday, June 9, 2009

PlanGraphics Merge With Integrated Freight Systems

IFS acquires 401.5 million shares of PlanGraphics' common stock
Shipping News Feature

USA - Integrated Freight, a short to medium-haul truckload carrier of general commodities based in Sarasota, and PlanGraphics (OTCBB: PGRA), a holding company focused on information technology and headquartered in Frankford, Ky., are poised to be joined in a statutory merger under Colorado and Florida corporation law.

Integrated Freight will be the surviving entity after the merger.

On Friday 29th May, Integrated Freight acquired 401.5 million shares of PlanGraphics' common stock and became the major stake holder of the company’s outstanding common stock, the release said.

The merger is a hopeful sign that the freight industry in the US is weathering the economic crisis and in a better situation than other industries.