BOLTON, Ontario, Nov. 10, 2020 (GLOBE NEWSWIRE) — Titanium Transportation Group Inc. (“Titanium” or the “Company”) (TSX VENTURE:TTR), a leading provider of transportation and logistics services throughout North America, is pleased to announce today that its Board of Directors has approved a quarterly dividend of $0.02 per common share commencing with a payment on December 15, 2020 to shareholders of record as at November 30, 2020.
“We are pleased to commence the process of providing a return to our shareholders and delivering on our promise to yield sustainable, long-term value to our shareholders,” said Ted Daniel, President and CEO of Titanium Transportation. “This decision is a significant milestone for the Company and demonstrates the confidence we have in our balanced capital deployment strategy. As we near the end of our fifth year as a public company, we remain vigilant in our capital allocation, however, we are cognizant of our commitment to our shareholders and we are excited to add this element into our capital deployment strategy. The amount of the dividend was set to ensure it did not sacrifice other priorities such as repayment of debt, opportunistic share repurchases and accretive acquisitions.”
Mr. Daniel added, “We are committed to our inorganic and organic growth approaches, which will deliver long-term shareholder value. Nonetheless, we believe that this dividend program will provide our shareholders an annual return on investment as we execute on our core strategy.”
Titanium is a leading asset-based transportation and logistics company servicing Canada and the United States, with approximately 475 power units, 1,400 trailers and 600 employees and independent owner operators. Titanium provides truckload, dedicated, and cross-border trucking services, freight logistics, and warehousing and distribution to over 1,000 customers. Titanium is a recognized consolidator of asset-based transportation companies in Ontario, having completed ten asset-based trucking acquisitions since 2011. Titanium has also been ranked by PROFIT magazine as one of Canada’s Fastest Growing Companies for twelve (12) consecutive years.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provid
ed for the purposes of assisting the reader in understanding Titanium’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information may relate to Titanium’s future outlook and anticipated events, and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving Titanium. Particularly, statements regarding future acquisitions, the availability of credit, performance, achievements, prospects or opportunities for Titanium or the industry in which it operates are forward-looking statements. In some cases, forward-looking information can be identified by terms such as “may”, “might”, “will”, “could”, “should”, “would”, “occur”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “seek”, “aim”, “estimate”, “target”, “project”, “predict”, “forecast”, “potential”, “continue”, “likely”, “schedule”, or the negative thereof or other similar expressions concerning matters that are not historical facts.
Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.
The forward-looking statements made in this press release are dated, and relate only to events or information, as of the date of this press release. Except as specifically required by law, Titanium undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Titanium Transportation Group Inc.
Ted Daniel, CPA, CA
Chief Executive Officer
For Investor Relations
Jayson Moss, CFA