Contact Information: Investor Relations Contact: The Eversull Group, Inc. Jack Eversull President 972-378-7917 972-571-1624
PlanGraphics Merges With Integrated Freight Corporation
Company Name to Be Changed to Integrated Freight Corporation
| Source: Integrated Freight Corporation
LUTZ, FL--(Marketwire - January 15, 2010) - PlanGraphics, Inc. (OTCBB : PGRA )
(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.
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.