Consolidated Freightways Announces Completion of New Financing Package.Business Editors VANCOUVER, Wash.--(BUSINESS WIRE)--April 17, 2002 Consolidated Freightways Consolidated Freight was the 3rd biggest trucking company in the US. In the 1930s they started their own truck manufacturing operation, Freightliner, now part of DaimlerChrysler. Corporation (Nasdaq:CFWY CFWY Consolidated Freightways ) today announced completed funding of the previously committed $45 million real estate backed facility. The first $20 million was announced on February 20 and the remaining $25 million funded this week. "In the face of a very tough economy, we are pleased to announce closure to this piece of CF's financial plan," said Chief Executive Officer Pat Blake. The new credit facility, provided by an originator of commercial real estate loans, will be used for ongoing operating and working capital programs during continued implementation of the company's revenue improvement and cost reduction plans. "In combination with previously announced financing from GE Capital, completion of this package provides the major portion of the required 2002 funding described in this week's annual 10K filing," Blake said. "We hope to announce further progress with several additional financing packages in the very near future." Further detail on the announced financing will be available in a Form 8K to be filed by the company this week. Statements contained in this press release that are not based on historical fact are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such statements are necessarily dependent on assumptions and future events and are subject to risks and uncertainties that could cause the Company's actual performance to be materially different. Variable factors include general economic conditions; general business conditions of customers served, and other shifts in market demand; pricing pressures, rate levels and capacity in the motor-freight industry; future operating costs operating costs npl → gastos mpl operacionales , such as employee wages and benefits, fuel prices, and workers compensation and self-insurance claims; weather; tax matters; technology costs; legal claims; and timing and amount of capital expenditures. Other uncertainties and risks specifically relevant to the statements above include successful execution of operating plans, freight mix adjustment plans, yield improvement efforts, process and operations improvements, cost reduction efforts, and customer service initiatives, as well as improvements in operating performance and financing needs and availability. Please see the Company's public filings with the Securities and Exchange Commission for other factors detailed from time to time which could materially affect forward-looking statements. Consolidated Freightways Corporation is comprised of national less-than-truckload carrier Consolidated Freightways, third party logistics provider Redwood Systems, Canadian Freightways LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability , Transportes CF Alfri-Loder, the company's joint venture in Mexico and CF AirFreight air·freight n. 1. A system of transporting freight by air. 2. The amount charged for transporting freight by air. air , an air freight air freight n → flete m por avión air freight n → fret aérien air freight air n → Luftfracht f forwarder Forwarder Acts as a travel agent for cargo. A forwarder specializes in arranging the transport and completing required shipping documentation. Some are affiliated with NVOCC services. In the United States they are licensed by the Federal Maritime Commission. . |
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