Mr. Alain Bedard reports

TRANSFORCE ANNOUNCES RESULTS OF 5.65% CONVERTIBLE UNSECURED SUBORDINATED DEBENTURE REDEMPTION

TransForce Inc. has released the results of the redemption of its 5.65-per-cent convertible unsecured subordinated debentures, the terms of which had been publicized on Sept. 9, 2014. These debentures, with an original aggregate principal amount of $85-million, were listed on the Toronto Stock Exchange under the symbol TFI.DB.A.

Pursuant to the conversion option available to debentureholders, TransForce received conversion requests for a principal amount of $81,606,000 between Sept. 9 and Oct. 8, 2014, resulting in the issuance of 3,692,572 new common shares of TransForce. Prior to the redemption announcement, a principal amount of $422,000 had already been converted, while $227,000 had already been redeemed pursuant to a normal course issuer bid program. The conversion of the convertible unsecured subordinated debentures will result in a reduction of the financing fees of approximately $4.61-million on an annual basis, equivalent to three cents per share, net of income tax, on a pro forma basis. The issuance of common shares will increase the annual dividend payment by approximately $2,142,000. TransForce redeemed an unconverted principal amount of $2,745,000 as at Oct. 9, 2014.