BOLTON, Ontario, Feb. 07, 2025 (GLOBE NEWSWIRE) -- Titanium Transportation Group Inc. ("Titanium" or the "Company") (TSX:TTNM, OTCQX:TTNMF), a leading provider of transportation and logistics services throughout North America, today announced that its Board of Directors (the “Board”) has elected to suspend its dividend as the Company continues to execute a disciplined financial strategy amid ongoing market challenges.
“Given the current softness in our core markets and growing uncertainty surrounding potential tariff changes, we are adopting a proactive and disciplined approach to capital allocation,” commented Ted Daniel, Chief Executive Officer of Titanium. “While we are seeing some early signs of economic stabilization, the overall outlook remains uncertain due to the ongoing macroeconomic and geopolitical situation, including potential trade barriers and tariffs. By temporarily suspending our dividend, we are ensuring that we have the financial resilience to navigate near-term headwinds, accelerate debt-reduction and fortify our balance sheet for long-term sustainable growth.”
The Company remains focused on executing against its strategic priorities and driving long-term shareholder value. Recognizing that Titanium has a strong track record of returning capital through consistent dividend payments, the Board will continue to review, among other things, the Company’s budget, cash flow forecast, growth opportunities and market conditions on a quarterly basis to determine whether dividends will be declared on shares for future quarters.
Titanium is a leading North American transportation company with asset-based trucking operations and logistics brokerages servicing Canada and the United States, with approximately 850 power units, 3,000 trailers and 1,300 employees and independent owner operators. Titanium provides truckload, dedicated, and cross-border trucking services, logistics, and warehousing and distribution to over 1,000 customers. Titanium has established both asset-based and brokerage operations in Canada and the U.S. with eighteen (18) locations. Titanium is a recognized purchaser of asset-based trucking companies, having completed thirteen (13) transactions since 2011. Titanium ranked among top 500 companies in the inaugural Financial Times Americas’ Fastest Growing Companies in 2020. The Company was ranked by Canadian Business as one of Canada's Fastest Growing Companies for eleven (11) consecutive years. For four (4) consecutive years, Titanium has also been ranked one of Canada’s Top Growing Companies by the Globe and Mail’s Report on Business of Canada. Titanium is listed on the Toronto Stock Exchange under the symbol “TTNM" and “TTNMF” on the OTCQX.
Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided 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. A variety of factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Company and its business, and could cause actual results, including those relating to the potential declaration of dividends by the Company in the future, as well as the Company’s ability to advance its objectives and strategic priorities, and deliver long-term value to its shareholders, to differ materially from current expectations of estimated or anticipated events or results. 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 nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
Titanium Transportation Group Inc. Ted Daniel, CPA, CA Chief Executive Officer (905) 266-3011 ted.daniel@ttgi.com www.ttgi.com
