MONTREAL, (Aug. 8, 2005) — TransForce Income Fund is selling its Calgary-based customs brokerage subsidiary M&C International Trade to PBB Global Logistics Income Fund.

M&C, also known as Milne & Craighead, provides customs brokerage services to companies with goods entering Canada as well as international ocean and air freight forwarding services and customs consulting services.

M&C, which was taken over by TransForce as part of the Canadian Freightways acquisition in January 2004, has approximately 200 employees and operates 20 customs brokerage offices across Canada. For the twelve month period ended June 30, 2005, the company generated net revenues of approximately $18 million and EBITDA of $4.5 million.

Under the $35 million deal, Canada’s largest fleet will also receive proceeds related to M&C’s net working capital. TransForce has pegged that number at around $18 million, while PBB estimated in a separate release it was about $12 million.

TransForce CEO Alain Bedard said M&C will provide a strong western presence for PBB, but was non-core to other TransForce operations and had little interaction with the rest of the trucking group.

The acquisition of M&C solidifies PBB’s market position as a leading Canadian customs broker, Ken Chalmers, president and CEO of Fort Erie, Ont.-based PBB.