Consolidated Freightways Corp has exercised its right to terminate a letter of intent to sell substantially all of the assets owned and used by its Canadian subsidiaries, Canadian Freightways (CFL).

John Brincko, Consolidated Freightways CEO, said that Consolidated Freightways is currently evaluating other potential investment opportunities for its Canadian operations, in conjunction with the Canadian Freightways management team.
Canadian Freightways is financially and operationally independent from CF and is not part of CF's U.S. bankruptcy proceedings.
Canadian Freightways says its operations are highly profitable under its experienced Canadian management team. The company is currently pursuing various options designed to continue and enhance its strong profit, financial and operational position.
Darshan Kailly, CFL president, said, "The Canadian Freightways team remains completely committed to providing the industry's best customer service."
Canadian Freightways operations include less-than-truckload, full load and parcel transportation, sufferance warehouses, customs brokerage, international freight forwarding, fleet management and logistics management. The company won the 2002 Consumers Choice Award as best transportation provider.