05:15 PM EDT, 05/06/2024 (MT Newswires) -- Titanium Transportation Group ( TTNMF ) on Monday said it completed the sale of non-core, undeveloped land assets totaling approximately 21 acres in Cornwall, Ontario, for gross proceeds of C$4.5 million in cash.

The trucking and logistics company said proceeds of the sale will be used to pay down company debt.

"Our decision to divest the unused land assets in Cornwall underscores our commitment to continue to execute on our strategic growth and pursue all avenues to drive long-term shareholder value. These assets were added to our portfolio by way of previous acquisitions, and this proactive measure allows us to optimize our asset mix and fortify our balance sheet, while utilizing net proceeds to rapidly pay off debt, positioning us well for future growth initiatives," chief executive Ted Daniel said in a release.

The company's shares closed up C$0.01 to C$2.22 on the Toronto Stock Exchange.