CF sells Canadian unit

Consolidated Freightways Corp. yesterday signed a letter of intent with CF Canada Acquisition Ltd. (CFCAL) to sell the assets of its Canadian subsidiary, Canadian Freightways Ltd. (CFL), and the assets of certain CFL subsidiaries for $90 million U.S. CFCAL is a group comprised of current CFL senior management and a financial partner. CFL is financially and operationally independent from CF and is

Tim Parry

March 11, 2003

CFCAL is a group comprised of current CFL senior management and a financial partner.

CFL is financially and operationally independent from CF and is not part of the September 2002 bankruptcy proceedings filed by the parent company. CFL's operations have continued since its parent filed for bankruptcy in September 2002.