XRG secures $1.6 million for reorganization

XRG secures $1.6 million for reorganization    Pittsburgh-based truckload freight and logistics services provider, XRG Inc. said Friday it has completed reorganization initiated in April with the securing of an additional $1.6 million funding.
   Barron Partners LP has agreed to advance XRG up to an additional $1.6 million for working capital and to satisfy outstanding financial obligations. XRG has reached definitive agreements with certain of its operating divisions and details are contained within 8K filings of XRG.
   “With this reorganization, we can continue to stabilize our core operations. This additional funding from Barron allows us to refocus on growth and strategic initiatives,” said Richard S. Francis chief executive officer of XRG.
   In addition to organic growth, XRG said it is targeting expansion through terminal agreements, brokerage agreements and acquisition of well-managed carriers.