CALGARY, ALBERTA--(Marketwired - Oct. 31, 2016) - CEMATRIX Corporation (TSX VENTURE:CVX) (the "Corporation" or "CEMATRIX") announces that its wholly owned subsidiary, CEMATRIX (Canada) Inc. (the "Company") has entered into an agreement with the Business Development Bank of Canada (the "BDC") which will provide the Company with $500,000 of equipment financing (the "BDC Equipment Financing or Loan").
"The cellular concrete market in North America continues to grow and CEMATRIX continues to put itself in a better position to be able to facilitate this growth. This new loan through the BDC will allow us the build new equipment to support this growth," stated Jeff Kendrick, CEMATRIX President and CEO.
The BDC Equipment Financing can be drawn down anytime over the next 24 months. The interest, which is payable monthly, is at a variable rate of 1.85% above the BDC floating base rate, currently set at 4.70%. At the Company's option the interest rate can be fixed once the Loan is fully drawn. The Loan is repayable over six years, with payments to commence 24 months from the date of the Loan.
The BDC Financing is secured through existing security over the Company's current owned equipment and property as well as existing guarantees and security provided by CEMATRIX and certain subsidiaries of the Company.
CEMATRIX is an Alberta corporation with its head offices in Calgary, Alberta. The Corporation, through its wholly owned subsidiary, is a company that manufactures and supplies technologically advanced cellular concrete products developed from proprietary formulations. This unique cement based material with superior thermal protection delivers a cost-effective, innovative solution to a broad range of problems facing the infrastructure, industrial (including oil and gas) and commercial construction markets.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information: This news release contains certain information that is forward looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", expect", "would' or other similar words). Forward looking statements in this document are intended to provide CEMATRIX security holders and potential investors with information regarding CEMATRIX and its subsidiaries' future financial and operations plans and outlook. All forward looking statements reflect CEMATRIX's beliefs and assumptions based on information available at the time the statements were made. Readers are cautioned not to place undue reliance on this forward looking information. CEMATRIX undertakes no obligation to update or revise forward looking information except as required by law. For additional information on the assumptions made and the risks and uncertainties which may cause actual results to differ from the anticipated results, refer the CEMATRIX's Management Discussion and Analysis dated August 3, 2016 under CEMATRIX's profile on SEDAR at www.sedar.com and other reports filed by CEMATRIX with Canadian securities regulators.