CriticalControl Solutions Corp.
TSX : CCZ

CriticalControl Solutions Corp.

May 02, 2016 08:00 ET

Critical Control Secures Banking Facilities

CALGARY, ALBERTA--(Marketwired - May 2, 2016) - Critical Control Energy Services Corp. ("Critical Control" or the "Corporation") (TSX:CCZ) is pleased to announce that it has executed a revised lending agreement with its bank. The revised agreement maintains the Corporation's current operating line of credit and extends its current term loan (US$1.50 million outstanding) which was scheduled to mature October 2016 to April 2018 at which point it is expected to be fully amortized. In addition, the revised agreement replaces the Corporation's current demand loan (of which US$1.67 is outstanding) with a new CAD$3.0 million term loan. The new term loan requires no principal payments for the first year, is amortized over a subsequent four year period, is committed to by the bank until May 2019 and is guaranteed by Export Development Canada.

"The revised credit agreement provides us with more working capital, greater flexibility, reduced payments and greater certainty in a time where available credit to oil and gas service companies is rapidly declining," said Alykhan Mamdani, President and CEO of Critical Control.

Excess proceeds of the new term loan are intended for the funding of the Corporation's current research and development plans to better position the Corporation's software solutions for the US market. Pricing of all facilities remains consistent with the pricing previously provided by the Corporation's bank.

About Critical Control

Critical Control provides solutions for the collection, control and analysis of measurement and operational data related to oil and gas wells across North America. We provide services to capture the data, cloud-based software to visualize and manage it and the business intelligence to make quicker and more informed operational decisions.

Contact Information

  • Alykhan Mamdani
    President & CEO
    (403) 705-7500