Critical Control Energy Services Corp.

Critical Control Energy Services Corp.

December 18, 2015 13:00 ET

Critical Control Sells Real Estate and Renews Banking Facilities

CALGARY, ALBERTA--(Marketwired - Dec. 18, 2015) - Critical Control Energy Services Corp. ("Critical Control" or the "Corporation") (TSX:CCZ) is pleased to announce that it has sold certain US based real estate assets acquired as part of the US$2.0 million purchase of a measurement business in April 2015 for cash consideration of US$700,000 and executed a new lending agreement with its bank, renewing its credit facilities with more flexible covenants to reflect the reorganization and performance of the Corporation during the past 9 months.

As part of the sale of the real estate assets, Critical Control's operating subsidiary entered into long term leases to continue occupying the facilities to operate the acquired business.

"These changes reduce our risk and provide us flexibility to execute our core strategic plan in a challenging environment," said Alykhan Mamdani, President and CEO of Critical Control.

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