SYLVAN LAKE, ALBERTA--(Marketwired - Oct. 20, 2013) - Lonestar West Inc. (TSX VENTURE:LSI) ("Lonestar" or the "Company") is pleased to announce today that effective October 16, 2013, it has entered into three new credit facilities (the "Facilities") with HSBC Bank Canada ("HSBC"). The Facilities provide Lonestar with an aggregate of $12,750,000 in available capital. The purpose of the Facilities is to assist Lonestar in completing acquisitions, financing capital expenditures for additional equipment and other general corporate purposes. The Facilities are secured by all of the assets of Lonestar and by unlimited guarantees of its subsidiaries. The Operating Facility shall be repaid upon demand made by HSBC and bears interest at a rate of HSBC Prime Rate plus 1%.
"We are extremely pleased to be working with HSBC going forward," said James Horvath, President and CEO of Lonestar West. "These facilities allow Lonestar further flexibility in our continued growth planned throughout Canada and the United States."
About Lonestar West
The Company currently operates a fleet of 63 HVAC and vacuum trucks throughout Western Canada and the United States from its base in Sylvan Lake, Alberta. It is focused on profitably growing its HVAC services to become a major competitor in the North American market.
For more information please visit the Lonestar West website at www.lonestarwest.com.
NEITHER THE 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.