- CriticalControl Pays Down $2.7 Million in Debt in Third Quarter -
CALGARY, Oct. 22 /CNW/ - CriticalControl Solutions Corp., (TSX-V:CCZ)
today announced that the Corporation had reduced its debt by $2.7 million
during the third quarter.
"Continued strong operating results and proceeds from the divestiture of
PipeWorks have allowed us to aggressively pay down the Corporation's debt,"
said Alykhan Mamdani, President and CEO of CriticalControl. "Our management
team is confident that the remainder of our debt obligation can be retired on
schedule through cash from the Corporation's operations and a new conventional
In addition to the $1.7 million debt repayment announced as a subsequent
event in the Corporation's second quarter results, CriticalControl has made
additional repayments on its debenture with Wellington Financial of $500,000
on September 19, 2007 and $500,000 on September 28, 2007.
Following these repayments, CriticalControl's debt obligation is now
$3.25 million due January 3, 2008.
We seek safe harbour.
CriticalControl is a technology company that builds, implements and
manages critical business process solutions. Our proprietary products are data
management tools to operate the critical business operations of our government
and energy sector clients. In addition to our proprietary products, we
implement large scale document and records management solutions using our
strong domain expertise and in depth knowledge of our customer base. Where
critical processes require unconditional continuity, our clients look to us to
manage and perform certain operational functions on a short term or long term,
outsourced basis. For more information please visit www.criticalcontrol.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: Alykhan Mamdani, President & CEO, Tel (403)
705-7500; or David Feick, The Equicom Group, Tel (403) 538-4787, Fax (403)