CALGARY, Dec. 21 /CNW/ - CriticalControl Solutions Corp., (TSX-V:CCZ)
today announced that the Corporation made the final payment of $2.75 million,
retiring its debenture with Wellington Financial due on January 3, 2008.
$463,000 of the repayment was made from cash flow from operations, with the
remainder being funded by the Corporation's new conventional banking
facilities announced in the Corporation's press release dated December 3,
"The reduction of the Corporation's 12% coupon debt of $5.95 Million at
the start of 2007 to $2.4 million outstanding on a conventional banking
facility significantly improves our balance sheet and 2008 interest costs,"
said Alykhan Mamdani, President and CEO of CriticalControl. "The progress made
in the company's financial health and financial flexibility provides us with a
foundation to execute our growth strategy."
The Corporation's new conventional banking facility includes a $1.5
Million 30 month term loan at prime plus 1% and an operating line of up to
$3.5 Million tied to the Corporation's accounts receivable at prime plus 0.5%.
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)