CALGARY, ALBERTA -- (Marketwired) -- 10/01/15 -- 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 provides Critical Control with a new US$2.0 million term loan repayable over three years, and provides the Corporation additional flexibility with respect to its covenants as the Corporation completes its transition to a focused oil and gas measurement services company. The denomination of the loan in US dollars provides the Corporation with a natural partial hedge to offset further changes in the exchange rate.
"Given the current economic climate, increasing our flexibility and strengthening our working capital through debt is an achievement indicative of the strong foundation of our business," said Alykhan Mamdani, President and CEO of Critical Control.
The proceeds of this financing will be used to reduce the Corporation's operating line, freeing up cash to provide the Corporation flexibility in executing its strategic objectives.
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.
Contacts:
Critical Control Energy Services Corp.
Alykhan Mamdani
President & CEO
(403) 705-7500
