| Home : December 24 2011 Computer News : CriticalControl Closes Consolidated Bank Financing for Canada and the US |
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CriticalControl Closes Consolidated Bank Financing for Canada and the US |
December 24, 2011
CALGARY, ALBERTA--(Marketwire - Dec. 23, 2011) - CriticalControl Solutions Corp., (TSX:CCZ) is pleased to advise that it has closed a consolidated bank financing arrangement with a Canadian Schedule "A" Bank (the "Bank") to extend the Company's operating line of credit for its Canadian operations by adding a $3 million operating line of credit for its US operations. As part of the arrangement, principal totaling US$2.625 million related to the Company's secured promissory note, which is due in 2012, will be repaid and replaced with term debt repayable to the Bank over 22 months. The payment triggers a release of security, which allows the Company to margin its US inventory and receivables and obtain the additional $3 million operating line of credit from the Bank for its US operations.
Link: http://www.marketwire.com/mw/release.do?id=1601937&sourceType=3
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