GREY:CCZFF - Post by User
Post by
culzeanon Jul 05, 2006 5:03pm
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Post# 11066257
Refinancing News
Refinancing NewsCriticalControl extends financing agreement with Wellington Financial
CALGARY, July 5 /CNW/ - CriticalControl Solutions Corp.
("CriticalControl" or the "Company") (TSX-V:CCZ) today announced that it has
extended the term of its financing agreements with Wellington Financial
("Wellington").
Repayment of Series A Debentures in the amount of $2.7 million due
August 20, 2006 has been amended such that $1 Million shall be due on
August 20, 2006 and the remainder due on August 20, 2007. Repayment of Series
B Debentures in the amount of $4.25 million due March 31, 2007 has been
extended to January 3, 2008.
As consideration the Company will pay Wellington a 1% extension fee and,
subject to regulatory approval, replace warrants previously granted to
Wellington to purchase 4.25 million shares at $0.35 per share prior to
March 31, 2009 with Special Warrants to purchase 4.25 million shares at $0.22
per share prior to January 3, 2010.
"We are pleased to have reached a new agreement with our financial
partner," said Alykhan Mamdani, President of CriticalControl. "The extension
provides us with added financial flexibility to pursue corporate growth
initiatives."
About CriticalControl:
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 rele