CVG PostBased on Wellington's text, CCZ appears as a solid company.
GuyF,
TORONTO, Aug 24, 2004 (BUSINESS WIRE) --
Wellington Financial LP Fund II, a private bridge lending and venture debt group, today provided an update on its 2004 financing transactions. Wellington is a partnership of Clairvest Group Inc. (CVG:TSX) and Fund management, who have jointly contributed a large financial stake to Fund II.
On August 23 Wellington announced the closing of a $2.7 million debt financing for Calgary-based CriticalControl Solutions Corp. (CCZ:TSXV). CriticalControl is Wellington's fourth financing transaction in 2004 and, with this latest closing, Wellington has led $13.2 million in transactions so far this year, retaining $10.8 million for its own portfolio.
CriticalControl provides proprietary software, integration, consulting and document management services to domestic and international clients. Key software clients include well known North American pipeline and petrochemical firms, as well as large independent oil and gas producers. Large financial institutions and provincial governments have also purchased CriticalControl document managem
ent services.
In other portfolio news, on August 10, 2004 CrossOff Inc. (OFF:TSX) employed funds from Wellington Fund II and VenGrowth Capital Partners to close its previously announced acquisition of the information technology training division of triOS Training Centres Ltd.
Wellington partner Airborne Entertainment Inc. announced on July 24, 2004 a US$22 million investment led by New York-based Insight Venture Partners. Fund II advanced $3 million in funds to privately-held Airborne on April 22, 2004.
Basis100 Inc. (BAS:TSX), a Wellington Fund I transaction, announced on August 16, 2004 that shareholders had approved the acquisition of the company by The First American Corporation (FAF:NYSE) for C$1.00 per common share, a 92% premium to the strike price of Fund I's share purchase warrants.
About Wellington Financial LP -- "Umbrellas, Rain or Shine."
Wellington is a partnership of Clairvest Group Inc. (CVG:TSX) and Fund management, who have jointly contributed a large financial stake to Fund II. Wellington Financial LP is a privately held bridge financing and venture debt firm, providing debt financing for private and public companies in its chosen fields. Wellington transactions are generally between $1 million and $5 million, but the fund has issued term sheets up to $30 million due to its ability to syndicate transactions. Wellington clients generally have current-year revenue of at least $5 million.
Clairvest Group Inc. (TSX:CVG)
SOURCE: Clairvest Group Inc.
Wellington Financial LP Fund IIMark McQueenPresident(416) 848-3503Fax: 416) 848-3650mmcqueen@wellingtonfund.comwww.wellingtonfund.comORWellington Financial LP Fund IILana ReikenTreasurer(416) 925-9270Fax: (416) 925-5753lanar@clairvest.comwww.clairvest.com
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