New Secured Financing Closed

CALGARY, Alberta, Nov. 14, 2018 (GLOBE NEWSWIRE) -- Critical Control Energy Services Corp. (TSX: CCZ; CCZ.PR.A) ("Critical Control") announces that it has closed the secured financing with Invico Diversified Income Limited Partnership, a funding vehicle managed by Invico Capital Corporation, for new senior secured financing (the "New Facilities") previously announced on October 29, 2018. 

The proceeds from the New Facilities were used to fully repay the Corporation's operating line and term loans with the Corporation's previous secured lender and will also be used for additional working capital.

The New Facilities are for a period of 3 years and can be repaid on 90 days notice after one year.  The New Facilities include a term loan of $7 million at 15% interest per annum (the "Term Loan"). The Term Loan is interest only until December 31, 2019 and principal payments thereafter will be calculated based on 80% of free cash flow after all expenses, capitalized payments and interest. The remainder of the New Facilities will be in the form of a flexible factoring operating line, enabling the Corporation to draw 90% of its invoices for a period of 120 days (the "Factor Facility"). Effective interest on the Factor Facility will be at 1.5% per month, but will only be incurred when required for working capital. At closing, the Corporation drew a total of $10.4 million on the New Facilities.

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.

About Invico Capital Corporation

Invico Capital Corporation is a Calgary, Alberta based alternative investment fund management firm providing alternative investing and financing solutions to private and public companies.  Invico currently manages approximately $360 million of private capital with investment specialties including Income, Energy and Real Estate. Invico provides financing solutions to assist high quality companies and management teams in making strategic acquisitions, financing capital expenditures and/or growth programs and supporting working capital requirements.  

For further information

Alykhan Mamdani
President & CEO
Tel (403) 705-7500