Omni-Lite Industries Announces Successful Refinancing of Its Senior Bank Credit Facility and Receipt of Proceeds From Its For...
December 18 2019 - 6:00AM
Omni-Lite Industries Canada, Inc. (the “Company” or “Omni-Lite
Industries”) (TSXV: OML; OTCQX: OLNCF) is pleased to announce today
the successful refinancing of its current US$700,000 senior bank
credit facility with the entering of a new three-year, US$3.0
million revolving line of credit facility with City National Bank,
an RBC Company. Proceeds from the initial drawdown were used
to repay in full and terminate the Company’s existing line of
credit agreement. In addition, the new revolving credit
facility provides for the expansion of our borrowing capacity to
$3.0 million along with a December 2022 maturity. Under the
terms of the new credit agreement, the Company has agreed to
certain conditions and financial covenants including fixed charge
coverage and maximum leverage.
In addition, the Company has received cash
proceeds from the Company’s former CEO of approximately US$400,000
in payment in full of its outstanding loan receivable. Such
proceeds will further support the Company’s financial flexibility
and strength, in conjunction with the new revolvering line of
credit facility, to pursue strategic, operational, and other
opportunities to drive long-term value creation.
Carl Lueders, Omni-Lite Industries’ Chief
Financial Officer, commented, “We are pleased to be working with
John Tyson, senior vice president of City National Bank in Boston,
as our new banking partner. They have the resources and range
of capabilities to support our growth plans, and we are grateful
for their support and confidence in Omni-Lite Industries, its
management, strategic plan and prospects.”
About Omni-Lite Industries Canada, Inc.
Omni-Lite Industries Canada, Inc. is an
innovative company that develops and manufactures mission critical,
precision components utilized by Fortune 100 companies in the
aerospace and defense industries.
For further information, please
contact: Mr. David Robbins President and Chief Executive
Officer Tel. No. (562) 404-8510 or (800) 577-6664 Email:
d.robbins@omni-lite.com Website: www.omni-lite.com
Reader Advisory
Except for statements of historical fact, this
news release contains certain "forward-looking information" within
the meaning of applicable securities law. Forward-looking
information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or
conditions "may" or "will" occur. In particular, forward-looking
information in this press release includes, but is not limited to
the expected future performance of the Company. Although we believe
that the expectations reflected in the forward-looking information
are reasonable, there can be no assurance that such expectations
will prove to be correct. We cannot guarantee future results,
performance or achievements. Consequently, there is no
representation that the actual results achieved will be the same,
in whole or in part, as those set out in the forward-looking
information. Forward-looking information is based on the opinions
and estimates of management at the date the statements are made and
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
information. Some of the risks and other factors that could cause
the results to differ materially from those expressed in the
forward-looking information include, but are not limited to:
general economic conditions in Canada, the United States and
globally; industry conditions, governmental regulation, including
environmental regulation; unanticipated operating events or
performance; the availability of capital on acceptable terms; the
need to obtain required approvals from regulatory authorities;
stock market volatility; competition for, among other things,
capital, skilled personnel and supplies; changes in tax laws; and
the other risk factors disclosed under our profile on SEDAR at
www.sedar.com. Readers are cautioned that this list of risk factors
should not be construed as exhaustive. The forward-looking
information contained in this news release is expressly qualified
by this cautionary statement. We undertake no duty to update any of
the forward-looking information to conform such information to
actual results or to changes in our expectations except as
otherwise required by applicable securities legislation. Readers
are cautioned not to place undue reliance on forward-looking
information.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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