Investors: 2007 Press Releases
HSE Announces Arrangement of New Credit Facilities with Increased Flexibility
NEWS RELEASE - May 14, 2007
HSE Integrated Ltd. (TSX-V: HSL) (“HSE”, “Company”, “We”, or “Us”) is pleased to announce the arrangement of new credit facilities with its current lender. The new credit facilities, which have been negotiated under more favorable terms, consist of a $7.5 million operating facility (renewable annually), and a $25 million revolving 3-year term credit facility. The facilities will be used to provide short-term liquidity, as well as the financing of acquisitions and capital expenditures. The revolving three-year term facility provides for monthly payments of interest only. The new credit facilities will be established upon completion of definitive loan documentation.
“We are very pleased with the establishment of our new credit facilities,” stated David Yager, Chief Executive Officer” of HSE. “We believe this new credit facility positions us well to be able to act quickly on strategic opportunities when they arise. Based on current levels of bank term debt, HSE has $10 million in term debt borrowing capacity, plus $4 million per year in expansion capital that prior to this new facility would have been used for quarterly principal repayment.”
HSE is an integrated, national supplier of industrial Health, Safety and Environmental services. From its head office in Calgary, Alberta, it serves its clients from field service locations in Alberta, British Columbia, Ontario, Nova Scotia, New Brunswick and Michigan. HSE trades on the TSX Venture Exchange under the symbol “HSL”.
Forward-Looking Statements
This news release may contain forward-looking statements concerning, among other things, the Company’s prospects, expected revenues, expenses, profits, financial position, strategic direction, and growth initiatives, all of which are subject to risks, uncertainties and assumptions. These forward-looking statements are identified by their use of terms and phrases such as expect, anticipate, estimate, believe, may, will, intend, plan, continue, project, objective and other similar terms and phrases. These statements are based on certain assumptions and analyses made by the Company based on its experience and assessment of current conditions, known trends, expected future developments and other factors it believes are appropriate under the circumstances. Such statements are subject to numerous external variables, both known and unknown, such as changes in commodity prices for natural gas and oil, changes in drilling activity, weather conditions, industry-specific and general economic conditions and exchange rate fluctuations. If any of these risks and uncertainties materializes or if assumptions are incorrect, actual results may differ materially from those expressed or implied in the forward-looking statements. The forward looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
For more information please contact:
David Yager, Chairman & CEO
Telephone: (403) 266-1833
E-Mail:
Tony Hidalgo, Chief Financial Officer
Telephone: (403) 266-1833
E-Mail: