Canadian Equipment Rentals Corp. Signs Fifth Amending Credit Agreement
CALGARY, ALBERTA – December 16, 2016: Canadian Equipment Rentals Corp. (the “Company”) (TSX VENTURE: CFL) today announced that it has entered into a Fifth Amending Agreement with its senior lenders. This agreement expires on February 28, 2017 and allows management to continue to execute on the commitment to reduce the Company’s balance sheet leverage.
The recently announced sale of the Waste Management division, which closed on December 1, 2016, was a material step forward in this process. Management continues to sell down underutilized equipment and explore alternative sources of capital. The Company is also seeing strong demand for oilfield rental equipment going into the winter drilling season which is a positive sign for the energy service division.
About Canadian Equipment Rentals Corp.
Canadian Equipment Rentals Corp. is a Canadian public corporation with two operating divisions: Energy Services and General Rentals. The Energy Services division is engaged in the rental of surface rentals and accommodations to the Western Canadian Oil and Gas Industry. The General Rentals division is engaged in the rental of industrial and construction equipment. The Company trades on the TSX Venture Exchange under the symbol “CFL”.
Certain statements included or incorporated by reference in this press release constitute forward-looking statements or forward-looking information, including management’s assessment of expected activity levels continuing through 2016, and expected decrease in demand for rental equipment over the next year as well as forecasted economic measures for the Province of Alberta and oil and natural gas prices and the effect on drilling programs as a result of the decline in oil prices. Forward-looking statements or information may contain statements with the words “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “budget”, “should”, “project”, “demand”, “may have been” or similar words suggesting future outcomes or expectations. Although the Company believes that the expectations implied in such forward-looking statements or information are reasonable, undue reliance should not be placed on these forward-looking statements because the Company can give no assurance that such statements will prove to be correct. Forward-looking statements or information based on current expectations, estimates and projections involve a number of assumptions about the future and uncertainties. Although management believes these assumptions are reasonable, there can be no assurance that they will be proved to be correct, and actual results will differ materially from those anticipated. For this purpose, any statements herein that are not statements of historical fact may be deemed to be forward-looking statements. The forward-looking statements or information contained in this press release are made as of the date hereof and the Company assumes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new contrary information, future events or any other reason, unless it is required by any applicable securities laws. The forward-looking statements or information contained in this press release are expressly qualified by this cautionary statement.
For further information contact:
P: (403) 930-5433
Chief Financial Officer
P: (403) 930-5434
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