Winalta Announces Approval of a Quarterly Dividend and Reductions in Interest Rates on Key Credit Facilities
April 29 2012 - 9:01PM
PR Newswire (Canada)
CALGARY, April 30, 2012 /CNW/ - Winalta Inc. ("Winalta" or the
"Company") is pleased to announce that after a successful
transition year, strong operational performance and attaining a
solid financial position, the Board of Directors has approved
implementation of a quarterly dividend policy. The first dividend
will be $0.01 per share and will be paid on May 31, 2012 to
shareholders of record on May 14, 2012. This dividend is an
eligible dividend for Canadian tax purposes. The Company has
successfully negotiated certain terms and conditions of its main
credit facilities, including the interest rates for both the
operating line and term facility which have been reduced from prime
base plus 2.0% and 3.0% to 1.25% and 1.75% respectively. The
company was also successful in extending the term of its facilities
from one year to two years, with a new due date of April 30, 2014.
The operating loan facility is secured by accounts receivable and
the term loan facility is secured by the oilfield equipment rental
assets. There were no other material changes to the credit limits,
or any other key terms of the facilities. Winalta Inc., operating
under the trade name, Winalta Oilfield Rentals, is an oilfield
service provider that specializes in portable industrial rental
accommodations, remote offices and Dedicated Geo Labs; servicing
the Western Canadian oil and gas Industry. Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Forward-looking information Certain information set forth in this
press release, including management's assessment of the timing of
future dividend payments may constitute forward-looking statements.
By their nature, forward-looking statements involve material
assumptions and are subject to numerous risks and uncertainties,
including with respect to market and economic conditions and their
impact on the Company's business, some of which, are beyond our
control. Readers are cautioned not to place undue reliance on the
forward-looking statements as the assumptions used in the
preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and actual
results, performance or outcomes could materially differ from those
expressed or implied in such forward-looking statements and
accordingly, no assurance can be given that any of the events
anticipated by forward looking statements will transpire or occur,
or if any of them do so, what benefit Winalta will derive
therefrom. The Company does not assume the obligation to revise or
update this forward-looking information after the date of this
release or to revise such information to reflect the occurrence of
future unanticipated events, except as may be required under
applicable securities laws. Winalta Inc. CONTACT: David Hopley,
CFOPhone: (780) 960-6900Austin Fraser, Senior Vice PresidentPhone:
(403) 826-5701winalta@winaltainc.com
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