VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / July 29, 2014 / INTERCEPT ENERGY SERVICES INC. ("Intercept" or the "Company") - TSX Venture: IES -OTC:BB - IESCF announces that it has entered into a $2,500,000 million equipment lease finance facility with Weslease Income Growth Fund Limited Partnership by its general partner Weslease Income Growth Fund GP Ltd. The term of the lease financing is for five years and the Company is required to make monthly payments on the facility of approximately $74,000 beginning August 15, 2014. The Company, may at any time after the first year, payout the financing without penalty or additional fees. The equipment lease facility is secured by a charge over all of the assets of the Company and includes other usual and customary terms and conditions.
The proceeds from the equipment lease facility will be used to fully extinguish debt currently owed to a Canadian chartered bank of $1,584,435.62, and to reduce debt owing to an arm's length third-party lender from approximately $1.1 million to $800,000, and to repay other indebtedness of approximately $300,000. The balance will be used for general business purposes, including the Company's planned expansion into the United States.
INTERCEPT ENERGY SERVICES INC. (http://interceptenergy.ca)
Intercept Energy Services Inc. is an oil and gas service company whose primary business is providing an innovative and proprietary technology that heats water used in the fracturing process by exploration and production companies operating in Canada and the United States. These services are designed to enhance safety, increase efficiency and results in lower costs.
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. All statements included herein, other than statements of historical fact, constitute forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of certain assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
For More information please contact
RANDY HAYWARD, PRESIDENT or BUCHALTER CONSULTING
Phone: 250-247-8689 or 604-687-8855 Toll free 1 866 631 6537
[email protected] [email protected]
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