press release 2007-3
FOR IMMEDIATE RELEASE
Toronto Stock Exchange
Symbol “TSX: CSA”
Commercial Consolidates Banking and Debt Facilities
Edmonton Alberta, Canada, April 18, 2007 - COMMERCIAL SOLUTIONS INC. ("Commercial" or "Company") (TSX:CSA) today announced that it has consolidated its banking arrangements and completed a new debt facility ("Facility") with CIBC.
The new consolidated Facility consists of a $25 million operating loan and a $10 million acquisition line with flexibility allowing it to increase with the growth of Commercial. The Facility replaces Commercial's mix of operating loans, subordinated debentures and term loans provided by three separate financial institutions. Pricing for the Facility is at prime, with a sliding scale increase based on covenants.
"We are pleased to partner and consolidate our credit facilities with CIBC at an overall lower cost to Commercial", commented President and CEO Jim Barker. "We thank Bank of Montreal, Roynat Capital Inc. and Bank of Montreal Capital Corp, for assisting Commercial with its growth over the past several years and we look forward to our new relationship with CIBC."
About Commercial
Headquartered in Edmonton, Alberta, Commercial is one of Canada's leading independent industrial distributors with 40 Services Centres and approximately 400 employees located across Canada. Commercial offers more than 160,000 items critical to maintenance repair and operations (MRO) and original equipment manufacturer (OEM) customers. The Company represents 450 leading manufacturers and serves over 11,000 customer accounts within a broad cross-section of industries, including oil and gas, forestry, food processing, chemical processing, mining and aggregate, utilities, agriculture and construction. Commercial trades under the symbol "CSA" on the Toronto Stock Exchange. For further information on the Company, please visit www.commercialsolutions.ca and for detailed financial information visit www.sedar.com.
Forward Looking Statements
From time to time, the Company may publish forward-looking statements relating to such matters as expected financial performance, business prospects, development activities and like matters. These statements involve risk and uncertainties, including but not limited to the risk factors previously described. Actual results could differ materially from those projected as a result of these risks and should not be relied upon as a prediction of future events. Commercial undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.
FOR FURTHER INFORMATION PLEASE CONTACT:
Commercial Solutions Inc.
Eric Sauze
Chief Financial Officer
(780) 577-2215
esauze@csinet.ca
or
Genoa Management Limited
John Sadler
(416) 962-3300
+1 (866) 430-6247
info@genoa.ca
www.genoa.ca
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