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McCOY GLOBAL ANNOUNCES CLOSING OF SALE-LEASEBACK TRANSACTION
McCOY GLOBAL ANNOUNCES CLOSING OF SALE-LEASEBACK TRANSACTION Canada NewsWire ...
About this update from Mccoy Global Inc.
[{"type":"text","content":"\n \n \n \n McCOY GLOBAL ANNOUNCES CLOSING OF SALE-LEASEBACK TRANSACTION\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n EDMONTON, AB\n \n \n ,\n \n \n Dec. 22, 2022\n \n \n /CNW/ - McCoy Global Inc. (\"\n \n McCoy\n \n ,\" \"McCoy Global\" or \"the Corporation\") (TSX:MCB) today announced the closing of a sale-leaseback transaction of its\n \n Cedar Park, Texas\n \n production and service facility.\n \n \n \n \n \n \n \n \n \n The real estate was sold for proceeds of\n \n $9.0 million\n \n (\n \n US$6.7 million\n \n ) resulting in an estimated gain on sale of\n \n $5.5 million\n \n . Following the sale, the Corporation entered into a 5-year initial term lease agreement for the facility, with a 5-year renewal option.\n \n \n \n Jim Rakievich\n \n , President & CEO remarked, \"We are pleased with the result of the sale-leaseback transaction as the Corporation continues to grow its data acquisition portfolio, which is the primary focus of our\n \n Cedar Park\n \n team. The proceeds of the transaction will provide\n \n McCoy\n \n with additional capital to continue our growth strategy and provide a strong working capital base in this current robust oil and gas market environment.\"\n \n \n \n About McCoy Global Inc.\n \n \n \n McCoy Global is transforming well construction using automation and machine learning to maximize wellbore integrity and collect precise connection data critical to the global energy industry. The Corporation has offices in\n \n Canada\n \n ,\n \n the United States of America\n \n , and the\n \n United Arab Emirates\n \n and operates internationally in more than 50 countries through a combination of direct sales and key distributors.\n \n \n Throughout\n \n McCoy's\n \n 100-year history, it has proudly called\n \n Edmonton, Alberta, Canada\n \n its corporate headquarters. The Corporation's shares are listed on the Toronto Stock Exchange and trade under the symbol \"MCB\".\n \n \n \n \n Forward-Looking Information\n \n \n \n \n \n This News Release contains forward looking statements and forward l...