Business
Zedcor Inc. Announces Expansion of Credit Facility and Contract for Fixed Monitoring Services
Calgary, Alberta--(Newsfile Corp. - April 27, 2022) - Zedcor Inc. (TSXV: ZDC) (the " Company "...
About this update from Zedcor Inc
[{"type":"text","content":"Zedcor Inc. Announces Expansion of Credit Facility and Contract for Fixed Monitoring ServicesCalgary, Alberta--(Newsfile Corp. - April 27, 2022) - Zedcor Inc. (TSXV: ZDC) (the \"Company\" or \"Zedcor\") is pleased to announce that it has entered into an amended and restated Commitment Letter (the \"Amended Commitment Letter\") with its primary lender which provides for a total of $6.0 million in equipment financing.The Company is also pleased to announce that it has entered into a contract with North America's largest equipment auction house (the \"Customer\") to provide fixed monitoring services at its Nisku, Alberta facility for 24 months. Zedcor has also received a verbal commitment from the Customer to use the Company's fixed monitoring services at its 13 remaining locations across Canada, including its location in Montreal, Quebec for which Zedcor is already providing fixed monitoring services with contract terms being negotiated.Todd Ziniuk, President and CEO of Zedcor, stated: \"This additional financing will help us execute our expansion plans for 2022. We are seeing nearly full utilization for our MobileyeZ security tower fleet and demand for our services continues to be robust. Our goal is to ensure we have equipment available to provide security solutions to our customers. Our expansion strategy remains on track with the recent hiring of our VP, National Accounts based in Ottawa, Ontario and we are starting to build demand for our MobileyeZ security towers in Eastern Canada. Our fixed monitoring services continue to gain traction as well, with our customers seeing the value of using technology-based security solutions over the traditional manpower based security model. The contract we signed to provide fixed monitoring services with our prominent Customer has already yielded positive results for them with two burglars arrested at their Montreal location in mid-April. The additional financing positions us well to meet our customer's demand and continue to grow our footprint across Canada.\" Zedcor currently has $2.7 million drawn on its equipment financing facility and the Amended Commitment Letter will provide Zedcor with an additional $3.3 million which is immediately available to the Company. Zedcor anticipates it will draw down on the remaining availability prior to the end of 2022 to fund its capital program for t...