Business
Zedcor Inc. Completes Sale of Rentals Segment Assets for $11.3 Million; Appointment of Chief Operating Officer
Calgary, Alberta--(Newsfile Corp. - June 30, 2021) - Zedcor Inc. (TSXV: ZDC) (the "C...
About this update from Zedcor Inc
[{"type":"text","content":"Zedcor Inc. Completes Sale of Rentals Segment Assets for $11.3 Million; Appointment of Chief Operating OfficerCalgary, Alberta--(Newsfile Corp. - June 30, 2021) - Zedcor Inc. (TSXV: ZDC) (the \"Company\" or \"Zedcor\") is pleased to announce that further to its press release dated May 27, 2021, it has completed the sale of its Rentals Segment assets to Maynbridge Capital Inc (\"Maynbridge\").Gross cash proceeds from the transaction were $11.3 million. This amount will be applied against Zedcor's indebtedness to Maynbridge. As a result of the transaction, the Company's outstanding debt to Maynbridge, which excludes amounts drawn on the operating line of credit, is below $5.0 million. The Company's outstanding debt now represents less than two times EBITDA on a trailing twelve-month basis. As a result of the reduced leverage, Zedcor has been in discussions with its banking partners to secure additional equipment financing to expand its fleet of MobileyeZ security towers and continue growing its operations across Canada.Appointment of Chief Operating Officer:Zedcor is also pleased to announce the appointment of James Leganchuk as Chief Operating Officer effective July 1, 2021. Mr. Leganchuk has been with Zedcor since 2011, previously serving as VP Operations and VP Business Development. He has extensive industry knowledge of operations and industrial rental solutions; in addition, Mr. Leganchuk played an integral role in establishing Zedcor's centralized surveillance centre in Edmonton, Alberta and has helped to streamline operations and create efficiencies throughout the Company.About Zedcor Inc.Zedcor is a Canadian public corporation and parent company to Zedcor Security Solutions Corp. (\"Zedcor Security Solutions\"). Zedcor Security Solutions is engaged in the providing security & surveillance services throughout Canada. With its state-of-the-art 24/7 live, verified monitoring center located in Western Canada, the Company is able to provide cutting edge, technology-based security solutions to its customers across all industry segments. The Company trades on the TSX Venture Exchange under the symbol \"ZDC\". FORWARD-LOOKING STATEMENTSCertain statements included or incorporated by reference in this press release constitute forward-looking statements or forward-looking information, including the application of procee...