CALGARY, Alberta, Nov. 11, 2022 (GLOBE NEWSWIRE) — Tornado Global Hydrovacs Ltd. (“Tornado”, the “Company”, “we” or “us”) (TSX-V: TGH ; OTCQX: TGHLF) is pleased to announce that it has amended the Company’s credit facility (the “Credit Facility”) with The Toronto-Dominion Bank (“TD”) to increase the revolving operating line of credit from $3 million to $6 million (the “Operating Line”).
“The increase in the Operating Line provides us with the financial flexibility to manage the Company’s increasing business,” said Tornado CEO, Brett Newton. “The relationship with TD has grown stronger since the original financing in July 2021 and the increase in the Operating Line is a reflection of the Company’s growth and operating track record.”
All other terms of the Credit Facility, including the security and covenants, remain unchanged.
About Tornado Global Hydrovacs Ltd.
Tornado is a pioneer and leader in the vacuum truck industry and has been a choice of oilfield and utility professionals with over 1,000 hydrovacs sold since 2005. The Company designs and manufactures hydrovac trucks as well as provides heavy duty truck maintenance operations in central Alberta. It sells hydrovac trucks to excavation service providers in the infrastructure and industrial construction and oil and gas markets. Hydrovac trucks use high pressure water and vacuum to safely penetrate and cut soil to expose critical infrastructure for repair and installation without damage. Hydrovac excavation methods are quickly becoming a standard in the North America to safely excavate in urban areas and around critical infrastructure greatly reducing infrastructure damage and related fatalities. In China, the Company’s subsidiary is used principally to source certain parts to the Company’s North America operations.
For more information about Tornado Global Hydrovacs Ltd., visit www.tornadotrucks.com or contact:
President & Chief Executive Officer
Phone: (587) 802-5070
Certain statements contained in this news release constitute forward-looking statements and future oriented financial information. These statements relate to future events. All statements other than statements of historical fact are forward-looking statements or future oriented financial information. The use of the words “anticipates”, “should”, ‘‘may”, “expected”, “expects”, “believes” and other words of a similar nature are intended to identify forward-looking statements or future oriented financial information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements or, as applicable, such future oriented financial information. Although Tornado believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Such statements include statements with respect to the ability of the Company to manage its increase in business. The forward-looking statements and future oriented financial information contained in this news release represent Tornado’s expectations as of the date hereof and are subject to change after such date. Tornado disclaims any intention or obligation to update or revise any forward-looking statements and future oriented financial information whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
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