Lakeside Steel Announces Funding of $7.5 Million Credit Facility
22 10월 2011 - 6:15PM
PR Newswire (Canada)
WELLAND, ON, Oct. 24, 2011 /CNW/ - Lakeside Steel Inc. ("Lakeside"
or the "Company") today announced the execution and funding of its
$7.5 million five year term loan with CIBC which was previously
announced on February 23, 2011. The facility has a variable
interest rate based on the Canadian prime interest rate which is
payable on a quarterly basis. The facility will be used to finance
a portion of the cost of construction of Lakeside's new ten-inch
pipe mill, heat-treating and end-finishing facilities in
Thomasville, Alabama. Ron Bedard, President and Chief Operating
Officer commented, "This $7.5 million facility, coupled with the
previously announced $22 million EB-5 facility available in March
2012, positions Lakeside well to complete our build out. We
thank our lending partners and our equity investors for their
support in advancing our three key projects. Once our
projects are complete, Lakeside will be well positioned to serve
the market in every cycle." About Lakeside Steel Inc. Lakeside is a
2011 TSX Venture Exchange 50 company and the parent company of
Lakeside Steel Corporation, Lakeside Steel Alabama Inc. and
Lakeside Steel Texas Inc. Lakeside has operating facilities located
in Welland, Ontario, and Corpus Christi, Texas, and three
facilities currently being constructed in Thomasville, Alabama.
Lakeside is a diversified steel pipe and tubing manufacturer with a
focus on manufacturing and upgrading Oil Country Tubular Goods.
Lakeside's list of customers includes large oil and gas end users
as well as distributors across North America. Lakeside Steel
Alabama will be a diversified steel pipe manufacturer with
end-finishing and heat treat capabilities strategically situated in
the southern United States on successful completion of construction
of the new facilities in Thomasville, Alabama. Construction of the
Alabama facilities is currently underway. This press release may
contain forward-looking statements with respect to the Company, its
operations, strategy, financial performance and condition. These
statements generally can be identified by use of forward looking
words such as "may", "will", "expect", "estimate", "anticipate",
intends", "believe" or "continue" or the negative thereof or
similar variations. The actual results and performance of the
Company discussed herein could differ materially from those
expressed or implied by such statements. Such statements are
qualified in their entirety by the inherent risks and uncertainties
surrounding future expectations. Important factors that could cause
actual results to differ materially from expectations include,
among other things, general economic and market factors,
competition, changes in government regulations and the factors
described under "Risk Factors" in the Management's Discussion, and
Analysis, Annual Information Form and Filing Statement of the
Company which are available at www.sedar.com. The cautionary
statements qualify all forward-looking statements attributable to
the Company and persons acting on their behalf. Unless otherwise
stated, all forward-looking statements speak only as of the date of
this press release and the Company has no obligation to update such
statements. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Lakeside was recognized as a TSX Venture
50® company in 2010 and 2011. TSX Venture 50 is a trade-mark of TSX
Inc. and is used under license. Lakeside Steel Inc. CONTACT: Ron
Bedard Ken Hunter President and Chief Operating Officer Chief
Financial OfficerLakeside Steel Inc. Lakeside Steel IncFAX:
(905)735-9069 FAX: (905)735-9069e-mail:
ron.bedard@lakesidesteelcorp.ca
e-mail:ken.hunter@lakesidesteelcorp.ca
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