ST. ALBERT, ALBERTA--(Marketwired - Nov. 20, 2013) - Leonard D. Jaroszuk, President and CEO of Enterprise Group, Inc. (TSX:E) ("Enterprise" or "Corporation") is pleased to announce that the Corporation has accepted a term sheet presented by PNC Bank Canada Branch (PNC) to increase its current senior secured finance facility from $20.0 million to $35 million at the existing interest rate of prime plus 2%. The finance facility increase is subject to final due diligence of a planned strategic acquisition.
Further to the existing terms, PNC has also agreed to the Corporation's 2014 capital expenditure program at $12.0 million. This capital expenditure increase will facilitate the aggressive growth plan to meet the demand for the services of Enterprise's business units.
About Enterprise Group, Inc.
Enterprise Group, Inc. is a consolidator of construction services companies operating in the energy, utility and transportation infrastructure industries. The Company's focus is primarily construction services and specialized equipment rental. The Company's strategy is to acquire complementary service companies in Western Canada, consolidating capital, management and human resources to support continued growth. Enterprise became a Western Canadian leader in flameless heat technology in September 2012 with its acquisition of Artic Therm International Ltd. and has now become a technological leader in underground infrastructure construction by the closing of Calgary Tunnelling & Horizontal Augering Ltd. June 14, 2013.
Forward Looking Statements
Certain statements contained in this release constitute forward-looking information. These statements relate to future events or the Company's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on current beliefs or assumptions as to the outcome and timing of future events. Actual future results may differ materially. In particular, statements with respect to anticipated activity levels and profitability of the Company's utility and infrastructure division and anticipated increases in revenue and margins attributed to services provided by the Company to the energy sector contain forward looking information. The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website at www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The forward-looking statements and information contained in this document are made as of the date hereof for the purpose of providing the readers with the Company's expectations for the next year. The forward-looking statements and information may not be appropriate for other purposes. The Company disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.