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Calgary, 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.
Zedcor Inc. Enters into Agreement to Sell Rentals Segment Assets for $11.3 Million
Calgary, Alberta (Newsfile Corp. - May 27, 2021) - Zedcor Inc. (TSXV: ZDC) (the Company or Zedcor ) today announced it has entered into an agreement with a privately held company, controlled and owned by Maynbridge Capital Inc., to sell the assets of the Company s Rentals segment (the Rentals Assets ) for cash proceeds of $11.3 million (the Transaction ).
Transaction Details:
In addition to the $11.3 million of cash proceeds, Zedcor will receive:
a bonus payment of 35% for each dollar of earnings before interest, taxes, depreciation and amortization ( EBITDA ) above an annual threshold summarized in the table below which will be calculated on the first, second, and third anniversary dates of the closing of the transaction;
BY
THROUGH
ZAKIONO ENTERPRISES LIMITED · CPI Property Group S.A. ( CPI ) and Aroundtown SA ( Aroundtown , together with CPI, the Consortium ) announce the terms of a cash offer pursuant to which Zakiono Enterprises Limited ( Zakiono ) shall offer to acquire the entire issued and to be issued share capital (not already held, or agreed to be acquired, by Zakiono) of Globalworth Real Estate Investments Limited ( Globalworth ) (the Offer ). · Under the terms of the Offer, which will be subject to the Conditions and certain further terms set out in Appendix 1 to this announcement and to the full terms and conditions which will be set out in the Offer Document, Globalworth Shareholders will be entitled to receive: