Tornado Global Hydrovacs Increases Operating Line
12 November 2022 - 8:15AM
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:
Brett NewtonPresident & Chief Executive
OfficerPhone: (587) 802-5070Email: bnewton@tghl.ca
Advisory
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.
Neither the Exchange nor its Regulation
Service Provider (as that term is defined in policies of the
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
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