TORONTO, July 04, 2018 (GLOBE NEWSWIRE) -- Enssolutions Group Inc. (TSXV:ENV.H) (OTC Pink Sheets:NSLSF) (“Enssolutions” or the “Company”), a manufacturer and distributor of environmentally responsible emulsion products for a wide variety of industrial and commercial market demands, is pleased to announce that the Company has entered into a short term secured loan agreement with Hermelin Bridge, LLC, (“Hermelin”), a New York based working capital financing company, pursuant to which Hermelin has advanced to the Company a USD $100,000 non-revolving term loan bearing an interest rate of 12% per annum (the “Bridge Loan”). The proceeds of the Bridge Loan will be used for the ongoing working capital requirements of the Company. The Bridge Loan has a 60-day term, subject to acceleration in certain events. The Bridge Loan is secured by a general security agreement over the assets of the Company and its subsidiaries. As consideration for entering into the Bridge Loan, the Company paid to Hermelin a loan establishment fee of 6% of the principal amount of the Bridge Loan.
About Enssolutions
Enssolutions manufactures, distributes and applies environmentally responsible products to meet a wide variety of industrial and commercial market demands. Enssolutions provides engineered environmental solutions for mine tailings control, process dust and erosion control, granular stabilization, road construction/maintenance and stockpile sealing. It has production facilities in Beamsvile, Ontario and Phoenix, Arizona that service some of North America’s largest mining, steel, cement, and road construction/maintenance companies as well as numerous public road authorities.
For more information on Enssolutions, please visit www.enssolutions.com.
Certain information in this news release constitutes forward-looking statements. When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. 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. Such statements reflect the Company’s current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company’s public disclosure documents. Many factors could cause the Company’s actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
For Further Information:
Jeremy Schoenfelder
President and Chief Executive Officer
Tel: (877) 520-6767
Email: jeremy@enssolutions.com
Neither the 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.
