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Fri, November 11, 2011
Thu, November 10, 2011
Phoenix Oilfield Hauling Inc. Announces Transfer of Credit Facility
November 10, 2011 19:31 ET
Phoenix Oilfield Hauling Inc. Announces Transfer of Credit Facility
CALGARY, ALBERTA--(Marketwire - Nov. 10, 2011) -
THIS PRESS RELEASE IS NOT TO BE DISTRIBUTED TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.
Phoenix Oilfield Hauling Inc. ("Phoenix" or the "Company") (TSX VENTURE:PHN) is pleased to announce that as a result of its improved financial performance, as reflected in quarterly revenue, EBITDA and net income, the Company has exceeded all of the earnings-based financial covenants of its primary and secondary lenders, and therefore, the Company's primary lender has agreed to transfer the Company's account from its Special Credit group back to an operating branch immediately, thereby putting the Company back into a conventional relationship with its lenders.
About Phoenix Oilfield Hauling Inc.
Phoenix is a public energy services transportation corporation operating in Western Canada, Texas and Pennsylvania.
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.