Winnipeg, July 4, 2019: People Corporation (TSX-V: PEO) (the “Company”) announced today that it has amended and increased its bank credit facility (the “Facility”) to $125 million in committed credit availability (from $93 million), with an option, subject to the satisfaction of certain terms and conditions, to increase the Facility by an additional $50 million, to a total of $175 million overall. In addition, the Facility’s term has been extended to June 1, 2022, the number of lenders in the syndicate has been increased, and improvements in other terms have been achieved, including lower borrowing costs and greater flexibility.
Dennis Stewner, Chief Financial Officer and Chief Operating Officer of People Corporation commented, “People Corporation has a history of solid organic growth as well as strategic acquisition activity. This Facility improves our financial flexibility and enhances our ability to invest in our growth strategy. We are very pleased with the ongoing strong support provided by our senior lenders.”
About People Corporation
People Corporation is a national provider of group benefits, group retirement and human resource services. The Company has offices across Canada, each led by a team of experts and backed by the resources of a national company that is traded on the TSX-V. The Company’s industry experts provide uniquely valuable insight while customizing an innovative suite of services to the specific needs of its clients. Whatever your sector, whatever your scale, putting People Corporation’s expertise and proven track record to work will make a difference to your people and your bottom line.
This news release contains “forward-looking statements” within the meaning of applicable securities laws, such as statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Use of words such as “may”, “will”, “expect”, “believe”, “intends”, “likely”, or other words of similar effect may indicate a “forward-looking” statement. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in the Company’s publicly filed documents (available on SEDAR at www.sedar.com). Those risks and uncertainties include the ability to maintain profitability and manage organic or acquisition growth, reliance on information systems and technology, reputation risk, dependence on key clients, reliance on key professionals and general economic conditions. Many of these risks and uncertainties can affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statement made by the Company or on its behalf. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements in this news release are qualified by these cautionary statements. These statements are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities.
Investor Relations Inquiries:
Jonathan Ross, CFA
Investor Relations – People Corporation
Dennis Stewner, CPA, CA
CFO and COO – People Corporation
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