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Gold/Mining/Energy : Churchill (CUQ), PE of 3!
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To: Gulo who wrote (146)7/6/1999 2:39:00 PM
From: speculatingvalue  Read Replies (1) of 264
 
Churchill is Debt Free

EDMONTON, July 6 /CNW/ - The Churchill Corporation is pleased to announce
that it has accelerated the full repayment of the loan it borrowed in 1997 to
finance the repurchase of all of its preferred shares and cancellation of
one-half of its common shares. The funds used to retire the loan were
generated from the strong profits achieved during the last two years. As a
result, Churchill has no debt outstanding. This early repayment of the loan
will necessitate the write-off of deferred loan costs, which had a balance of
$426,000 on December 31, 1998.
Hank Reid, Churchill's President and CEO, considers the repayment of the
debt to be a major step for the Corporation. ''Paying off all our debt from
the profits we have been able to achieve is a major accomplishment. This
further strengthens our ability to grow the business and to continue to
benefit from the strong construction market anticipated in western Canada over
the next several years,'' he said.
The Churchill Corporation is a diversified construction corporation
listed on the Alberta Stock Exchange under the symbol CUQ.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
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