CECO Environmental Announces Successful Equity Transactions
January 15, 2002
CECO Environmental Corp. recently announced that it has completed new equity financings totaling $4,370,000. CECO raised equity from two separate groups -- a private investment group and a management lead group. Net proceeds of these capital investments, combined with excess working capital, were used to repay $5 million of long-term bank debt. With this latest transaction, CECO's bank debt incurred in connection with its acquisition of Kirk & Blum has been reduced by $12.7 million in just two years, from $30.2 million on December 7, 1999, to $17.5 million on December 31, 2001. "CECO has prospered in a difficult economic climate," said Richard Blum, president of CECO Environmental. "The latest capital investments, combined with cash flow from operations, further reduces debt related to the acquisition of Kirk & Blum."
For more information, visit http://www.cecoenviro.com.