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Crown Capital Announces Deferral of Interest Payment to Debenture Holders

CALGARY, ALBERTA, June 28, 2024 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced that it is deferring the scheduled interest payment of $1.0 million due on June 30, 2024 in respect of the 10% unsecured subordinated debentures of the Corporation (the “Debentures”).  There are $20.0 million principal amount of Debentures issued and outstanding and they mature on December 31, 2024. The Debentures trade on the Toronto Stock Exchange under the symbol “CRWN.NT”.

As previously announced, Crown is currently in default of its senior secured credit facility (the “Crown Credit Facility”), in respect of which approximately $26.2 million had been advanced as of June 28, 2024.  The Crown Credit Facility is subject to covenant clauses, whereby the Corporation is required to meet certain key financial ratios.  Since September 30, 2023, the Corporation has not fulfilled the Net Total Debt to Trailing Twelve Month Earnings before Interest, Taxes, Depreciation and Amortization and Fixed Charge Coverage Ratio requirements of the Crown Credit Facility.

Due to current liquidity constraints as well as to constraints imposed by the Crown Credit Facility, the Corporation will not be in position to fund the interest payment due on June 30, 2024 in respect of the Debentures.  The terms of the trust indenture that governs the Debentures provides that non-payment of this interest will not constitute an event of default in respect of the Debentures until 30 days has elapsed beyond the scheduled interest payment date without payment having been made.  While the Corporation is attempting to restore sufficient liquidity to support the funding of this interest payment before the applicable cure period ends on July 30, 2024, there is no assurance that such funding will be achieved by this date.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the Corporation’s ability to achieve sufficient liquidity to fund interest payments in respect of the Debentures within a specified time frame. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.


For further information, please contact:

Michael Overvelde
Chief Financial Officer
michael.overvelde@crowncapital.ca

(416) 640-6887

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Crown Capital Announces Deferral of Interest Payment to Debenture Holders2024-07-04T14:49:09-04:00

Crown Capital Partners Announces Q1 2024 Financial Results

CALGARY, May 15, 2024 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced its financial results for the three months ended March 31, 2024. Crown’s complete financial statements and management’s discussion and analysis are available on SEDAR at www.sedarplus.ca.

Q1 2024 Financial & Operating Highlights

  • Crown recognized a net loss of $(0.6) million ($0.11 loss per basic share) in Q1 2024 compared to a net loss of $(0.7) million ($0.13 loss per basic share) in Q1 2023.
  • Distribution services revenue of $8.2 million in Q1 2024 compared with $8.2 million in Q4 2023. This segment reported a net loss before income taxes of $(0.5) million (Q4 2023 – $(1.2) million), inclusive of depreciation and amortization expense totaling $1.5 million (Q4 2023 – $1.5 million), with the net loss attributable to start-up costs in respect of certain facilities of Go Direct Global that are in various stages of achieving scale. Capacity utilization was 52% at March 31, 2024 compared with 42% at December 31, 2023.
  • Network services revenue in Q1 2024 was $6.7 million, compared with $5.4 million in Q4 2023, with the increase due primarily to non-recurring hardware sales from Galaxy Broadband Communications in the first quarter. This segment reported a net loss before income taxes of $(0.03) million (Q4 2023 – $(0.7 million), inclusive of depreciation and amortization expense totaling $0.9 million (Q4 2023 – $1.3 million) and accrued restructuring costs of $nil (Q4 2023 – $0.5 million).
  • Revenue from the Real Estate segment was $1.6 million in Q1 2024 (Q4 2023 – $1.4 million) with the quarter-over-quarter increase attributable to property management contracts added during Q1 2024. This segment recorded net income before income taxes of $0.7 million (Q4 2023 – $0.3 million), inclusive of depreciation and amortization expense of $0.2 million (Q4 2023 – $0.2 million).
  • The Distributed Power segment recorded revenues of $0.8 million in Q1 2024 (Q4 2023 – $0.5 million) with the increase primarily relating to growth in merchant power revenue. This segment reported net income before income taxes of $0.003 million (Q4 2023 – $(2.7) million net loss before income taxes) inclusive of asset impairment charges totaling $nil (Q4 2023 – $6.1 million).
  • In Q1 2024, the Specialty Finance segment recognized earnings of $2.2 million (Q4 2023 – $0.5 million) in relation to its investment in Crown Partners Fund, including $1.2 million in respect of its limited partnership interest and $1.0 million in respect of its general partnership interest in the fund. The quarterover-quarter improvement is primarily due to the recognition of larger unrealized gains during the first quarter of 2024.
  • Total equity at quarter-end decreased to $37.5 million, from $38.2 million at the end of 2023, due to a net loss attributable to shareholders of $0.6 million. Total equity per share decreased to $6.72 per basic share from $6.84 per basic share as at December 31, 2023.
  • Since September 30, 2023, Crown has not satisfied certain financial covenant clauses of its credit agreement with its bank. Accordingly, the bank is contractually entitled to request immediate repayment of the outstanding loan in the amount of $24.6 million and the outstanding balance is presented as a current liability as at March 31, 2024. The Corporation’s bank has not requested early repayment of the loan. Management is currently in discussions with lenders regarding replacing its current credit facility and multiple financing options are being considered; however, there is no assurance that such arrangements will become available.
  • In Q1 2024, Crown’s subsidiary, Community Network Partners, received the grant funding related to the completion of its first fibre network segment under the Province of Ontario’s Accelerated High-Speed Internet Program. Construction and testing of the second segment under this program is expected to be completed in Q3 2024 with receipt of the related grant funding expected in Q4 2024.

“From an operational perspective, Q1 was a good quarter for the Company as we achieved meaningful progress in all our operating divisions. We’re expecting progress to continue this year, particularly in our Network Services segment, which is being driven by our contracts to develop new fibre optic networks, and in our Distribution Services segment, where we are increasing capacity utilization. We are also actively working to generate liquidity from our portfolio of assets to reduce debt, presently focused on our bank debt as well as the debentures due at the end of 2024,” added Mr. Johnson.

Q1 2024 Financial Results Summary

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the distribution services market, the network services market and the general economy, Crown’s business plans and strategy, including anticipated investment dispositions and capital deployments and the timing thereof, anticipated refinancing activity and Crown’s future earnings. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:
Michael Overvelde
Chief Financial Officer
investor.relations@crowncapital.ca
(416) 640-6887

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Crown Capital Partners Announces Q1 2024 Financial Results2024-05-16T03:40:57-04:00

Crown Capital Partners Announces Financial Results for Q4 & Full-Year 2023

CALGARY, March 25, 2024 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced its financial results for the three and 12 months ended December 31, 2023. Crown’s complete financial statements and management’s discussion and analysis are available on SEDAR at www.sedarplus.ca.

2023 Financial & Operating Highlights

• Crown recognized a net loss of $(12.2) million ($2.16 loss per basic share) in 2023 compared to a net loss of $(7.5) million ($1.26 loss per basic share) in 2022. The net loss in 2023 is inclusive of aggregate impairment charges of $6.1 million (2022 – $3.6 million) in respect of distributed power-related equipment and equipment under development, as well as deferred tax expense of $1.6 million (2022 – recovery of $2.8 million).

• Total revenue increased to $69.6 million from $44.8 million in 2022, due primarily to an increase in distribution services revenue and the addition of property management and development revenue, a component of fees and other income, in 2023.

• Distribution services revenue increased by 144% to $34.4 million compared with $14.1 million in 2022 due primarily to increased capacity utilization and customer activity levels at facilities that commenced operations in 2022 and 2023. This segment reported a net loss before income taxes of $(3.6) million (2022 – $(1.9) million), inclusive of depreciation and amortization expense totaling $5.6 million (2022 – $1.9 million), with the net loss attributable primarily to the ongoing ramp up of facilities that commenced commercial operations in 2022 and 2023.

• Network services revenue was $26.9 million in 2023, compared with $27.3 million in 2022, due to a yearover- year revenue decline from WireIE, which is experiencing a net cancelation of customer contracts, that more than offset modest growth from Galaxy, for which a large construction-sector contract concluded in mid-Q2 2023, and Community Network Partners. This segment reported a net loss before income taxes of $(0.6) million (2022 – net income before income taxes of $3.1 million), inclusive of depreciation and amortization expense totaling $3.5 million (2022 – $3.9 million) and accrued restructuring costs of $0.5 million (2022 – $nil). The operating costs of the Network Services segment, salary expense in particular, increased year-over-year due to incremental investment in growth initiatives.

• Revenue from the Real Estate segment was $4.0 million in 2023 (2022 – $nil) with the year-over-year increase attributable to property management and development services contracts acquired in the first half of 2023. For the year ended December 31, 2023, this segment recorded net income before income taxes of $0.2 million (2022 – $0.1 million), inclusive of depreciation and amortization expense of $0.6 million (2022 – $nil).

• The Distributed Power segment recorded revenues of $2.4 million (2022 – $1.6 million) with a portion of the increase related to merchant power revenue from a project that entered service during the third quarter of 2023. This segment reported a net loss before income taxes of $(2.0) million (2022 – $(1.0) million net loss before income taxes) inclusive of asset impairment charges totaling $6.1 million (2022 – $3.6 million), 2 comprised of $5.2 million (2022 – $0.3 million) related to equipment revaluations and $0.9 million (2022 – $3.3 million) related to revised estimates of the economics of two projects under development.

• In 2023, the Specialty Finance segment recognized earnings of $3.0 million (2022 – loss of $(4.7) million) in relation to its investment in Crown Partners Fund, including $2.1 million in respect of its limited partnership interest and $0.9 million in respect of its general partnership interest in the fund. The yearover- year improvement is primarily due to the recognition of a larger provision for expected credit loss in 2022, which negatively impacted our share of losses in the prior year.

• Total equity at year-end decreased to $38.2 million, from $50.7 million at the end of 2022, due to a net loss attributable to shareholders of $12.2 million and share repurchases of $0.4 million. Total equity per share decreased to $6.84 per basic share from $8.98 per basic share as at December 31, 2022.

• Since September 30, 2023, Crown has not satisfied certain financial covenant clauses of its credit agreement with its bank. Accordingly, the bank is contractually entitled to request immediate repayment of the outstanding loan in the amount of $27.4 million and the outstanding balance is presented as a current liability as at December 31, 2023. The Corporation’s bank has not requested early repayment of the loan. On December 29, 2023, Crown’s credit facility was amended to reduce the operating loan limit from $10.0 million to $5.0 million, to provide additional security in support of the loan, and to provide access to an additional $2.1 million on the operating loan on a non-margined basis until February 29, 2024. Management is currently in discussions with lenders regarding replacing its current credit facility and multiple financing options are being considered; however, there is no assurance that such arrangements will become available.

• On December 29, 2023, Crown completed a non-brokered private placement offering of 1,500 units at a price of $980 per unit for gross proceeds of $1.5 million. Each unit is comprised of one 10% redeemable secured subordinated debenture in the principal amount of $1,000 maturing on June 30, 2025 and 50 common share purchase warrants with each warrant entitling the holder to purchase one Common Share at a price of $7.00 per Common Share until December 29, 2026. This offering was fully subscribed by directors of the Corporation.

• In December 2023, Crown’s subsidiary Community Network Partners completed the construction and testing of the first segment of its fiber network in connection with the province’s Accelerated High-Speed Internet Program, the first internet service provider to reach this milestone in relation to this program, at which time it recognized as a receivable the related grant funding, which was subsequently received in March 2024.

“2023 was a challenging year for Crown as we continued to transition from an asset management and investment platform to an operating business focused on a handful of key growth industries. Slower than anticipated realization of proceeds from our non-core assets coupled with unanticipated weakness in our two largest verticals, Network Services and Distribution Services, caused us to be offside on some of the covenants of the banking facility we put in place in early 2023. Further, our book value was negatively affected as we adjusted the value of certain assets of Crown Power Fund in preparation of selling them,” said Chris Johnson, President and CEO of Crown. “While we had our challenges, we achieved a number of significant milestones and we exited last year on a strong footing with our operating companies. We also have reasonable visibility on the liquidation of non-core assets and intend to apply any proceeds against our outstanding indebtedness,” added Mr. Johnson.

Q4 2023 Financial Highlights

• Crown recognized a net loss of $(8.5) million ($1.52 loss per basic share) in Q4 2023 compared to a net loss of $(3.3) million ($0.58 loss per basic share) in Q4 2022. The net loss in Q4 2023 is inclusive of aggregate impairment charges of $6.1 million (2022 – $nil) in respect of distributed power-related equipment and equipment under development, as well as deferred tax expense of $2.8 million (2022 – recovery of $0.6 million).

• Crown recognized a net loss before income taxes in respect of the Network Services segment of $(0.7 million) (2022 – $(0.4) million), inclusive of depreciation and amortization expense totaling $1.3 million (2022 – $0.9 million). Network services revenue in Q4 2023 decreased by 18% year-over-year for the aforementioned reasons, and by 31% quarter-over-quarter due primarily to unusually high revenue related to hardware sales and installation completed in the previous quarter.

• Our Distribution Services segment recognized a net loss before income taxes of $(1.2) million (2022 – $(1.4) million), inclusive of depreciation and amortization expense totaling $1.5 million (2022 – $1.0 million). Distribution services revenue increased by 26% year-over-year due primarily to increased capacity utilization and customer activity levels at facilities that commenced operations in 2022 and 2023. The net loss in Q4 2023 reflects start-up costs in respect of certain facilities of Go Direct Global that are in various stages of achieving scale.

• In Q4 2023, Crown recognized a net loss before income taxes in respect of the Distributed Power segment of $(2.7) million (2022 – net income before taxes of $0.1 million), inclusive of aggregate impairment charges of $6.1 million (2022 – $3.6 million) recorded in respect of distributed power equipment and equipment under development.

• Our share of earnings of Crown Partners Fund was $0.5 million, a year-over-year increase compared with a loss of $(0.7) million in Q4 2022, with the improvement primarily due to an increase in the estimated fair value of certain equity securities of Crown Partners Fund in Q4 2023.

Q4 & FY2023 Financial Results Summary

About Crown Capital Partners (TSX:CRWN)
Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS
This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the distribution services market, the network services market and the general economy, Crown’s business plans and strategy, including anticipated investment dispositions and capital deployments and the timing thereof, anticipated refinancing activity and Crown’s future earnings. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:
Michael Overvelde
Chief Financial Officer
investor.relations@crowncapital.ca
(416) 640-6887

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Crown Capital Partners Announces Financial Results for Q4 & Full-Year 20232024-03-26T12:12:11-04:00

Crown Capital Announces Amendment to Credit Facility, Closing of Private Placement Offering of Units and Appointment of New Director

CALGARY, ALBERTA, December 29, 2023 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announces that it has entered into an agreement with Canadian Western Bank (“CWB”) which amends the terms of the Corporation’s credit facility with CWB as follows: (i) reducing the maximum amount of the Corporation’s operating loan limit from $10,000,000 to $5,000,000; (ii) providing for the operating loan limit to be calculated with the inclusion of $2,130,000 on a non-margined basis until February 29, 2024, which effectively provides $2,130,000 in additional funding to the Corporation until February 29, 2024; and (iii) grants CWB additional security on two real estate properties owned by the Corporation in Ontario. Crown will continue to
present the outstanding balance of its credit facility with CWB as a current liability as at December 31, 2023.

In addition, the Corporation announces that it has completed a non-brokered private placement offering (the “Offering”) of 1,500 units of the Corporation (“Units”) at a price of $980 per Unit for gross proceeds of $1,470,000. Each Unit is comprised of one 10% redeemable secured subordinated debenture of the Corporation (each a “Debenture”) in the principal amount of $1,000 due June 30, 2025 (the “Maturity Date”) and 50 common share (“Share”) purchase warrants of the Corporation (each a “Warrant”). Each Warrant entitles the subscriber to purchase one Share at an exercise price of $7.00 per Share, subject to adjustment in certain events, at any time on or before the date that is 36 months from the date of issuance of the Warrant.

The net proceeds received by the Corporation from the Offering will be used for general working capital purposes.

The Debentures bear interest at a rate of 10% per annum from the date of issue, payable in arrears semi-annually on June 30 and December 31 of each year, commencing on June 30, 2024. The principal amount of each Debenture, plus all accrued and unpaid interest thereon, shall be redeemable, in whole or in part, at the option of the Corporation at any time after six months from the date of issuance and prior to the Maturity Date.

Each of the following insiders of the Corporation participated in the Offering directly or through corporations controlled by them or through persons related to them: John Brussa, Chris Johnson, Alan Rowe, Steven Sharpe, C. Robert Gillis and Charles Frischer. These insiders purchased all of the Units sold pursuant to the Offering (the “Insider Subscriptions”). The Insider Subscriptions are considered to be a “related party transaction” for the purposes of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). In accordance with MI 61-101, the Corporation is not required to obtain a formal valuation or minority approval of the Offering due to the fact that it may rely on an exemption to those requirements contained in MI 61- 101, namely that the fair market value of the Offering is not more than 25% of the market capitalization of the Corporation.

All securities issued in connection with the Offering are subject to a hold period of four-months and one day in Canada.

The final closing of the Offering is subject to receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

The Corporation also announces that Charles Frischer has been appointed to the board of directors of the Corporation. Mr. Frischer has been the general partner of LFF Partners, a family office based in Seattle, since 2004 and previously served as a Principal at Zephyr Management LP, a New York-based private equity firm, and as a Senior Vice President at Capri Capital. Mr. Frischer graduated from Cornell University in 1988 with a BA in government. He and his wife currently own approximately 11% of the outstanding Shares of Crown.

“We welcome Charlie to Crown’s Board of Directors”, said Alan Rowe, Chair of Crown. “Charlie has a broad skill set that will serve us well as we continue to build out the Crown Capital platform.”

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the closing of the Offering and the use of the proceeds of the Offering. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information

For further information, please contact:
Michael Overvelde
Chief Financial Officer
investor.relations@crowncapital.ca
(416) 640-6887

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Crown Capital Announces Amendment to Credit Facility, Closing of Private Placement Offering of Units and Appointment of New Director2024-01-04T05:11:11-05:00

Q3 & FY2023 Financial Results

CALGARY, AB, November 9, 2023 /CNW/ – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced its financial results for the three and nine months ended September 30, 2023. Crown’s complete financial statements and management’s discussion and analysis are available on SEDAR at www.sedar.com.

Q3 2023 Financial & Operating Highlights

  • Network Services revenue was $7.8 million, a $0.3 million increase from the $7.5 million in Q3 2022, with the commencement of new projects at Community Network Partners being offset by declines in the revenues of WireIE and Galaxy. The Network Services segment contributed a net loss before income taxes of $(1.1) million, inclusive of depreciation and amortization expense totaling $0.7 million and accrued restructuring costs of $0.5 million. This compares with net income before income taxes of $1.1 million in Q3 2022. The reduction in profitability in this segment is due to both an ongoing contraction of WireIE’s business and the wind-down of certain high-margin contracts at Galaxy, with multiple growth initiatives within its Community Network Partners and Galaxy subsidiaries still at early stages of ramping up.
  • Distribution Services revenue of $8.9 million was consistent on a quarter-over-quarter basis and increased by 28% compared with Q3 2022 due primarily to increased capacity utilization and customer activity levels at facilities that commenced operations in 2022. This segment reported a net loss before income taxes of $(0.4) million, inclusive of depreciation expense totaling $1.4 million. Capacity utilization was 70% at September 30, 2023, consistent with June 30, 2023 and compared with 39% at December 31, 2022. Crown expects capacity utilization to be higher in Q4 2023 and to increase significantly in 2024 leading to a material increase in the revenue and operating earnings from this segment.
  • In Q3 2023, Crown’s share of earnings of Crown Partners Fund totaled $0.2 million (Q3 2022 – $0.1 million), including $0.01 million in respect of Crown’s general partnership interest as a result of an increase in the accrued performance bonus payable to Crown by the fund and $0.2 million in respect of Crown’s limited partnership interest. Compared with June 30, 2023, the carrying value of Crown’s investment in Crown Partners Fund increased by $0.1 million to $24.1 million.
  • Crown reported a net loss of $(1.8) million ($0.32 loss per basic share) in Q3 2023, compared with a net loss of $(2.1) million ($0.38 loss per basic share) in Q3 2022.
  • Total equity at quarter-end was $46.6 million, down from $50.7 million at the end of 2022, reflecting the net loss attributable to shareholders in the first nine months of 2023. Total equity per share was $8.33 per basic share, compared with $8.98 as at December 31, 2022.
  • As at September 30, 2023, the Corporation did not satisfy certain financial covenant clauses of its credit agreement with its bank. Accordingly, the bank is contractually entitled to request immediate repayment of the outstanding loan in the amount of $24.5 million and the outstanding balance is presented as a current liability as at September 30, 2023. The Corporation’s Bank has not requested early repayment of the loan. Management is renegotiating the terms of the credit agreement and expects that revised terms will be in place in Q4 2023.

“Q3 2023 was clearly a disappointing quarter for the Corporation. The transition of Galaxy’s customer base to new low earth orbit satellites has taken longer and has been more competitive than we had anticipated. We still see great potential in this technology and are expecting to make meaningful progress over the next year. Somewhat countering the softness in the satellite division, our fibre projects continue to move along well and our outlook on this division continues to improve. Our distribution services business is also coming along well with profitability increasing at all but one of our facilities. Our focus continues to be on filling our available capacity, and the current pipeline of new customers is strong. Finally, our real estate business continues to make progress on our two residential developments; albeit, the residential market in Ontario remains soft,” said Chris Johnson, President and CEO of Crown.

Q3 2023 Financial Results Summary

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS
This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the distribution services market, the network services market and the general economy, Crown’s business plans and strategy, including expected growth in revenue and profitability from its Network Services and Distribution Services segments. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Michael Overvelde
Chief Financial Officer
investor.relations@crowncapital.ca
(416) 640-6887

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Q3 & FY2023 Financial Results2023-11-14T11:29:04-05:00

Q2 & FY2023 Financial Results

CALGARY, August 10, 2023 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced its financial results for the three and six months ended June 30, 2023. Crown’s complete financial statements and management’s discussion and analysis are available on SEDAR at www.sedar.com.

Q2 2023 Financial & Operating Highlights

  • Network Services revenue was $6.4 million, consistent with $6.4 million in Q2 2022, with the commencement of new projects at Community Network Partners being offset by declines in the revenues of WireIE and Galaxy. The Network Services segment contributed net income before income taxes of $0.5 million, inclusive of depreciation and amortization expense totaling $0.7 million. This compares with net income before income taxes of $1.0 million in Q2 2022. The reduction in profitability in this segment is due to both an ongoing contraction of WireIE’s business and the wind-down of certain high-margin contracts at Galaxy, with multiple growth initiatives within its Community Network Partners and Galaxy subsidiaries still at early stages of ramping up.
  • Distribution Services revenue was $8.9 million, an increase of 6% compared with Q1 2023, due primarily to increased capacity utilization and customer activity levels at facilities that commenced operations in 2022. This segment reported a net loss before income taxes of $1.2 million, inclusive of depreciation expense totaling $1.3 million. Overall capacity utilization continues to increase and was 70% at the end of Q2 2023, compared to 53% in Q1 2023 and 39% in Q4 2022. Crown expects capacity utilization to increase significantly in 2023 leading to a material increase in the revenue and operating earnings from this segment.
  • In Q2 2023, Crown’s share of earnings of Crown Partners Fund totaled $0.9 million (Q2 2022 – $0.3 million), including $0.3 million in respect of Crown’s general partnership interest as a result of an increase in the accrued performance bonus payable to Crown by the fund and $0.6 million in respect of Crown’s limited partnership interest. Compared with March 31, 2023, the carrying value of Crown’s investment in Crown Partners Fund decreased by $3.1 million as a result of $4.0 million (i.e., Crown’s share) of distributions in respect of loan repayments within the Fund.
  • Crown reported a net loss of $1.2 million ($0.21 loss per basic share) in Q2 2023, compared with a net income of $0.5 million ($0.08 income per basic share) in Q2 2022. The reduction in net income compared with the prior year period is the result of losses from Distribution Services during the ramp up of its operations, slightly lower earnings from Network Services and higher finance costs due to a higher level of debt, partially offset by a higher share of earnings of Crown Partners Fund.
  • Total equity at quarter-end was $48.6 million, down from $50.7 million at the end of 2022, reflecting the net losses attributable to shareholders in the first six months of 2023. Total equity per share was $8.66 per basic share, compared with $8.98 as at December 31, 2022.
  • On May 16, 2023, the holders of Crown’s convertible debentures approved an extraordinary resolution approving a package of amendments to the terms of the convertible debentures, including an extension of the maturity date to December 31, 2024, an increase in the interest rate from 6% to 10%, a removal of conversion rights and a removal of Crown’s ability to repay principal in common shares.

“Our Network Services and Distribution Services businesses continue to advance their growth initiatives, which should translate to meaningful increases in revenues and profits in both segments. We have a significant pipeline of fibre optic projects that, as they are constructed, will add new customers and contribute to revenue and profit growth for years to come. Similarly, in our Go Direct business, we continue to add both new customers and warehouse capacity while improving warehouse utilization, which we expect will directly translate into growing revenues and profits” said Chris Johnson, President and CEO of Crown.

Q2 2023 Financial Results Summary

Conference Call & Webcast

Crown will host a conference call and webcast to discuss its Q2 2023 financial results at 10:00 a.m. ET on August 11, 2023. The call will be hosted by Chris Johnson, President & CEO, and Michael Overvelde, CFO. To participate in the call, dial (416) 764-8650 or (888) 664-6383 using the conference ID 50976765. The webcast can be accessed at www.crowncapital.ca under Investor Relations. Listeners should access the webcast or call 10-15 minutes before the start time to ensure they are connected.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS
This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the distribution services market, the network services market and the general economy, Crown’s business plans and strategy, including expected growth in revenue and profitability from its Network Services and Distribution Services segments. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Craig Armitage
Investor Relations
craig.armitage@crowncapital.ca
(416) 347-8954

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Q2 & FY2023 Financial Results2023-08-10T17:15:35-04:00

Notice of Crown Capital Q2 2023 Results Conference Call

CALGARY, August 1, 2023 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced it will host a conference call to discuss its 2023 second quarter financial results on August 11, 2023 at 10:00 a.m. EST. The call will be hosted by Chris Johnson, President and Chief Executive Officer, and Michael Overvelde, Chief Financial Officer.

Q2 2023 CONFERENCE CALL

DATE:                                      Friday, August 11, 2023

TIME:                                       10:00 a.m. EST

DIAL IN NUMBER:                (416) 764-8650 or (888) 664-6383

CONFERENCE ID:                  50976765

REPLAY:                                 (416) 764-8677 or (888) 390-0541 (playback code: 976765)

Available until midnight (EST) August 18, 2023

WEBCAST:                              The audio webcast can be accessed at www.crowncapital.ca under

Investor Relations or at https://app.webinar.net/p0lNegn4qAb

About Crown Capital Partners (TSX:CRWN)
Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

For further information, please contact:

Craig Armitage
Investor Relations
craig.armitage@crowncapital.ca
(416) 347-8954

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Notice of Crown Capital Q2 2023 Results Conference Call2023-08-10T10:49:32-04:00

Community Network Partners Joins Forces with YorkNet to Accelerate High-Speed Broadband Access in York Region

Toronto, July 17, 2023 – Community Network Partners Inc. (CNPI), a subsidiary of Crown Capital

Partners Inc. (TSX: CRWN), is proud to announce an innovative collaboration with YTN Telecom Network Inc. (YorkNet), a corporation of The Regional Municipality of York (York Region), aimed at financing, constructing, and operating an advanced optical fibre network to provide high-speed internet in York Region.

“This transformative initiative is made possible through the combined investment of CNPI and York Region, in addition to funding support provided by each of the Government of Canada and the Province of Ontario, which together represents an aggregate contribution of more than $120 million to this important infrastructure project,” said Jon D’Alessandro, President of CNPI.

In connection with its broadband strategy across York Region, which involves making high-speed internet access available to residents, businesses, and public-sector partners such as municipalities, hospitals, and schools, YorkNet has forged a strategic partnership with CNPI, a leading provider of private and open-access broadband networks.

“CNPI brings an innovative approach to financing and ensures long-term success of community projects,” said D’Alessandro. “We will leverage industry-leading technical expertise and our proven track record of building and maintaining reliable and secure networks across Canada to provide best-in-class internet services in York Region.”

CNPI will invest a total of $15 million over the next four years in connection with this partnership and expects to achieve an addressable market of approximately 14,000 customers.

The collaboration between CNPI and YorkNet will empower York Region to deliver cutting-edge broadband internet services to all corners of the community, including rural and underserved areas. By leveraging the strengths of both organizations, this partnership will drive innovation, economic growth, and educational advancements throughout the Region.

“Together, CNPI and YorkNet are committed to bridging the digital divide, fostering inclusivity, and empowering individuals and businesses to thrive in the digital age.”

About Community Network Partners Inc.:

Community Network Partners Inc. (CNPI) is a leading provider of state-of-the-art, private, and open access broadband networks in underserved areas across Canada. With extensive experience in network development, financing, and operations, CNPI delivers reliable and secure broadband solutions, fostering long-term success for the communities it serves. For more information, please visit cnpartners.ca.

About YorkNet:

YTN Telecom Network Inc. (YorkNet) is a wholly owned subsidiary of The Regional Municipality of York, entrusted with the strategic planning, management, and development of the York Telecom Network. Committed to expanding high-speed internet access, YorkNet collaborates with public and private partners to improve connectivity, drive innovation, and support the Region’s growth. For more information, please visit www.york.ca/yorknet.

For further information, please contact:

Jon D’Alessandro
President, Community Network Partners Inc.
jon.dalessandro@cnpartners.ca
(416) 684-9411

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Community Network Partners Joins Forces with YorkNet to Accelerate High-Speed Broadband Access in York Region2023-07-18T09:51:47-04:00

Crown Capital Announces Coming into Effect of Amendments to Convertible Debentures

CALGARY, ALBERTA, June 30, 2023 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced that the following amendments (the “Debenture Amendments”) to its 6% convertible unsecured subordinated debentures due June 30, 2023 (the “Debentures”) previously announced by the Corporation on April 11, 2023, April 26, 2023 and May 16, 2023 are effective today:

  1. Extending the maturity date of the Debentures from June 30, 2023 to December 31, 2024;
  1. Amending the interest rate on the Debentures from 6% to 10%;
  1. Removing the conversion right of the holders of Debentures; and
  1. Removing the right of the Corporation to repay the principal amount of the Debentures in common shares of the Corporation on the new maturity date or any redemption date.

Commencing today, the existing Debentures will cease trading on the TSX under the trading symbol “CRWN.DB” and the amended Debentures (the “Amended Debentures”) will commence trading on the TSX under the new trading symbol “CRWN.NT”.

Crown has entered into an amended and restated trust indenture dated today with TSX Trust Company governing the Amended Debentures (the “Amended and Restated Indenture”). A copy of the Amended and Restated Indenture is located on the Corporation’s profile on SEDAR at www.sedar.com.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the Debenture Amendments. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Craig Armitage
Investor Relations
craig.armitage@crowncapital.ca
(416) 347-8954

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Crown Capital Announces Coming into Effect of Amendments to Convertible Debentures2023-06-30T05:32:31-04:00

Crown Capital Announces Approval of Amendments to Convertible Debentures

CALGARY, ALBERTA, May 16, 2023 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced that at a special meeting of the holders (the “Debentureholders”) of its 6% convertible unsecured subordinated debentures due June 30, 2023 (the “Debentures”) held today, the Debentureholders approved an extraordinary resolution approving the previously announced amendments to the Debentures (the “Debenture Amendments”).

As previously announced, the Debenture Amendments will result in the following changes to the Debentures:

  1. Extending the maturity date of the Debentures from June 30, 2023 to December 31, 2024;
  1. Amending the interest rate on the Debentures from 6% to 10%;
  1. Removing the conversion right of the Debentureholders; and
  1. Removing the right of the Corporation to repay the principal amount of the Debentures in common shares of the Corporation on the new maturity date or any redemption date.

A description of the Debenture Amendments is set out in the Corporation’s management information circular dated April 12, 2023 and available under the Corporation’s profile on SEDAR at www.sedar.com.

Debentureholders owning 59.275% of the outstanding Debentures voted. The detailed results of the vote were as follows:

Votes in Favour% in FavourVotes Against% Against
11,639 ($11,639,000 of Debentures)98.178%216 ($216,000 of Debentures)1.822%

Any Debentureholder that voted for the Debenture Amendments will receive a cash consent fee of $10 per $1,000 principal amount of Debentures held by the Debentureholder as of April 6, 2023 provided that the Debenture Amendments are validly approved by the Toronto Stock Exchange (the “TSX”).

The effective date of the Debenture Amendments will be June 30, 2023. Crown will enter into an amended and restated trust indenture to the current trust indenture between TSX Trust Company governing the Debentures to effect the Debenture Amendments.

The TSX has conditionally approved the Debenture Amendments. The Debenture Amendments remain subject to the final approval of the TSX.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.

FORWARD-LOOKING STATEMENTS

This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding the Debenture Amendments. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.


For further information, please contact:

Craig Armitage
Investor Relations
craig.armitage@crowncapital.ca(416) 347-8954

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Crown Capital Announces Approval of Amendments to Convertible Debentures2023-05-17T02:11:52-04:00