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Crown Capital Announces Mailing of Meeting Materials For Debentureholder Meeting and Encourages Debentureholders to Participate and Vote

  • Any Debentureholder that votes for the Debenture Amendments will receive a cash consent fee of $10 per $1,000 principal amount of Debentures held by the Debentureholder.
  • The deadline to submit vote is May 12, 2023, on or before 10:00 a.m. (Eastern Time).
  • Debentureholders who have questions or need assistance with voting may contact Crown Capital’s strategic communications and proxy solicitation agent, Laurel Hill Advisory Group (“Laurel Hill”) by telephone at 1-877-452-7184 or by email at assistance@laurelhill.com.


CALGARY, April 26, 2023 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced that it has mailed an information circular and related meeting materials (the “Meeting Materials”) in connection with the upcoming special meeting of the holders (the “Debentureholders”) of its 6% convertible unsecured subordinated debentures due June 30, 2023 (the “Debentures”) to be held at the offices of the Corporation, 33 Yonge Street, Suite 901, Toronto, ON, M5E 1G4, on May 16, 2023 at 10:00 a.m. (Eastern Time) (the “Meeting”).

At the Meeting, Debentureholders will be asked to consider and vote upon certain amendments to the terms of the Debentures (the “Debenture Amendments”), which will be voted on as a package and consist of:

  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 (“Common Shares”) on the new maturity date or any redemption date.

If the Debenture Amendments are approved, the board of directors of the Corporation believe that the Debenture Amendments will provide the following advantages:

  1. Extension of Maturity Date: The extension of the maturity date will afford Debentureholders a longer period of time during which to receive interest at a favourable rate.
  2. Increased Interest Rate: Increasing the interest rate from 6% to 10% provides an attractive yield to Debentureholders.
  3. Removal of Share Repayment Right: The Corporation will no longer have the right to repay the principal amount on the Debentures, in whole or in part, in Common Shares on the new maturity date or any redemption date.
  4. Consent Fee: Any Debentureholder that votes for the Debenture Amendments will receive a cash consent fee (the “Consent Fee”) of $10 per $1,000 principal amount of Debentures held by the Debentureholder as of April 6, 2023 (the “Record Date”) provided that certain other conditions required for the payment of the Consent Fee are satisfied, including that the Debenture Amendments are validly approved by Debentureholders and the Toronto Stock Exchange (the “TSX”).

The Debenture Amendments will provide additional short term capital for Crown while it completes sales of assets, including the continued liquidation of the remaining assets of its specialty finance segment, which should provide sufficient funds to repay the Debentures in cash. Provided that the Debenture Amendments are approved, it is the intention of management of Crown to use some or all of the proceeds of such asset sales to fund the redemption of some or all of the Debentures as soon as these proceeds become available.

The effective date of the Debenture Amendments will be June 30, 2023.

Management recommends that the Debentureholders vote for the resolution which authorizes and approves the Debenture Amendments.

The Debenture Amendments will only be effective if passed by an extraordinary resolution of the holders of at least 66⅔% of the principal amount of the Debentures present in person or by proxy at the Meeting and entitled to vote in respect of the Debenture Amendments.

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

In the event that the Debenture Amendments are not approved by Debentureholders and the TSX, the Debentures will mature on June 30, 2023 and the Corporation will consider the alternatives available to it to address the maturity of the Debentures. The options may include arranging for alternate debt financing in order to fund the pay-out in cash of the principal amount and/or satisfying the obligation to pay the amount owing on maturity, in whole or in part, through the issuance of Common Shares.

Debentureholders may vote on or before 10:00 a.m. (Eastern Time) on May 12, 2023 by following the voting instructions set out in the information circular of the Corporation dated April 12, 2023 with respect to the Meeting. Only Debentureholders of record at the close of business on the Record Date will be entitled to vote at the Meeting.

Crown has retained Laurel Hill as the Corporation’s strategic communications and proxy solicitation agent to, among other things, assist in the solicitation of proxies. For these services, the Corporation will pay Laurel Hill an advisory fee of $30,000, in addition to certain out-of-pocket expenses. The Corporation may use Broadridge Financial Solutions Inc.’s QuickVote™ service to assist beneficial Debentureholders with voting. The Corporation’s proxy solicitation agent, Laurel Hill, may contact certain beneficial Debentureholders who have not objected to the Corporation knowing who they are (non-objecting beneficial owners, or “NOBOs”) to conveniently obtain a vote directly over the telephone.

Debentureholder Questions

Debentureholders who have any questions or require assistance with voting may contact the Corporation’s strategic communications and proxy solicitation agent:

Laurel Hill Advisory Group

Toll Free: 1-877-452-7184 (for Debentureholders in North America)

International: +1 416-304-0211 (for Debentureholders outside Canada and the US)

By Email: assistance@laurelhill.com

Copies of the Meeting Materials mailed to Debentureholders have been filed under 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, the timing and value of potential asset sales, and management’s intended uses of the proceeds of asset sales. 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 Mailing of Meeting Materials For Debentureholder Meeting and Encourages Debentureholders to Participate and Vote2023-04-27T10:21:38-04:00

Crown Capital Announces Proposed Debenture Amendments

CALGARY, April 11, 2023 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced that it will seek the approval of the holders (the “Debentureholders”) of its 6% convertible unsecured subordinated debentures of the Corporation due June 30, 2023 (the “Debentures”) to amend certain terms of such Debentures at a special meeting of the Debentureholders to be held at the offices of the Corporation, 33 Yonge Street, Suite 901, Toronto, ON, M5E 1G4, on May 16, 2023 at 10:00 a.m. (Eastern Time) (the “Meeting”).

The proposed amendments to the Debentures (the “Debenture Amendments”), which will be voted on as a package, consist of:

  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% effective July 1, 2023;
  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 (“Common Shares”) on the new maturity date or any redemption date.

The board of directors of the Corporation believe that the Debenture Amendments provide the following advantages:

  1. Extension of Maturity Date: The extension of the maturity date will afford Debentureholders a longer period of time during which to receive interest at a favourable rate.
  2. Increased Interest Rate: Increasing the interest rate from 6% to 10% provides an attractive yield to Debentureholders.
  3. Removal of Share Repayment Right: The Corporation will no longer have the right to repay the principal amount on the Debentures, in whole or in part, in Common Shares on the new maturity date or any redemption date.
  4. Consent Fee: Any Debentureholder that votes for the Debenture Amendments will receive a cash consent fee (the “Consent Fee”) of $10 per $1,000 principal amount of Debentures held by that Debentureholder as of April 6, 2023 (the “Record Date”) provided that certain other conditions required for the payment of the Consent Fee are satisfied, including the Debenture Amendments are validly approved by Debentureholders and the Toronto Stock Exchange (the “TSX”).

The Debenture Amendments will provide additional short term capital for Crown while it completes sales of assets, including the continued liquidation of the remaining assets of its specialty finance segment, which should provide sufficient funds to repay the Debentures in cash. Provided that the Debenture Amendments are approved, it is the intention of management of Crown to use some or all of the proceeds of such asset sales to fund the redemption of some or all of the Debentures as soon as these proceeds become available.

The effective date of the Debenture Amendments will be June 30, 2023. Further particulars of the expected benefits of the Debenture Amendments will be described in the management information circular of the Corporation relating to the Meeting (the “Circular”), which will be available under the Corporation’s profile on SEDAR at www.sedar.com and which will be mailed to Debentureholders in the coming days.

The Debenture Amendments will only be effective if passed by an extraordinary resolution of the holders of at least 66⅔% of the principal amount of the Debentures present in person or by proxy at the Meeting and entitled to vote in respect of the Debenture Amendments.

The Debenture Amendments are subject to the approval of the TSX.

In the event that the Debenture Amendments are not approved by Debentureholders and the TSX, the Debentures will mature on June 30, 2023 and the Corporation will consider the alternatives available to it to address the maturity of the Debentures. The options may include arranging for alternate debt financing in order to fund the pay-out in cash of the principal amount and/or satisfying the obligation to pay the amount owing on maturity, in whole or in part, through the issuance of Common Shares.

Debentureholders may vote on or before 10:00 a.m. (Eastern Time) on May 12, 2023 by following the voting instructions set out in the Circular. Only Debentureholders of record at the close of business on the Record Date will be entitled to vote at the Meeting.

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, the timing and value of potential asset sales, and management’s intended uses of the proceeds of asset sales. 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 Proposed Debenture Amendments2023-04-12T14:39:30-04:00

Crown Capital Partners Announces Renewal of Normal Course Issuer Bid

CALGARY, April 11, 2023 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX:CRWN), a capital partner to entrepreneurs and growth businesses, today announced that it has received approval from the Toronto Stock Exchange (the “TSX”) to renew its normal course issuer bid (“NCIB”) for a 12-month period commencing April 13, 2023.

The renewed NCIB will follow the current NCIB, which ends on April 12, 2023 and under which Crown purchased 5,000 shares at a volume-weighted average price per share of $7.83 up to April 10, 2023.

Under the terms of the renewed NCIB, Crown will have the right to purchase up to 280,000 of its common shares (the “Shares”) representing approximately 10.3% of the public float and approximately 5.0% of the 5,640,546 issued and outstanding Shares as at March 31, 2023. The number of Shares that can be purchased pursuant to the renewed NCIB is subject to a daily maximum of 1,000 Shares, which is the greater of 1,000 and 25% of the average daily trading volume for the Shares on the TSX for the six months ended March 31, 2023. Shares purchased by the Corporation pursuant to the renewed NCIB will be cancelled. Purchases made pursuant to the renewed NCIB will be made in the open market through the facilities of the TSX and/or alternative Canadian trading systems, if eligible. The renewed NCIB will commence on April 13, 2023 and remain in effect until the earlier of April 12, 2024, the termination of the renewed NCIB by Crown, and Crown purchasing the maximum number of Shares permitted under the renewed NCIB.

In conjunction with the renewal of the NCIB, Crown has entered into a renewed automatic share purchase plan (“ASPP”) with a designated broker to allow for the purchase of Shares under the renewed NCIB at times when Crown would ordinarily not be permitted to purchase Shares due to regulatory restrictions or customary self-imposed trading black-out periods.

Pursuant to the ASPP, before the commencement of any particular trading black-out period, Crown may, but is not required to, instruct the designated broker to make purchases under the renewed NCIB in accordance with the terms of the ASPP. Such purchases will be determined by the designated broker at its sole discretion based on purchasing parameters established by Crown prior to the trading black-out period in accordance with the terms of the ASPP and applicable TSX rules. The ASPP has been pre-cleared by the TSX and will be implemented effective April 13, 2023.

Outside of the pre-determined trading black-out periods, Shares may be purchased under the renewed NCIB based on the discretion of Crown’s management, in compliance with TSX rules and applicable securities laws. All purchases made under the ASPP will be included in computing the number of Shares purchased under the renewed NCIB.

In the opinion of the Corporation’s board of directors and senior management, the renewed NCIB provides Crown with the flexibility to utilize its capital to acquire Shares from time to time under the appropriate circumstances. At December 31, 2022, Crown’s total equity per basic common share was $8.98.

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 future purchases of Shares. 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.

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Crown Capital Partners Announces Renewal of Normal Course Issuer Bid2023-04-12T03:29:01-04:00

Notice of Crown Capital Q4 2022 Results Conference Call

CALGARY, March 16, 2023 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, today announced it will host a conference call to discuss its 2022 fourth quarter and full year financial results on March 21, 2023 at 11:30 a.m. EST. The call will be hosted by Chris Johnson, President and Chief Executive Officer, and Michael Overvelde, Chief Financial Officer.

Q4 2022 CONFERENCE CALL

DATE:                                      Tuesday, March 21, 2023

TIME:                                       11:30 a.m. EST

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

CONFERENCE ID:                  44386563

REPLAY:                                 (416) 764-8677 or (888) 390-0541 (playback code: 386563)

Available until midnight (EST) March 28, 2023

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

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

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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© 2021 Crown Capital Partners Inc.
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Notice of Crown Capital Q4 2022 Results Conference Call2023-03-16T12:36:27-04:00

Crown Capital Announces New C$43.5 million Credit Facility with Canadian Western Bank

CALGARY, February 8, 2023 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, today announced that it has entered an agreement for a new senior secured corporate credit facility of up to $43.5 million (“Credit Facility”) with Canadian Western Bank. This Credit Facility replaces Crown’s previous $23.5 million corporate credit facility.

The Credit Facility includes an amortizing term loan of $30.0 million, an operating loan of up to $10.0 million with availability subject to margin condition restrictions, and a letter of credit facility of $3.5 million. The term loan matures in five years and is comprised of an initial advance of $25 million plus $5 million to be advanced upon request by Crown prior to June 30, 2023. The Credit Facility provides financing at variable interest rates based on Prime Rate plus an applicable margin and includes customary covenants for an agreement of this nature.

“We’re pleased to finalize a new credit facility with Canadian Western Bank, a long-time financial partner to Crown,” said Chris Johnson, Crown’s President & CEO. “This new facility provides us with the necessary additional funding and flexibility to support the planned growth of our various operating businesses, including initiatives underway in our Network Services and Distribution Services operations.”

The Credit Facility will be used primarily to refinance existing senior debt and letters of credit, support the working capital and growth capital requirements of Crown and its operating businesses, and to fund Crown’s remaining capital commitment in respect of Crown Capital Power Limited Partnership.

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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© 2021 Crown Capital Partners Inc.
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Crown Capital Announces New C$43.5 million Credit Facility with Canadian Western Bank2023-02-08T09:48:20-05:00

Crown Capital Subsidiary Galaxy Broadband Announces New OneWeb Capacity for Canada

CALGARY, February 2, 2023 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, today announced that its operating subsidiary Galaxy Broadband Communications, Inc. (“Galaxy”), entered into a multi-year deal to deliver OneWeb’s low Earth orbit (LEO) connectivity solutions across Canada, including the northern territory of Nunavut.  The full press release on the announcement from OneWeb and Galaxy can be found here.

Galaxy is an Ontario-based, satellite-focused network services company, providing connectivity to remote and underserviced enterprise customers across Canada. As one of OneWeb’s fastest growing distribution partners to date, Galaxy has already deployed to over 75 locations throughout Canada, meeting a range of customer needs and connecting anywhere from 30 to 800 users at each site.

Rick Hodgkinson, CEO and Founder of Galaxy Broadband Communications Inc., commented: “Galaxy is delighted to expand its business with OneWeb and secure the bandwidth vital to improve connectivity throughout Nunavut.  Access to broadband internet is an essential service that supports education, healthcare, commerce and general well-being.  There are numerous communities throughout Canada that do not have access to broadband internet, with the challenge in Nunavut being particularly acute as the Territory is 100% dependent on satellite connectivity services. OneWeb’s low earth orbit satellites will markedly improve connectivity in the Territory and is an important milestone for Nunavummiut. Galaxy’s roll-out of OneWeb services is underway with a target to have all 25 communities in Nunavut connected by the end of 2023.”

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 anticipated roll-out of OneWeb services. 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.

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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© 2021 Crown Capital Partners Inc.
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Crown Capital Subsidiary Galaxy Broadband Announces New OneWeb Capacity for Canada2023-02-07T13:18:08-05:00

Crown Capital Partners Announces Q3 2022 Financial Results

 CALGARY, November 9, 2022 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced its financial results for the three and nine months ended September 30, 2022. Crown’s complete financial statements and management’s discussion and analysis are available on SEDAR at www.sedar.com. 

 Q3 2022 Financial & Operating Highlights 

 Network Services revenue was $7.5 million in Q3 2022, compared with $7.4 million in Q3 2021, and this segment contributed net income before income taxes of $1.1 million in Q3 2022, inclusive of depreciation and amortization expense totaling $1.2 million. The year-over-year revenue increase reflects growth in the volume of revenue under contract for enterprise customers of Galaxy and increased implementation of newer satellite telecommunications infrastructure. This growth was partly offset by year-over-year declines in the volume of revenue under contract with WireIE. 

 On June 24, 2022, Crown expanded and diversified its operations with the acquisition of Go Direct Global, which contributed revenue of $7.0 million in Q3 2022 and a net loss before income taxes of $(0.7) million, inclusive of depreciation and amortization expense totaling $0.9 million. Go Direct Global is entering a new phase of growth, and Crown expects it to be a profitable and growing operation going forward. 

• For Q3 2022, Crown’s share of earnings of Crown Partners Fund totaled $0.1 million and income distributions of Crown Partners Fund attributable to Crown totaled $0.6 million. 

• Crown Power Fund incurred total non-cash impairment charges of $3.6 million in Q3 2022, of which $1.6 million was attributable to Crown shareholders, in respect of (i) $0.3 million of certain distributed power equipment in order to reflect revised estimates of recoverable value based on recently available market prices; and (ii) $3.3 million of distributed power equipment under development and related deposits in order to reflect revised estimates of the recoverable value of one distributed power project under development. 

• Net loss was $2.1 million ($0.38 loss per basic share), compared with a net income of $0.8 million ($0.10 earnings per basic share) in Q3 2021. 

 Total equity at quarter-end decreased to $53.9 million, from $69.1 million at the end of Q4 2021, mainly because of share repurchases totaling $11.0 million and a net loss attributable to shareholders of $4.2 million in the year-to-date period. Total equity per share decreased to $9.56 per basic share from $9.74 as at December 31, 2021 but increased from $9.37 per share as at September 30, 2021. 

 Effective July 13, 2021, Crown began recognizing Crown Partners Fund as an investment in associate using the equity method rather than recognizing it as a subsidiary. As a result, many of our asset, liability, revenue and expense amounts as at and for the three and nine months ended September 30, 2022 are not directly comparable to equivalent balances for the prior-year period. 

“The third quarter was another successful period in the transformation of Crown to a capital-light company”, said Chris Johnson, President and CEO of Crown. “We continued to make good progress in our telecom operations and in the newly acquired e-commerce fulfilment and distribution company, Go Direct. Both Network Services and Distribution Services, which represented 95% of total revenue in the third quarter, are benefiting from long-term tailwinds and are well positioned for profitable growth. Separately, we continue to have line of sight on capital coming back from our remaining investments in the alternative lending portfolio, which will provide additional financial capacity and flexibility to support organic and inorganic expansion in 2 these main markets, as well as capital management priorities including repayment of our debentures and additional share buybacks, as we look out to 2023.” 

Q3 2022 Financial Results Summary

Conference Call & Webcast

Crown will host a conference call and webcast to discuss its Q3 2022 financial results at 11:00 a.m. ET on November 10, 2022. The call will be hosted by Chris Johnson, President & CEO, and Michael Overvelde, CFO. To participate in the call, dial (647) 484-0475 or (888) 882-4478 using the conference ID 8931037. 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. 

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 alternative financial market, the network services market and the general economy, transaction pipeline, Crown’s business plans and strategy, including anticipated investment dispositions and capital deployments and the timing thereof, 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. 

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 forwardlooking 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 alternative financial market, the network services market and the general economy, transaction pipeline, Crown’s business plans and strategy, including anticipated investment dispositions and capital deployments and the timing thereof, 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:
Craig Armitage
Investor Relations
craig.armitage@crowncapital.ca
(416) 347-8954

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Crown Capital Partners Announces Q3 2022 Financial Results2022-11-10T12:47:36-05:00

Notice of Crown Capital Q3 2022 Results Conference Call

CALGARY, October 27, 2022 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, today announced it will host a conference call to discuss its 2022 third quarter financial results on November 10, 2022 at 11:00 a.m. EST. The call will be hosted by Chris Johnson, President and Chief Executive Officer, and Michael Overvelde, Chief Financial Officer.

Q3 2022 CONFERENCE CALL

DATE:                                      Thursday, November 10, 2022

TIME:                                       11:00 a.m. EST

DIAL IN NUMBER:                (647) 484-0475 or (888) 882-4478

CONFERENCE ID:                  8931037

REPLAY:                                 (647) 436-0148 or (888) 203-1112 (playback code: 8931037)

Available until midnight (EST) November 17, 2022

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

Investor Relations or at https://app.webinar.net/zRldkRZk21Z

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 manager of investment funds for institutional partners and as a direct investor in operating businesses serving these markets. For additional information, please visit crowncapital.ca.

For further information, please contact:

Craig Armitage

Investor Relations

craig.armitage@crowncapital.ca

(416) 347-8954

Subscribe to our newsletter to get the latest news and insights right in your inbox.

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© 2021 Crown Capital Partners Inc.
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Notice of Crown Capital Q3 2022 Results Conference Call2022-11-08T09:56:02-05:00

Crown Capital Partners Announces Q2 2022 Financial Results

CALGARY, August 11, 2022 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced its financial results for the three and six months ended June 30, 2022. Crown’s complete financial statements and management’s discussion and analysis are available on SEDAR at www.sedar.com.

Q2 2022 Financial & Operating Highlights

• Network Services revenue was $6.4 million in Q2 2022, compared with $6.8 million in Q2 2021, and this segment contributed net income before income taxes of $1.0 million, versus $1.7 million in Q2 2021, inclusive of depreciation and amortization expense totaling $0.9 million. The year-over-year decrease reflects a modest reduction in revenues in the quarter, an increase in marketing-related activity, and a $(0.3) million expense recovery recognized in the prior-year period. Although revenues from this segment decreased year-over-year due to a combination of a repricing of select contracts and to a modest reduction
in the volume of revenue under contract, revenues were consistent with prior year levels on a year-to-date basis.

• For Q2 2022, Crown’s share of earnings of Crown Partners Fund totaled $0.3 million, including $(0.1) million in respect of its general partnership interest as a result of a reduction in the accrued performance bonus payable to Crown by Crown Partners Fund and $0.4 million in respect of its limited partnership interest.

• Net income was $0.5 million ($0.08 earnings per basic share), compared with a net loss of $(0.3) million ($0.03 loss per basic share) in Q2 2021.

• Total equity at quarter-end decreased to $56.0 million, from $69.1 million at the end of Q4 2021, mainly because of share repurchases totaling $11.0 million and a net loss attributable to shareholders of $2.1 million in the year-to-date period. Total equity per share increased to $9.93 per basic share from $9.74 as at December 31, 2021 and $9.05 per share as at June 30, 2021.

• Crown announced that its subsidiary, Community Network Partners Inc. (“CNPI”), was selected as an Internet Service Provider under the Ontario Connects: Accelerated High Speed Internet Program. The aim of the program is to make reliable, high-speed internet connectivity available to every region in Ontario by
the end of 2025. The maximum subsidy available to CNPI under this program is approximately $150 million, which is expected to be a material proportion of the network cost.

• Crown expanded and diversified its operations with the acquisition, on June 24, 2022, of a 100% equity interest in Go Direct Global, an e-commerce fulfillment and distribution company, which contributed earnings before income taxes of $0.1 million in Q2 2022. Through its management of an investment fund
that previously owned Go Direct Global, Crown has a long history with, and a deep understanding of, this business which is entering a new phase of growth.

Effective July 13, 2021, Crown began recognizing Crown Partners Fund as an investment in associate using the equity method rather than recognizing it as a subsidiary. As a result, many of our asset, liability, revenue and expense amounts as at and for the three and six months ended June 30, 2022 are not directly comparable to equivalent balances for the prior-year period.

Management commentary: “Our Network Services business continues to perform well and is particularly well positioned for growth given the demand for enhanced broadband connectivity in rural and remote locations. The recent contract award under the Ontario Connects program is an important catalyst, and we are pursuing additional avenues of organic and inorganic growth to add scale and diversification to this operating segment. With the acquisition of Go Direct Global in the quarter, we have added a growing and profitable operating business providing end-to-end integrated e-commerce fulfillment and distribution services. This gives us a foothold in a new market – distribution services – where we see attractive long-term growth potential.

Q2 2022 Financial Results Summary

Conference Call & Webcast

Crown will host a conference call and webcast to discuss its Q2 2022 financial results at 8:30 a.m. ET on August 12, 2022. The call will be hosted by Chris Johnson, President & CEO, and Michael Overvelde, CFO. To participate in the call, dial (647) 484-0475 or (888) 220-8474 using the conference ID 1883356. 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 manager of investment funds for institutional partners and as a direct investor in operating businesses serving these markets. 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 forwardlooking 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 alternative financial market, the network services market and the general economy, transaction pipeline, Crown’s business plans and strategy, including anticipated investment dispositions and capital deployments and the timing thereof, 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 forwardlooking 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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Subscribe
© 2021 Crown Capital Partners Inc.
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Crown Capital Partners Announces Q2 2022 Financial Results2022-08-16T10:23:59-04:00

Notice of Crown Capital Q2 2022 Results Conference Call

CALGARY, July 28, 2022 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, today announced it will host a conference call to discuss its 2022 second quarter financial results on August 12, 2022 at 8:30 a.m. EST. The call will be hosted by Chris Johnson, President and Chief Executive Officer, and Michael Overvelde, Chief Financial Officer.

Q2 2022 CONFERENCE CALL

DATE:                                      Friday, August 12, 2022

TIME:                                       8:30 a.m. EST

DIAL IN NUMBER:                (647) 484-0475 or (888) 220-8474

CONFERENCE ID:                  1883356

REPLAY:                                 (647) 436-0148 or (888) 203-1112 (playback code: 1883356)

Available until midnight (EST) August 19, 2022

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

Investor Relations or at https://app.webinar.net/VNKnLdnPB2Y

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 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 manager of investment funds for institutional partners and as a direct investor in operating businesses serving these markets. For additional information, please visit crowncapital.ca.

For further information, please contact:

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

Subscribe to our newsletter to get the latest news and insights right in your inbox.

Subscribe
© 2021 Crown Capital Partners Inc.
Terms of UsePrivacy Policy

Notice of Crown Capital Q2 2022 Results Conference Call2022-08-11T15:30:13-04:00