Crown Capital Comments on Solo Liquor Holdings Limited
CALGARY, May 1, 2019 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, advises that ATB Financial (“ATB”), which provides credit facilities to Solo Liquor Holdings Limited and Solo Liquor Stores Ltd. ( collectively “Solo”), has demanded immediate repayment of all amounts owing under its credit facilities and recently filed an application with the Court of Queen’s Bench of Alberta to appoint a receiver of Solo. The Court has approved the appointment of FTI Consulting Canada Inc. as receiver.
Crown Capital Partner Funding, LP (“Crown Partners Fund”) has a $15 million loan outstanding to Solo. Crown is the manager of the fund and has an effective interest of approximately 37% in Crown Partners Fund. Crown is working diligently to recover funds from Solo and will provide further updates when we have sufficient information to estimate the value that is likely to be recovered.
About Crown Capital Partners (TSX:CRWN)
Founded in 2000, Crown is a leading specialty finance company that provides growth capital to a diversified group of successful mid-market companies that are seeking alternatives to banks and private equity funds. Crown provides customized solutions in the form of loans, royalties, and other structures with minimal or no ownership dilution. In addition to deploying capital as a principal investor, Crown develops, manages and co-invests in alternative investment funds, including Crown Partners Fund and Crown Capital Power Fund.
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 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.