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CALGARY, May 10, 2020 /CNW/ – Cathedral Activity Casework Ltd. (the “Company” or “Cathedral” / TSX: CET) is announcement that due to the advancing COVID-19 pandemic, the Company is apathetic the filing of its acting banking statements (the “Financial Statements”) and accompanying management’s altercation and assay (the “MD&A”, and calm with the Banking Statements, the “Interim Filings”) for the acting aeon concluded March 31, 2020. In acknowledgment to the pandemic, balance authoritative authorities in Canada accept accepted a absolute absolution acceding issuers an added 45 canicule to complete assertive authoritative filings (the “Exemption”). Cathedral is relying on the Absolution to adjourn the filing of the Banking Statements appropriate by area 4.4 of National Instrument 51-102 and the filing of the MD&A appropriate by annex 5.1(2) of National Instrument 51-102.



Cathedral anticipates filing the Acting Filings on or about June 25, 2020.  Until such time as the Acting Filings are filed, administration and added assembly of Cathedral will be accountable to a trading black-out action that reflects the attempt in area 9 of National Action 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.



Except as set out beneath and in Cathedral’s account absolution anachronous April 20, 2020, which provided a accumulated amend in affiliation to the accepted abasement in the business ambiance accompanying to the COVID-19 communicable and crumbling apple oil prices, there accept been no absolute business developments back the date of the Company’s banking statements for the year concluded December 31, 2019 which were filed on March 16, 2020.  That account absolution additionally provided capacity of the amount acid initiatives implemented by Cathedral’s administration aggregation in acknowledgment to the accepted abatement in action levels.

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As at March 31, 2020, Cathedral was in acquiescence with the banking covenants in its acclaim facility. However, as a aftereffect of the advancing COVID-19 communicable and accustomed the contempo abatement in oil prices, which is abnormally impacting conduct action in the U.S. and Canada, administration has approached its chief lender to appeal a alleviation of assertive banking covenants for a reasonable period.  We accept no acumen to accept at this time that our appeal for such alleviation will not be granted.

On May 8, 2020, Cathedral accustomed approval beneath an appliance for a U.S. Paycheck Protection Program accommodation (“PPP”) of $1.04 actor (USD$750,000).  Funding is accepted in about 10 days.  The accommodation will buck absorption at 1% per annum and will complete on May 8, 2022.  The gain will be acclimated to abutment amount expenditures for Cathedral’s U.S. employees.  A allocation of the accommodation gain may be forgivable in accordance with assertive U.S. Treasury guidelines.  Cathedral estimates that about 70% of the accommodation gain (USD$525,000) may be forgiven, if the U.S. Treasury guidelines are met.  Administration continues to appraise and administer for any added U.S. and Canadian federal, accompaniment and bigoted government abatement programs for which Cathedral qualifies.

Cathedral Activity Casework Ltd. (the “Company” or “Cathedral”), based in Calgary, Alberta is congenital beneath the Business Corporations Act (Alberta) and operates in the U.S. beneath Cathedral Activity Casework Inc.  The Company is about traded on the Toronto Stock Barter beneath the attribute “CET”.  Cathedral is a trusted accomplice to North American activity companies acute aerial achievement directional conduct services. We assignment in affiliation with our barter to clothier our accessories and adeptness to accommodated their specific bounded and abstruse needs.  Our experience, technologies and acknowledging cadre accredit our barter to accomplish college efficiencies and lower activity costs.  For added information, appointment www.cathedralenergyservices.com.

FORWARD LOOKING STATEMENTS

This account absolution contains assertive advanced statements and advanced advice (collectively referred to herein as “forward-looking statements”) aural the acceptation of applicative Canadian balance laws.  All statements added than statements of present or absolute actuality are advanced statements.  In particular, this account absolution contains advanced statements apropos to, amid added things, the advancing timing of filing the Acting Filings and the advancing furnishings of the accepted all-around COVID-19 communicable and low article amount ambiance on Cathedral’s operations as it may appulse Cathedral’s banking covenants beneath its acclaim facility, accepted accommodation gain beneath the PPP and the appraisal of the allocation of the PPP that may be forgivable beneath the agreement of the PPP. 

The Company believes the expectations reflected in such advanced statements are reasonable as of the date hereof but no affirmation can be accustomed that these expectations will prove to be absolute and such advanced statements should not be disproportionately relied upon. Various factors and assumptions are about activated in cartoon abstracts or authoritative the forecasts or projections set out in advanced statements.  Those absolute factors and assumptions are based on advice currently accessible to the Company, including advice acquired from third affair industry analysts and added third-party sources.  You are cautioned that the afterward account of absolute factors and assumptions is not exhaustive.  Specific absolute factors and assumptions include, but are not bound to: accepted and advancing oil and accustomed gas article prices and assembly levels; basic amount programs and added expenditures by Cathedral and its customers; appulse of bread-and-butter and amusing trends; the achievement of Cathedral’s business; the accepted agreement of the PPP program; the adeptness of Cathedral to accede with the agreement and altitude of its acclaim facility; changes beneath authoritative authoritative regimes and tax, ecology and added laws in Canada and the United States (“U.S.”);  risks associated with approaching adopted operations; and bill barter and absorption rates.

Forward-looking statements are not a agreement of approaching achievement and absorb a cardinal of risks and uncertainties some of which are declared herein.  Such advanced statements necessarily absorb accepted and alien risks and uncertainties, which may account the Company’s absolute achievement and banking after-effects in approaching periods to alter materially from any projections of approaching achievement or after-effects bidding or adumbrated by such advanced statements. These risks and uncertainties include, but are not bound to, the risks articular in this account absolution and in the Company’s Annual Advice Form beneath the branch “Risk Factors”. Any advanced statements are fabricated as of the date hereof and, except as appropriate by law, the Company assumes no obligation to about amend or alter such statements to reflect new information, consecutive or otherwise. All advanced statements independent in this account absolution are especially able by this cautionary statement. Added advice about the factors affecting advanced statements is accessible in the Company’s accepted Annual Advice Form that has been filed with Canadian bigoted balance commissions and is accessible on www.sedar.com.

SOURCE Cathedral Activity Casework Ltd.

View aboriginal content: http://www.newswire.ca/en/releases/archive/May2020/10/c1638.html

Requests for added advice should be directed to: P. Scott MacFarlane, President, Chief Executive Officer and Acting Chief Banking Officer or Randy Pustanyk, Executive Vice President, Cathedral Activity Casework Ltd., 6030 3 Street S.E., Calgary, Alberta T2H 1K2, Telephone: 403.265.2560, Fax: 403.262.4682, www.cathedralenergyservices.comCopyright CNW Group 2020

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Last Updated: May 16th, 2020 by admin
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