Zedcor Inc. announced it has completed the sale of its Rentals Segment assets to Maynbridge Capital Inc. Gross cash proceeds from the transaction were $11.3 million.

This amount will be applied against Zedcor's indebtedness to Maynbridge. As a result of the transaction, the company's outstanding debt to Maynbridge, which excludes amounts drawn on the operating line of credit, is below $5.0 million. The company's outstanding debt now represents less than two times EBITDA on a trailing 12-month basis. As a result of the reduced leverage, Zedcor has been in discussions with its banking partners to secure additional equipment financing to expand its fleet of MobileyeZ security towers and continue growing its operations across Canada.

Appointment of Chief Operating Officer

Zedcor also appointmed James Leganchuk as Chief Operating Officer. Leganchuk has been with Zedcor since 2011, previously serving as Vice President Operations and VP Business Development. He has extensive industry knowledge of operations and industrial rental solutions; in addition, Leganchuk played an integral role in establishing Zedcor's centralized surveillance centre in Edmonton, Alberta, and has helped to streamline operations and create efficiencies throughout the company.

Zedcor is a Canadian public corporation and parent company to Zedcor Security SolutionsCorp. ZedcorSecurity Solutions is engaged in the providing security and surveillance services, and rental of surface equipment and accommodations in Western Canada.