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HOUSTON, Texas, February 18, 2003 -- Boots & Coots International Well Control, Inc. (AMEX: WEL - News). — announced today its execution of a Discretional Advance Agreement pursuant to its Loan Agreement with Checkpoint Business, Inc. (“Checkpoint”). The Discretional Advance Agreement allows Boots & Coots to receive an advance under the Loan Agreement, which provides for short-term working capital of up to $1 million.

On January 31, 2003, Boots & Coots received a Notice of Default in which Checkpoint alleged several defaults under the Loan Agreement. Boots & Coots acknowledged certain of these defaults and cured some of them. Although Checkpoint has agreed to an advance under the Loan Agreement pursuant to the Discretional Advance Agreement, it has not waived all alleged defaults and has indicated its belief that Boots & Coots is not in full compliance with the terms of the Loan Agreement as of the date of this release. If not cured or waived, the alleged defaults under the Loan Agreement would permit Checkpoint to immediately act to protect its collateral by, among other things, foreclosing on the stock of Boots & Coots’ Venezuelan operations.

In addition, Boots & Coots announced today that Checkpoint had presented a proposal to restructure the Company to its board of directors. This proposal would involve a voluntary Chapter 11 bankruptcy filing by Boots & Coots and the cancellation of Boots & Coots common equity as part of the bankruptcy process.

The board of directors of Boots & Coots is considering the proposal from Checkpoint and possible alternatives to it, but has not made any decision about the proposal as of the date of this release.


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