
HOUSTON, March 12, 2003 -- Boots & Coots International Well
Control, Inc. (AMEX: WEL - News). — announced today that
it has informed its lender, Checkpoint Business Inc., (“Checkpoint”)
that it does not believe that there are any remaining uncured
defaults under its agreements with Checkpoint.
As previously released on January 31, 2003, Boots & Coots
received a Notice of Default from Checkpoint wherein Checkpoint
alleged the occurrence of several defaults under its Loan Agreement
with the Company.
Boots & Coots Chairman of the Board, Kirk Krist said, “The
Company’s senior officers and its board of directors
have been working diligently toward resolving the issues in
and around the alleged items of default. Our employees have
remained focused on the operation of this Company and to our
commitment to provide the best well control response and risk
management services to our customers. The Company will provide
updates to this release when and if necessary.”
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About Boots & Coots
Boots & Coots International Well Control, Inc., Houston,
Texas, provides a suite of integrated oilfield services centered
on the prevention, emergency response and restoration of blowouts
and well fires around the world. Boots & Coots' proprietary
risk management program, WELLSURE®, combines traditional
well control insurance with post-event response as well as
preventative services, giving oil and gas operators and insurance
underwriters a medium for effective management of well control
insurance policies. The Company's SafeGuard program, developed
for regional producers and operators sponsored by Boots & Coots,
provides dedicated emergency response services, risk assessment
and contingency planning, and continuous training and education
in all aspects of critical well management. For more information,
visit the Company's web site at http://www.bootsandcoots.com
.
Certain statements included in this
news release are intended as "forward- looking statements" under
the Private Securities Litigation Reform Act of 1995. Boots & Coots
cautions that actual future results may vary materially from
those expressed or implied in any forward-looking statements.
More information about the risks and uncertainties relating
to these forward- looking statements are found in Boots & Coots'
SEC filings, which are available free of charge on the SEC's
web site at http://www.sec.gov.
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