
HOUSTON, Texas, March 28, 2003 -- Boots & Coots International
Well Control, Inc. (AMEX: WEL - News) announced today that its
Board of Directors decided against the restructuring proposal
from Checkpoint Business Inc., (“Checkpoint”). This
proposal would have involved a voluntary Chapter 11 bankruptcy
filing by Boots & Coots and the cancellation of Boots & Coots’ common
equity as part of the bankruptcy process. Additionally, Boots & Coots
announced that it had paid in full its principal balance and
interest outstanding under its Loan Agreement with Checkpoint.
Boots & Coots Chairman Kirk Krist said, "Satisfying
the financial obligation with Checkpoint is one more significant
step in our financial restructuring initiatives. The Company
continues to pursue opportunities to improve our balance sheet
and shareholder value. This has been a difficult process and
we are appreciative of our shareholders’ patience. We
remain committed to working in the best interest of our creditors
and shareholders.”
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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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