CERF Announces Extension of $65 Million Credit Facility and Financial Covenant Flexibility

CALGARY, ALBERTA--(Marketwired - Dec. 30, 2015) - CERF Incorporated (the "Company" or "CERF") (TSX VENTURE:CFL) is pleased to announce that its banking syndicate has agreed to extend its bank credit facilities and to amend two (2) of the financial covenants contained in the agreement governing its bank credit facilities.

The Company's total authorized facility remains unchanged at $65 million, which is comprised of a $55 million revolving facility and a $10 million acquisition term facility. The term of the total authorized facilities has been extended to mature on August 27, 2018.

"Maintaining CERF's total authorized facility at $65 million gives the Company the ability to pursue acquisition opportunities as they arise and provides financial flexibility should the current downturn last longer than expected," said Austin Fraser, President, CERF Incorporated.

The agreement governing the credit facilities has established financial covenants of a maximum Debt to EBITDA ratio of 4.00 to 1 through Q3 2016, 3.50 to 1 in Q4 2016, and 3.00 to 1 thereafter. A minimum Interest Coverage Ratio was also established with a ratio of 3.25 to 1 through 2016 and 3.50 to 1 beginning in January 2017.

CERF expects to provide additional information regarding its 2016 outlook and capital budget in early 2016.

About CERF Incorporated:

CERF is a Canadian public corporation with two primary divisions: industrials and energy services. The Industrials division is engaged in the rental of industrial and construction equipment and waste management. The energy services division is engaged in the rental of surface rentals, downhole equipment and accommodations to the Western Canadian Oil and Gas Industry. CERF has paid consecutive quarterly dividends since 2005 and trades on the TSX Venture Exchange under the symbol "CFL".

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.