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HOUSTON, January 31, 2003 -- Boots & Coots International Well Control, Inc. (AMEX: WEL - News). — announced today that the Company has received a Notice of Default under the Agreement, Note and other Loan Documents executed December 4, 2002, with its new lender, Checkpoint Business, Inc. (“Checkpoint”), wherein Checkpoint alleges the occurrence of several alleged defaults under the Agreement.

As previously announced, Boots and Coots entered into a Loan Agreement with Checkpoint providing for short term working capital up to $1 million. According to the Loan Documents upon the occurrence of an Event of Default (i) any obligation of Checkpoint to make advances of principal under the Note shall immediately terminate, (ii) Checkpoint may, at its option, without notice to the Company, declare the principal and interest accrued on the Note and on all other Obligations to be forthwith due and payable, and (iii) Checkpoint shall have the right to exercise any and all rights and remedies available to it under the Loan Documents or at law or in equity. Checkpoint has not notified the Company that it is proposing to accelerate the indebtedness outstanding under the Agreement.

The Company is in communication with Checkpoint and is in the process of responding to Checkpoint regarding the specific alleged occurrences of default. The Company believes that it has resolved all matters relative to the Notice and this fact is the principal subject of the communications. The Company is unable to say at this time what further response or action Checkpoint may take.

Boots & Coots Chairman of the Board, Kirk Krist said, “We are working through this matter as promptly as possible. The Company hopes to have a resolution in the very near term. We will provide appropriate updates as to any material developments in reference to our ongoing discussions with Checkpoint. Our main focus remains on our core competencies in well control and risk management. We are prepared to respond and deliver as incidents may arise.”

In addition, Boots & Coots announced that as part of its restructuring and cost cutting initiatives they have consolidated their executive and operations offices to the Company’s North Houston Rosslyn Road location in Houston, Texas.


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