TORONTO, July 05, 2023 (GLOBE NEWSWIRE) -- Unisync Corp. (“Unisync") (TSX:"UNI") (OTC:“USYNF”) is pleased to announce that it has entered into an agreement with Business Development Bank of Canada to increase its existing long term mortgage facilities totalling $9.7 million by a further $7.45 million. Unisync’s Winnipeg properties, which are owned by 90% owned subsidiary Peerless Garments LP, were appraised for financing purposes in April of 2021 at $5.75 million and its Montreal property was appraised on June 8, 2023 at $15.7 million. The combined property values total $21.45 million - $14.7 million above their net book values of $6.7 million,representing 52% or $0.76/share over the March 31, 2023 net book value of $1.46 per share. The additional mortgage loan of $7.45 million is for a term of 25 years at a fixed interest rate of 6.8% for the first five years. Proceeds from this financing which is expected to close this month, will be utilized to repay the $2 million in shareholders’ loans advanced to Unisync in November 2022 and improve working capital.
Unisync operates through two business units: Unisync Group Limited (“UGL”) with operations throughout Canada and the USA and 90% owned Peerless Garments LP (“Peerless”), a domestic manufacturing operation based in Winnipeg, Manitoba. UGL is a leading customer-focused provider of corporate apparel, serving many leading Canadian and American iconic brands. Peerless specializes in the production and distribution of highly technical protective garments, military operational clothing, and accessories for a broad spectrum of Federal, Provincial and Municipal government departments and agencies.
On Behalf of the Board of Directors Douglas F. Good, CEO
Telephone: 778-370-1725 or Email
Forward Looking Statements
This news release may contain forward-looking statements that involve known and unknown risk and uncertainties that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Any forward-looking statements contained herein are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such forward-looking statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.