Inscape Announces Closing and Completion of Sale-Leaseback of Holland Landing Facility
HOLLAND LANDING, Ontario, Jan. 25, 2022 (GLOBE NEWSWIRE) — Further to our December 8, 2021 announcement, Inscape Corporation (“Inscape“or the”Society”) (TSX: INQ), is pleased to announce that the Company has now closed and completed the agreement (the “Agreement“) dated November 8, 2021 (the “Effective date“) for sale and leaseback (the “Proposed transaction“) of the Holland Landing facility at 67 Toll Road, East Gwillimbury, Ontario (the “Property”) to a third-party buyer (the “Buyer”). The purchase price was C$32,750,000.
At closing, the parties entered into a lease (the “Lease”) whereby the Company has leased the property from the buyer for a term of ten (10) years, with two (2) extension options of five (5) years each, essentially on the terms and conditions agreed by the parts.
“The completion of this transaction remains in line with our strategic plan and is another important step in our efforts to improve Inscape’s operations and financial profile. Further details on our planned footprint reduction within Holland Landing and expected efficiencies will be detailed in subsequent press releases following the completion of our comprehensive review currently underway,” commented Eric Ehgoetz, CEO.
Since 1888, Inscape has been designing forward-looking products and services, so businesses can adapt and evolve without having to reinvest in their workspaces. Our versatile portfolio includes furniture, storage and wall systems, all adaptable and built to last. Inscape’s extensive dealer network, showrooms in the United States and Canada, and comprehensive service and support for all of our customers, make us stand out from the crowd. We make it simple. We make it smart. We make our customers wonder why they didn’t choose us sooner.
Caution Regarding Forward-Looking Statements
This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, the closing of the proposed transaction and the terms and conditions of the lease and forward-looking statements include, but are not limited to, the impact of the proposed transaction on the strategic plan, operations and financial profile. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “intends”. “, “projects” or “believes”. or variations of these words and expressions or state that certain actions, events or results “could”, “could”, “should”, “would”, “could” or “will be taken”, “occur” or “will be achieved or the negative such as “does not believe” or other variations thereof or comparable terminology. Forward-looking information is based on management’s reasonable assumptions, estimates, analyzes and opinions as of the date such statements are made. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to differ materially from those expressed. or implied by such forward-looking information, including the risk factors identified in the Company’s Annual Information Form and MD&A. r management’s reasonable assumptions, estimates, analyzes and opinions made in light of its experience and perception of trends, current conditions and expected developments, as well as other factors that management deems relevant and reasonable. in the circumstances as of the date such statements are made, but which may prove to be incorrect. Management cautions readers that assumptions regarding future events, many of which are beyond management’s control, may prove to be incorrect, as they are subject to certain risks and uncertainties, and that actual results may differ materially from those projected. Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information as the Company cannot guarantee that such expectations will prove to be correct. Factors that could cause results or events to differ from current expectations include, among others: (i) the satisfaction of conditions precedent; (ii) the terms and conditions of the Lease; (iii) completion of the proposed transaction by the parties; and (iv) the impact of the Proposed Transaction on the Company’s strategic plan, operations and financial profile. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking information.
For more information, visit myinscape.com.
Contact Jon Szczur
T 905 952 4102