TORONTO, July 27, 2021 (GLOBE NEWSWIRE) -- Unisync Corp. (“Unisync") (TSX:"UNI") (OTCQX:“USYNF”) is pleased to announce that it has established $10 million in long term mortgage facilities with Business Development Bank of Canada on its properties in Winnipeg and Montreal. The three properties mortgaged were recently appraised for financing purposes at $12.9 million - $6.2 million above their combined net book values of $6.7 million. The Montreal property mortgage of $6.12 million is for a term of 25 years whereas the $3.88 million Winnipeg mortgage is for a term of 20 years. Both mortgages are at a fixed interest rate of 4.1% for the first five years. Proceeds from this financing facility have been earmarked to:

• repay the existing floating rate mortgage on Unisync’s Montreal facility having a current principal balance of $2.5 million;
• repay the $5 million Utility acquisition facility established in Oct 2018 and having a current principal balance of $2.5 million;
• repay shareholder loans established in 2019 and having a current principal balance of $3.3 million; and
• accommodate the acquisition of the 10% minority interest in Peerless Garments LP.

In addition to the significant reduction in annual term debt servicing by only utilizing mortgage related long-term debt, the elimination of minority partner distributions as well as the high interest costs associated with unsecured and postponed shareholder loans will directly improve future net income per share.

As a result of the earlier disposition of Unisync common shares acquired by BDG & Partners (BDG) through the sale of Utility Garments Ltd. to Unisync in 2018 and the repayment of their shareholder loans to Unisync from the aforenoted mortgage financing, Christian Turgeon, the managing Partner of BDG, has resigned from the Unisync board. We wish to thank Christian for the dedicated contribution and special insight he has provided to the board since October 2018.

About Unisync
Unisync is a broad-based vertically integrated North American enterprise with exceptional capabilities in garment design, domestic manufacturing, and off-shore outsourcing, including state-of-the-art web based B2B ordering, distribution, and program management systems. Unisync operates through two business units: Unisync Group Limited (“UGL”) and 90% owned Peerless Garments LP which has been producing operational uniforms and accessories to Canada’s Armed Forces and others for over 50 years.

UGL is a leading provider of full-service, managed apparel programs for major corporations and government-related entities with an established broad-based geographical footprint across Canada and into the US marketplace. In March of this year, UGL announced that its product offerings were being expanded to provide a wider range of professional grade apparel and footwear options through strategic alliances with Mark’s and Helly Hansen. In addition, UGL recently launched Tactical Gear Experts, a B2C eCommerce portal which can be accessed at https://tacticalgearexperts.com/.

On Behalf of the Board of Directors

Douglas F. Good, Executive Chairman

Investor relations contact:
Telephone: 778-370-1725 or Email [email protected]

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.