Inscape announces entering into of an agreement for the sale and leaseback of the Falconer, New York Facility and sale of DC ...
November 11 2019 - 9:25AM
Inscape (TSX: INQ), a leading designer and manufacturer of
furnishings for the workplace, announces it has entered into an
agreement for the sale of the Falconer Facility which currently
manufactures Inscape’s branded Walls products and the DC Rollform
integrated metal fabrication business to Dahlstrom Roll Form (the
“Proposed Transaction”). The purchase price is estimated at $4.5
million (Canadian). The sale is subject to completion of certain
terms and conditions, including but not limited to financing and
due diligence. The expected closing date is on or before December
30, 2019.
The Sale involves the following
transactions:
- Sale of DC Rollform Integrated Metal Fabrication business
- Sale of the Falconer, New York land, building and certain
equipment located at 221 Lister Avenue
- Inscape will lease back a portion of space to continue the
manufacture and distribution of our branded Walls products. To
ensure a smooth transition, the new leasing agreement will take
effect on closing
“This transaction is consistent with our
commitment to grow our business profitably by focusing on our core
branded business. We expect this transaction will significantly
improve our operational and financial performance,” commented Brian
Mirsky, CEO.
About Inscape
Since 1888, Inscape has been designing
products and services that are focused on the future, so businesses
can adapt and evolve without investing in their workspaces all
over again. Our versatile portfolio includes systems furniture,
storage, and walls – all of which are adaptable and built to
last. Inscape’s wide dealer network, showrooms in the United
States and Canada, along with full service and support for all our
clients, enable us to stand out from the crowd. We make it simple.
We make it smart. We make our clients wonder why they didn’t choose
us sooner.
Cautionary NoteAs noted above,
completion of the Proposed Transaction is subject to a number of
conditions, including but not limited to, financing and due
diligence. Where applicable, the Proposed Transaction cannot close
until the required conditions are met. There can be no assurance
that the Proposed Transaction will be completed as proposed or at
all. Investors are cautioned that any information released or
received with respect to the Proposed Transaction may not be
accurate or complete and should not be relied upon.
Forward-Looking
StatementsCertain statements in this news release, contain
forward-looking statements which can be identified by the use of
forward-looking terminology such as “believes”, “expects”, “may”,
“desires”, “will”, “should”, “projects”, “estimates”,
“contemplates”, “anticipates”, “intends”, or any negative such as
“does not believe” or other variations thereof or comparable
terminology. No assurance can be given that potential future
results or circumstances described in the forward-looking
statements will be achieved or will occur. By their nature, these
forward-looking statements, necessarily involve risks and
uncertainties, including those discussed herein, that could cause
actual results to significantly differ from those contemplated by
these forward looking statements. Such statements reflect the view
of the Company with respect to future events, and are based on
information currently available to the Company and on assumptions,
which it considers reasonable. Management cautions readers that the
assumptions relative to the future events, several of which are
beyond Management’s control, could prove to be incorrect, given
that they are subject to certain risk and uncertainties, and that
actual results may differ materially from those projected. Factors
which could cause results or events to differ from current
expectations include, among other things: financing and due
diligence. Management disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by applicable securities laws. The reader is cautioned not to place
undue reliance on forward looking information.
For more information, visit myinscape.com.
Contact Aziz Hirji, CPA, CA Chief Financial
Officer Inscape Corporation T 905 952 4102 ahirji@myinscape.com
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