Unisync Enters Fiscal 2022 With a Strong Balance Sheet and Improving Business Conditions

TORONTO, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Unisync Corp. (“Unisync”) (TSX:“UNI”) (OTCQX:“USYNF”) is pleased to announce that it has completed the $10 million capital restructuring plan announced on July 27^th, leaving it with a strong working capital position and long-term debt being limited to mortgage debt on its operating facilities in Winnipeg and Montreal plus capitalized lease liabilities. We continue to believe that owning our operating facilities where we can, reduces the risk of major increases in future facility costs due to inflationary pressure on base lease rates and allows Unisync to benefit from improvements in market values. It is noteworthy that our real estate holdings have a current appraised value of $12.9 million, which is $6.2 million above their book value of $6.7 million. In addition, our minority partner has withdrawn his request for payout of his minority position and agreed to not exercise this right during fiscal 2022 other than by mutual agreement. After adjusting for the market value of real estate and treating the minority partner’s interest as equity, the Company has total debt (including capitalized lease liabilities) to equity and working capital ratios both approximating 1.4:1.