Unisync Capitalizing on The Untapped Value of Its Real Estate Holdings

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.