Unisync Acquires Ottawa Based Carleton Uniforms Inc.
By Marketwired News
By Marketwired News
VANCOUVER, BC–(Marketwired – April 30, 2015) – Unisync Corp. (TSX VENTURE: UNI) (“Unisync”) is pleased to announce that its wholly owned subsidiary, Unisync Group Limited (“Unisync Group”), has entered into a definitive agreement to acquire a 100% equity interest in Ottawa area Carleton Uniforms Inc. (“Carleton”), from its existing owners Terry and Laura Perkins. The purchase price involves a combination of cash, a vendor take-back and 200,000 Unisync common shares at a deemed value of $2.00/share.
Carleton generated revenues of approximately $4 million in the twelve month period ended March 31, 2015. Its client base extends to Fire Departments, Emergency Medical Services, Transit, Police and Security throughout Ontario and into the Maritime Provinces and Western Canada. “Joining Unisync will provide our existing client base with the availability of an extended line of duty gear, footwear and other hard goods and provide a more automated order and delivery system to fuel organic growth,” commented Carleton President, Terry Perkins. “Unisync Group is Canada’s pre-eminent uniform provider, with quality people and business principals. Laura and I are pleased at the prospect of being part of the Unisync Team.”
The Carleton acquisition, which is expected to be accretive to Unisync’s existing shareholders, represents a strategic addition to Unisync’s October 2014 announced take-over of the Mississauga Outlet Store located at 6325 Dixie Road, Mississauga, Ontario. This Outlet Store has been supplying Canadian public safety agencies in the general Toronto area with a vast selection of equipment, boots and uniform products since 1991. The combination of the servicing models of Carleton and Unisync Group’s Outlet Store provide a strong delivery and support model to more effectively serve the needs of Fire Departments, Emergency Medical Services, Transit, Police, Canadian Border Services Agencies and other security related entities.
The Board of Directors of Unisync has unanimously approved the transaction, which is anticipated to close on or before May 15, 2015. “I am impressed with the quality of the Carleton staff and the service-oriented business reputation they have developed in the industry,” commented Unisync Group President, Carmin Garofalo. “We look forward to the addition of Terry Perkins as a Vice President of the Unisync Group and welcome all of the Carleton employees to the Unisync Team.”
Unisync operates through two business segments: Unisync Group Limited of Mississauga, Ontario and Peerless Garments LP of Winnipeg, Manitoba. Unisync Group is a leading customer-focused provider of corporate apparel, serving a list of leading Canadian iconic brands in a variety of industries. Peerless Garments specializes in the production and distribution of highly technical protective garments, military operational clothing and accessories for a broad spectrum of Federal, Provincial and Municipal government departments and agencies such as the Armed Forces and the RCMP.
Unisync’s goal is to make the process of ordering, receiving and wearing of apparel, related accessories and duty gear, a pleasant experience. Unisync is a vertically integrated and proudly Canadian enterprise with exceptional capabilities in garment design, domestic manufacturing and off-shore outsourcing, combined with state-of-the-art web based B2B ordering, distribution and program management systems.
Forward Looking Statements
This news release contains forward-looking statements regarding the future success of the business of the Company that is subject to risk and uncertainties. Examples of such forward-looking statements including, but are not limited to, statements concerning the Corporation’s acquisition of Unisync and the Corporation’s intention to raise additional capital and financing. These forward-looking statements 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. These risks include risks related to the closing of the acquisition, risks related to newly acquired businesses, uncertainty and dilution of additional financing and ability to service debt, as well as the risk factors described in the Corporation’s Management Discussion and Analysis filed on SEDAR at www.sedar.com, and the risks to be described in any Management Information Circular and/or Filing Statement to be prepared in connection with the transaction. The 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD
Douglas F. Good
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