HOLLAND LANDING, Ontario, Feb. 03 2022 (GLOBE NEWSWIRE) — Inscape Corporation (“Inscape“or the”Society”) (TSX: INQ), is pleased to announce that the Company has entered into an agreement (the “Agreement”) accepted on February 2, 2022 (the “Acceptance DAte“) for the sale of surplus goods (the “Proposed transaction”) at 70 Toll Road, East Gwillimbury, Ontario (the “Property”) to a third-party buyer (the “Buyer”). The purchase price is CA$1,500,000.
Pursuant to the Contract, the Buyer has forty-five (45) days from the Date of Acceptance to carry out such due diligence and other inspections and tests relating to the Property as it deems necessary. If Buyer, in its sole absolute and arbitrary discretion, is dissatisfied with the condition of the Property and its investigation and studies of the Property and the economic feasibility of the Property, then the Agreement shall become void and void. void and will be terminated (the “Property State Previous”).
The Buyer has provided a deposit of CDN$50,000 (the “Deposit”) to be credited with the purchase price upon closing of the proposed transaction. Buyer will provide a second deposit in the amount of CA$75,000 (the “Second deposit”) in the event that he waives the condition precedent of ownership, which is also to be credited to the purchase price upon closing of the proposed transaction. In the event that the Contract is terminated due to the default of the Buyer, the Deposit and the Second Deposit, together with all interest, shall be retained by the Company as liquidated damages in full satisfaction of all other rights. and remedies which the Company may have against the Buyer relating to or arising out of the Contract.
If all required closing conditions are satisfied or satisfied, the proposed transaction is expected to close on May 31, 2022 (the “Closing”). There can be no assurance that the conditions precedent will be satisfied and that the proposed transaction will be completed as proposed or not at all.
“This transaction complements our efforts to divest excess real estate assets and redeploy proceeds prudently and in the best interest of all our stakeholders. The imminent closing of this transaction is fully aligned with our strategic plan and is another step in our efforts to improve Inscape’s operations and financial profile,” commented Eric Ehgoetz, CEO.
Since 1888, Inscape has been designing forward-looking products and services, so businesses can adapt and evolve without having to reinvest in their workspaces. Our versatile portfolio includes furniture, storage and wall systems, all adaptable and built to last. Inscape’s extensive dealer network, showrooms in the United States and Canada, and comprehensive service and support for all of our customers, make us stand out from the crowd. We make it simple. We make it smart. We make our customers wonder why they didn’t choose us sooner.
Caution Regarding Forward-Looking Statements
This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, the closing of the proposed transaction and the terms and conditions of the lease and forward-looking statements include, but are not limited to, the impact of the proposed transaction on the strategic plan, operations and financial profile. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “intends”. , “plans” or “believes” or variations of these words and expressions or state that certain actions, events or results “could”, “could”, “should”, “would”, “could” or “will be taken”, ” will occur” or “will be achieved”” or the negative such as “do not believe” or other variations thereof or comparable terminology. Forward-looking information is based on management’s reasonable assumptions, estimates, analyzes and opinions as of the date such statements are made. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied. by such forward-looking information, including the risk factors identified in the Company’s Annual Information Form and MD&A. Forward-looking information is based on management’s reasonable assumptions, estimates, analyzes and opinions made in light of its experience and perception of trends, current conditions and expected developments, as well as other factors that management believes relevant and reasonable. in the circumstances as of the date such statements are made, but which may prove to be incorrect. Management cautions readers that assumptions regarding future events, many of which are beyond management’s control, may prove to be incorrect, as they are subject to certain risks and uncertainties, and that actual results may differ materially from those projected. Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information as the Company cannot guarantee that such expectations will prove to be correct. Factors that could cause results or events to differ from current expectations include, among others: (i) the satisfaction of conditions precedent; (ii) the terms and conditions of the Lease; (iii) completion of the proposed transaction by the parties; and (iv) the impact of the Proposed Transaction on the Company’s strategic plan, operations and financial profile. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking information.
For more information, visit myinscape.com.
Contact Jon Szczur
T 905 952 4102