TORONTO, Oct. 03, 2019 (GLOBE NEWSWIRE) — Unisync Corp. (TSX: “UNI”) (“Unisync“) is pleased to announce that the Department of National Defense (“DND”) has exercised a further $3.8 million in contract options bringing the total firm orders under contract to $22.1 million at its Winnipeg based subsidiary, Peerless Garments LP (“Peerless”). The two options exercised involve the production of an additional $2.4 million of flyer coveralls and $1.4 million of flame-resistant tactical helicopter shirts and trousers. There remains a further $7.6 million in contracted options still outstanding.
With this build-up in firm contracts, we are expecting a significant improvement in financial performance from our Peerless business unit as production capacity is ramped up internally and at sub-contractors.
UNISYNC ON THE MOVE
Unisync is a broad-based vertically integrated North American enterprise with exceptional capabilities in garment design, domestic manufacturing, and off-shore outsourcing, including state-of-the-art web based B2B ordering, distribution, and program management systems. Unisync operates through two business units: Unisync Group Limited (“UGL”) and Peerless.
UGL provides full-service, managed apparel programs for major corporations and government-related entities through operations across Canada and this year has expanded into the US marketplace through the establishment of a 45,000 sq. ft. distribution and service facility in Henderson, Nevada, and a sales and service facility in Lakewood, New Jersey. The Nevada facility is now staffed and is receiving, kitting and delivering the first phase of new uniforms for its first major US based airline account whose employees are expected to be fully outfitted with their new image wear by the first half of Fiscal 2020. UGL’s customer base includes a broad list of North American iconic brands as well as municipal and provincial agencies across Canada.
Winnipeg based Peerless specializes in the manufacturing and distribution of highly technical protective garments, military operational clothing, and accessories for a broad spectrum of Federal, Provincial and Municipal government agencies in Canada. It has been the leading prime contractor for the provision of operational clothing and accessories to the DND for over 40 years.
For more information on our capabilities, products and services please visit the Unisync website at www.unisyncgroup.com .
On Behalf of the Board of Directors
Matthew Graham, CEO
Investor relations contact:
Douglas F Good, Executive Chairman 778-370-1725 or Email [email protected]
Forward Looking Statements
This news release may contain forward-looking statements that 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. Any 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.