INQ
ORIGINAL: Inscape announces the closing and completion of the sale and leaseback of the Holland Landing Facility
2022-01-25 11:19 ET - News Release
HOLLAND LANDING, Ontario, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Further to our announcement of December 8, 2021, Inscape Corporation (“Inscape” or the “Company”) (TSX: INQ), is pleased to announce that the Company has now closed and completed the agreement (the “Agreement”) dated November 8, 2021 (the “Effective Date”) for the sale and leaseback (the “Proposed Transaction”) of the Holland Landing Facility at 67 Toll Road, East Gwillimbury, Ontario (the “Property”) to a third-party purchaser (the “Purchaser”). The purchase price was CDN$32,750,000.
On Closing, the parties entered into a lease (the “Lease”) whereby the Company has leased back the Property from the Purchaser for a term of ten (10) years, with two (2) extension options of five (5) years each, substantially on terms and conditions agreed to by the parties.
“The completion of this transaction remains consistent with our strategic plan and is another material step in our efforts to improve operations and the financial profile of Inscape. Further details on our planned footprint reduction within Holland Landing and expected efficiencies to be derived will be detailed in subsequent press releases after completion of our full review currently in progress,” commented Eric Ehgoetz, CEO.
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