Vancouver, British Columbia, CANADA
TORONTO, Aug.  29, 2023  (GLOBE NEWSWIRE) -- Unisync Corp. (“Unisync") (TSX:"UNI") (OTC:“USYNF”) today announced that its Unisync Group Limited (“UGL”) division has begun a major operational consolidation endeavor, integrating its Carleton Place, Ontario and its St. Laurent, Quebec based distribution and small-lot product manufacturing and embellishment facilities into its recently expanded 140,000 square foot main distribution centre in Guelph, Ontario. This strategic transformation places our commitment to customer service at the forefront by leveraging our specialized warehouse management and electronic storefront systems to elevate the service experience of our customers. This consolidation was made possible through the implementation of an upgraded ERP system and the successful amalgamation of corporate entities following our acquisitions of Carleton Uniforms and Utility Garments. While our service, sales and purchasing teams will continue to operate from our St. Laurent location to ensure uninterrupted service to our valued customers, this move is strategically designed to substantially enhance our service offerings to the national and Quebec-based clients that have been warehoused at that location and to generate significant domestic operational efficiencies. Driven by a vision of a stronger and more unified company poised for an enhanced service offering and sustainable growth, these operational adjustments are expected to yield an estimated annual savings of $2.5 million in direct and administrative labour costs due to a net reduction of about 20% in the UGL division’s headcount. The restructuring is scheduled for completion within the next three months and is expected to cause a one-time fourth quarter charge for employee separation costs of approximately $0.9 million. In addition to improved operational efficiency and reduced labour costs, management is pursuing opportunities to lease the estimated 35-40,000 square feet of excess commercial/light industrial space that will become available in our Montreal facility as a result of this restructuring. We extend our sincere appreciation to the dedicated employees who will no longer be with us following this restructuring, many of whom have contributed their talents and expertise over lengthy careers with the Company. We understand that adapting to change can be challenging and are fully committed to facilitating a smooth and respectful transition process for all affected employees. About Unisync
Unisync is a broad-based vertically integrated North American enterprise with exceptional capabilities in garment design, domestic manufacturing, and offshore outsourcing, including state-of-the-art web based B2B ordering, distribution, and program management systems. Unisync operates through two business units: UGL with operations throughout Canada and the USA and 90% owned Peerless Garments LP, a domestic manufacturing operation based in Winnipeg, Manitoba. On Behalf of the Board of Directors
Douglas F. Good, CEO

Unisync Launches Major Integration Plan to Improve its Service Offering and Maximize Operational Efficiencies

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TORONTO, Aug.  15, 2023  (GLOBE NEWSWIRE) -- Unisync Corp. ("Unisync") (TSX:"UNI") (OTC:"USYNF") announces its financial results for the third quarter ended June 30, 2023 of its 2023 fiscal year (“Q3 2023”). Unisync operates through two business units: Unisync Group Limited (“UGL”) with operations throughout Canada and the USA and 90% owned Peerless Garments LP (“Peerless”), a domestic manufacturing operation based in Winnipeg, Manitoba. UGL is a leading customer-focused provider of corporate apparel, serving many leading Canadian and American iconic brands. Peerless specializes in the production and distribution of highly technical protective garments, including military operational clothing and accessories for a broad spectrum of Federal, Provincial and Municipal government departments and agencies. Results for Q3 2023 versus Q3 2022
Revenue for Q3 2023 of $25.4 million rose by $0.7 million or 3% from Q3 2022, due to a $0.9 million revenue improvement in the UGL segment less a $0.4 million revenue decrease in the Peerless segment and less a $0.2 million decrease in intersegment revenue eliminations. UGL segment revenue of $22.7 million increased by 4% over the same period in the prior year on an improvement in sales to the segment’s airline accounts. The increase in sales to the Company’s airline accounts was caused by the continued post-pandemic rebound in the airline industry where staffing levels have surged above pre-pandemic levels. The revenue decrease in the Peerless segment in the current quarter was due to lower uniform product sales to the Department of National Defence (“DND”) on account of delays in the exercise of contract options and the lack of new contract orders. Gross profit for Q3 2023 of $1.9 million was down $2.6 million from the third quarter of fiscal 2022 and the gross profit margin declined to 7.4% of revenue from 18.1%. The UGL segment experienced a decline in gross profit to $1.3 million or 6% of segment revenue compared to $3.9 million or 18% of segment revenue in the same quarter in the prior year because of a $1.8 million revaluation of the weighted average cost of inventory in the current period to adjust for the sharp drop in offshore container delivery costs since the peak experienced in June 2022, the absorption of higher outbound courier costs to deliver product to customers and costs associated with the startup of the new Guelph satellite 40,000 sq. ft. distribution facility which opened in July. Despite the decrease in Peerless segment revenue, gross profit of $0.6 million in that segment was unchanged from the prior year due to the higher margin mix of product sales. At $4.0 million, total general and administrative expenses for Q3 2023 were down $0.4 million or 9% from Q3 2022 on a reduction in senior management and customer service staff levels from the same period in the prior period. Interest expense of $0.8 million in the current quarter was up $0.4 million from the same quarter of fiscal 2022 due to higher interest costs combined with the need for greater short-term borrowings to finance the growth in inventory and receivable levels. The Company reported a net loss before tax of $3.0 million in the quarter compared to a net loss of $0.5 million in the same quarter last year. Adjusted EBITDA, before the $1.8 million non-cash inventory revaluation in the quarter, was $1.0 million versus $1.2 million for the corresponding 3 month period last year. More detailed information is contained in the Company’s Consolidated Financial Statements for the quarter ended June 30, 2023 and Management Discussion and Analysis dated August 10, 2023 which may be accessed at www.sedar.com. Business Outlook
The Company’s North American airline accounts continue to experience strong demand and, although volumes are down from the unprecedented volumes experienced in the first half of fiscal 2023 due to a massive ramp-up in employee counts, ongoing orders have returned to pre-pandemic levels. The Company expects that this will continue to result in strong uniform sales to its airline accounts throughout the remainder of fiscal 2023 and thereafter. The lead time for offshore ocean shipments continues to improve, and the costs of container shipments have stabilized at pre-pandemic levels following the inflated levels experienced during the pandemic and into early fiscal 2023. New product orders are at an all-time high as evidenced by the increase in deferred revenue to $21.3 million at June 30, 2023 compared to $16.7 million as at September 30, 2022 and $5.0 million as at September 30, 2021. Approximately 60% of the deferred revenue at the end of Q3 2023 represents deposits on custom garment production in process, with the balance representing customer deposits at full selling prices covering slow moving inventory awaiting a disposition decision. The Company continues to place strong focus on the US market. UGL is in advanced discussions with a number of major corporations with respect to their image wear programs totaling close to US$100 million annually in potential new business. Additionally, UGL has been added as an approved supplier to an extensive list of major customers that are also scheduled to come to market during the 2023 and into 2024 calendar years. The Peerless business segment is positioned to maintain its current level of revenues and profitability over the balance of fiscal 2023 although there has been a significant slowdown in new opportunities emanating from the DND. Our primary strategy has been concentrated to date on building an infrastructure of strong management and advanced systems and a referenceable base of iconic clients to fuel future growth and profitability. As we move out of this platform building phase, management and your board are committed to achieving continued future growth and the development of an improved level of profitability to enhance shareholder value. On Behalf of the Board of Directors
Douglas F Good
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. Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. Share

UNISYNC Reports Q3 Fiscal 2023 Results

August 15, 2023 08:10 ET
Vancouver, British Columbia, CANADA
TORONTO, Aug.  15, 2023  (GLOBE NEWSWIRE) -- Unisync Corp. ("Unisync") (TSX:"UNI") (OTC:"USYNF") announces its financial results for the third quarter ended June 30, 2023 of its 2023 fiscal year (“Q3 2023”). Unisync operates through two business units: Unisync Group Limited (“UGL”) with operations throughout Canada and the USA and 90% owned Peerless Garments LP (“Peerless”), a domestic manufacturing operation based in Winnipeg, Manitoba. UGL is a leading customer-focused provider of corporate apparel, serving many leading Canadian and American iconic brands. Peerless specializes in the production and distribution of highly technical protective garments, including military operational clothing and accessories for a broad spectrum of Federal, Provincial and Municipal government departments and agencies. Results for Q3 2023 versus Q3 2022
Revenue for Q3 2023 of $25.4 million rose by $0.7 million or 3% from Q3 2022, due to a $0.9 million revenue improvement in the UGL segment less a $0.4 million revenue decrease in the Peerless segment and less a $0.2 million decrease in intersegment revenue eliminations. UGL segment revenue of $22.7 million increased by 4% over the same period in the prior year on an improvement in sales to the segment’s airline accounts. The increase in sales to the Company’s airline accounts was caused by the continued post-pandemic rebound in the airline industry where staffing levels have surged above pre-pandemic levels. The revenue decrease in the Peerless segment in the current quarter was due to lower uniform product sales to the Department of National Defence (“DND”) on account of delays in the exercise of contract options and the lack of new contract orders. Gross profit for Q3 2023 of $1.9 million was down $2.6 million from the third quarter of fiscal 2022 and the gross profit margin declined to 7.4% of revenue from 18.1%. The UGL segment experienced a decline in gross profit to $1.3 million or 6% of segment revenue compared to $3.9 million or 18% of segment revenue in the same quarter in the prior year because of a $1.8 million revaluation of the weighted average cost of inventory in the current period to adjust for the sharp drop in offshore container delivery costs since the peak experienced in June 2022, the absorption of higher outbound courier costs to deliver product to customers and costs associated with the startup of the new Guelph satellite 40,000 sq. ft. distribution facility which opened in July. Despite the decrease in Peerless segment revenue, gross profit of $0.6 million in that segment was unchanged from the prior year due to the higher margin mix of product sales. At $4.0 million, total general and administrative expenses for Q3 2023 were down $0.4 million or 9% from Q3 2022 on a reduction in senior management and customer service staff levels from the same period in the prior period. Interest expense of $0.8 million in the current quarter was up $0.4 million from the same quarter of fiscal 2022 due to higher interest costs combined with the need for greater short-term borrowings to finance the growth in inventory and receivable levels. The Company reported a net loss before tax of $3.0 million in the quarter compared to a net loss of $0.5 million in the same quarter last year. Adjusted EBITDA, before the $1.8 million non-cash inventory revaluation in the quarter, was $1.0 million versus $1.2 million for the corresponding 3 month period last year. More detailed information is contained in the Company’s Consolidated Financial Statements for the quarter ended June 30, 2023 and Management Discussion and Analysis dated August 10, 2023 which may be accessed at www.sedar.com . Business Outlook
The Company’s North American airline accounts continue to experience strong demand and, although volumes are down from the unprecedented volumes experienced in the first half of fiscal 2023 due to a massive ramp-up in employee counts, ongoing orders have returned to pre-pandemic levels. The Company expects that this will continue to result in strong uniform sales to its airline accounts throughout the remainder of fiscal 2023 and thereafter. The lead time for offshore ocean shipments continues to improve, and the costs of container shipments have stabilized at pre-pandemic levels following the inflated levels experienced during the pandemic and into early fiscal 2023. New product orders are at an all-time high as evidenced by the increase in deferred revenue to $21.3 million at June 30, 2023 compared to $16.7 million as at September 30, 2022 and $5.0 million as at September 30, 2021. Approximately 60% of the deferred revenue at the end of Q3 2023 represents deposits on custom garment production in process, with the balance representing customer deposits at full selling prices covering slow moving inventory awaiting a disposition decision. The Company continues to place strong focus on the US market. UGL is in advanced discussions with a number of major corporations with respect to their image wear programs totaling close to US$100 million annually in potential new business. Additionally, UGL has been added as an approved supplier to an extensive list of major customers that are also scheduled to come to market during the 2023 and into 2024 calendar years. The Peerless business segment is positioned to maintain its current level of revenues and profitability over the balance of fiscal 2023 although there has been a significant slowdown in new opportunities emanating from the DND. Our primary strategy has been concentrated to date on building an infrastructure of strong management and advanced systems and a referenceable base of iconic clients to fuel future growth and profitability. As we move out of this platform building phase, management and your board are committed to achieving continued future growth and the development of an improved level of profitability to enhance shareholder value. On Behalf of the Board of Directors
Douglas F Good

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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. About Unisync
Unisync operates through two business units: Unisync Group Limited (“UGL”) with operations throughout Canada and the USA and 90% owned Peerless Garments LP (“Peerless”), a domestic manufacturing operation based in Winnipeg, Manitoba. UGL is a leading customer-focused provider of corporate apparel, serving many leading Canadian and American iconic brands. Peerless 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. On Behalf of the Board of Directors Douglas F. Good, CEO
Investorrelationscontact:
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. Share

Unisync Capitalizing on The Untapped Value of Its Real Estate Holdings

Vancouver, British Columbia, CANADA
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. About Unisync
Unisync operates through two business units: Unisync Group Limited (“UGL”) with operations throughout Canada and the USA and 90% owned Peerless Garments LP (“Peerless”), a domestic manufacturing operation based in Winnipeg, Manitoba. UGL is a leading customer-focused provider of corporate apparel, serving many leading Canadian and American iconic brands. Peerless 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. On Behalf of the Board of Directors Douglas F. Good, CEO
Investor relations contact:

Canada Jetlines provides low-fare direct flights across the Canada. It is based in Vancouver, British Columbia.

Canada Jetlines

TORONTO, ON, March 10, 2022 – Canada Jetlines Operations Ltd. (NEO: CJET).
Canada Jetlines Announces Partnership with Unisync on Front-Line Employee Uniforms for the New Airline - Howard Group Inc

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3DLOOK

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Allegiant Travel Company

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Alaska Air Group

G4S (LSE:GFS) (OMX:G4S), fka Group 4 Securicor, is a global integrated security services company, specializing in the provision of security services and solutions.

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Unisync Group is a designer, manufacturer and distributor of direct sale uniforms, workwear, image apparel and related solutions.

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