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Cyberplex Announces Elimination of its $13.5 Million Lease Obligation
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Location: Blogs News |
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| Posted by: ITNovaScotia Admin |
Wednesday, September 20, 2006 |
TORONTO, Sept. 20 /CNW/ - Cyberplex Inc. (TSX:CX) ("Cyberplex" or the
"Company") today announced that it has successfully negotiated a termination
agreement for its current leased facilities in Toronto resulting in a
reduction to its long-term commitments by approximately $13.5 million.
As a result of the termination agreement, Cyberplex will move to a new
location in December 2006 and has agreed to pay the landlord a one-time charge
of $1.27 million. The Company does not expect this one-time charge to have any
impact on its profit and loss statement as a provision for the leased
facilities had been accounted for in the past.
"Given the changes that have occurred over the past number of years, our
current facility was no longer suitable and the financial obligation caused a
significant strain on our organization," said Geoffrey Rotstein, chief
executive officer of Cyberplex. "Eliminating this obligation will have a
positive impact to our net income and will benefit the Company as we continue
to pursue acquisitions."
About Cyberplex
Cyberplex Inc. (www.cyberplex.com) is a technology consulting firm
focused on application expertise. The Company's specialized team of management
and technology consultants assist clients with all aspects of their
applications as they enhance, automate and manage technology solutions that
improve business processes.
This news release may contain certain forward-looking statements that
reflect the current views and/or expectations of Cyberplex Inc. with respect
to its performance, business and future events. Such statements are subject to
a number of risks, uncertainties and assumptions. Actual results and events
may vary significantly.
For further information: investor@cyberplex.com |
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