Gendis Inc.

Gendis Inc.

May 13, 2009 15:04 ET

Gendis Inc. Provides Update on Real Estate Portfolio

WINNIPEG, MANITOBA--(Marketwire - May 13, 2009) - Gendis Inc. (TSX:GDS) is pleased to announce that it has entered into four long-term leases with The Bargain! Shop as its tenant. These locations operate under The Bargain! Shop banner subsequent to The Bargain! Shop's asset purchase of SAAN Stores Ltd. in 2008.

The properties are located in Portage La Prairie, Stonewall and Flin Flon, Manitoba, as well as Thunder Bay, Ontario. A property in London, Ontario was also recently sold to a local investor.

Gendis' property on Portage Avenue in downtown Winnipeg has been leased to Dollarama for an initial term of ten years.

In addition to the 5 retail properties, Gendis has also fully leased its signature twenty-acre property in the Fort Garry Industrial Park in South Winnipeg to Brewers' Distributor Ltd., Manitoba Hydro and IMRIS Inc. Gendis' Head Office is also located in this world-class 379,000 square foot facility.

As well, corporate debt has been reduced by 40% in the past year and a plan is in place to further reduce debt going forward.

Gendis' Annual General Meeting is scheduled for 11:00 a.m. Friday, June 5, 2009 at its Head Office at 1370 Sony Place.

Contact Information

  • Gendis Inc.
    Mr. James E. Cohen
    Executive Vice-President
    (204) 474-5200