Mindready Solutions Inc.
TSX : MNY

Mindready Solutions Inc.

December 22, 2006 07:55 ET

Mindready Solutions Renegotiates the Terms of the Lease of its Principal Office in Ville Saint-Laurent

Default situation is resolved Future lease expense reduced by 60% or $875,000 per year

MONTREAL, QUEBEC--(CCNMatthews - Dec. 22, 2006) - Mindready Solutions Inc. (TSX:MNY), a leading supplier of innovative solutions for test and embedded systems, announces that it has renegotiated the terms of the lease of its principal office in Ville Saint-Laurent as it has entered into an agreement with its landlord and a guarantor under the lease on the following terms:

- Effective January 1, 2007, the annual rent to be paid by Mindready under the lease will be reduced by an average of approximately $875,000 until the end of the term, being May 31, 2011.

- An outstanding unpaid rent amount of $847,500 will be repaid by the issuance of 1,695,000 common shares from treasury to the guarantor under the lease.

- The landlord will receive 2,500,000 warrants exercisable at a price of $0.50 per share (with a term of 5 years) and retain control over 60% of the space.

"This agreement was reached by achieving a delicate balancing act between each stakeholders interest and the need for Mindready to have an appropriate cost structure to prosper as a business. As much of our operations have moved to the United States over the last few years, a large portion of our space became superfluous and constituted a significant drain on our financial resources. This is now resolved and behind us." said Marc Lamy, President and Chief Executive Officer.

About Mindready Solutions

Mindready Solutions Inc. (TSX:MNY) is a leading supplier of innovative end-to-end solutions for new electronic product introduction, from design to manufacturing and test systems, serving the aerospace & defense, wireless telecommunication and automotive & transportation markets. Mindready serves clients such as Alcatel, Boeing, Faurecia, FlightSafety International, Lockheed Martin, Samsung, Nortel, Northrop Grumman, Rockwell Collins, Delphi and Visteon. More information about Mindready and its products, systems and engineering services can be found at www.mindready.com.

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