VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 18, 2014) - Unisync Corp. (TSX VENTURE:UNI)(TSX VENTURE:UNI.A) (the "Company") is pleased to announce the appointment of Richard Smith CPA, CA to the position of Chief Financial Officer. Richard replaces Bruce W Aunger whom the Board wishes to thank for his many years of service as CFO of the Company. Bruce will continue to serve as a director, a position he has held since 2005.
Richard joined the Company's recently acquired subsidiary, Unisync Group Limited, in 2011 and has over 21 years CFO experience in both public and private companies across a variety of industries. Building on previous financial management success with companies involved in forest products, electronics manufacturing, moving and storage and bio-fuels development, Richard contributes a depth of knowledge to the Unisync team. Prior experience includes CFO, Northern Ethanol; CFO, AMJ Campbell and CFO, SMTC Corporation.
Appointment of Market-Maker
The Company has, subject to regulatory approval, retained Venture Liquidity Providers Inc. ("VLP") to initiate its market-making service and provide assistance in maintaining an orderly trading market for the shares of the Company. VLP is a specialized consulting firm based in Toronto providing a variety of services focused on TSX-V-listed issuers.
The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the Company has agreed to pay VLP $5,000 per month for a period of 12 months. The agreement may be terminated at any time by the Company or VLP. The Company and VLP act at arm's length, and VLP has no present interest, directly or indirectly, in the Company or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the company to VLP is for services only.
Change in Fiscal Year End
The Company also announces that it is in the process of changing its financial year-end from November 30 to September 30, effective for the upcoming financial period ending September 30, 2014. The change in financial year-end enables the year-end of the Company to coincide with that of recently acquired Unisync Group Limited and allows its fiscal interim period ends to correspond with the standard calendar quarters.
Unisync's principal business is its 90% limited partnership interest in Peerless Garments LP ("Peerless") based in Winnipeg, Manitoba and recently acquired Ontario based Unisync Group Limited ("Unisync Group") that has a satellite operation in Calgary, Alberta. The combined entities represent a vertically integrated and unique Canadian enterprise with exceptional capabilities in domestic manufacturing and off-shore outsourcing, combined with state-of-the-art web based B2B ordering and distribution systems. Specializing in the production and distribution of highly technical protective garments, military operational clothing, accessories and corporate image wear; the combined client base stretches across a broad spectrum of Federal, Provincial and Municipal government departments and agencies such as the Armed Forces and the RCMP, as well as a list of leading Canadian corporations in a variety of industries.
ON BEHALF OF THE BOARD
Douglas F. Good, Chief Executive Officer
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 Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.