TORONTO, July 17, 2019 (GLOBE NEWSWIRE) -- Unisync Corp. (TSX: "UNI") (“Unisync") is pleased to announce that the Department of National Defense (“DND”) has recently exercised $8.5 million in contract options bringing the total firm orders under contract to $20.5 million at its subsidiary, Peerless Garments LP (“Peerless”). The largest contract option exercised involves the production of $6.1 million of enhanced combat uniforms. There remains a further $13.2 million in contract options still open for exercise which Peerless is working closely with the DND on to better understand and plan for the timing of future product requirements.
With this build-up in firm contracts, we are expecting a significant improvement in financial performance from our Peerless business unit during the latter half of Fiscal 2019 and in Fiscal 2020.
Unisync On The Move
Unisync is a broad-based vertically integrated North American enterprise with exceptional capabilities in garment design, domestic manufacturing, and off-shore outsourcing, including state-of-the-art web based B2B ordering, distribution, and program management systems. Unisync operates through two business units: Unisync Group Limited (“UGL”) and Peerless.
UGL provides full-service, managed apparel programs for major corporations and government-related entities through operations across Canada and this year has expanded into the US marketplace through the establishment of a 45,000 sq. ft. distribution and service facility in Henderson, Nevada, and a sales and service facility in Lakewood, New Jersey. The Nevada facility is now staffed and starting to receive and kit new uniforms for the launch of its first major US based airline account which is scheduled to officially rollout its new designs in the first half of Fiscal 2020. UGL’s customer base includes a broad list of North American iconic brands as well as municipal and provincial agencies across Canada.
Winnipeg based Peerless specializes in the manufacturing and distribution of highly technical protective garments, military operational clothing, and accessories for a broad spectrum of Federal, Provincial and Municipal government agencies in Canada. It has been the leading prime contractor for the provision of operational clothing and accessories to the DND for over 40 years.
The combination of the core competencies of UGL in state-of-the-art web based B2B ordering, distribution, and program management systems and the Peerless decades of experience in providing DND operational clothing, positions Unisync as a major contender for the recently announced operational clothing and footwear contract (“OCFC2”) – a managed program estimated at $1 billion over the potential 20 year term of the contract. Public Works and Government Services Canada has indicated they expect to release the request for proposals on this project in the next two to three months.
For more information on our capabilities, products and services please visit the Unisync website at www.unisyncgroup.com.
On Behalf of the Board of Directors
Douglas F Good, Executive Chairman
Investor relations contact:
Douglas F Good 778-370-1725 or Email dgood@unisyncgroup.com