HOLLAND LANDING, Ontario, Nov. 11, 2019 (GLOBE NEWSWIRE) -- Inscape (TSX: INQ), a leading designer and manufacturer of furnishings for the workplace, announces it has entered into an agreement for the sale of the Falconer Facility which currently manufactures Inscape’s branded Walls products and the DC Rollform integrated metal fabrication business to Dahlstrom Roll Form (the “Proposed Transaction”). The purchase price is estimated at $4.5 million (Canadian). The sale is subject to completion of certain terms and conditions, including but not limited to financing and due diligence. The expected closing date is on or before December 30, 2019.

The Sale involves the following transactions:

• Sale of DC Rollform Integrated Metal Fabrication business
• Sale of the Falconer, New York land, building and certain equipment located at 221 Lister Avenue
• Inscape will lease back a portion of space to continue the manufacture and distribution of our branded Walls products. To ensure a smooth transition, the new leasing agreement will take effect on closing   

“This transaction is consistent with our commitment to grow our business profitably by focusing on our core branded business. We expect this transaction will significantly improve our operational and financial performance,” commented Brian Mirsky, CEO.   

About Inscape          
Since 1888, Inscape has been designing products and services that are focused on the future, so businesses can adapt and evolve without investing in their workspaces all over again. Our versatile portfolio includes systems furniture, storage, and walls – all of which are adaptable and built to last. Inscape’s wide dealer network, showrooms in the United States and Canada, along with full service and support for all our clients, enable us to stand out from the crowd. We make it simple. We make it smart. We make our clients wonder why they didn’t choose us sooner.

Cautionary Note
As noted above, completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, financing and due diligence. Where applicable, the Proposed Transaction cannot close until the required conditions are met. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.  Investors are cautioned that any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon.

Forward-Looking Statements
Certain statements in this news release, contain forward-looking statements which can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “desires”, “will”, “should”, “projects”, “estimates”, “contemplates”, “anticipates”, “intends”, or any negative such as “does not believe” or other variations thereof or comparable terminology. No assurance can be given that potential future results or circumstances described in the forward-looking statements will be achieved or will occur. By their nature, these forward-looking statements, necessarily involve risks and uncertainties, including those discussed herein, that could cause actual results to significantly differ from those contemplated by these forward looking statements. Such statements reflect the view of the Company with respect to future events, and are based on information currently available to the Company and on assumptions, which it considers reasonable. Management cautions readers that the assumptions relative to the future events, several of which are beyond Management’s control, could prove to be incorrect, given that they are subject to certain risk and uncertainties, and that actual results may differ materially from those projected. Factors which could cause results or events to differ from current expectations include, among other things: financing and due diligence. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward looking information.

For more information, visit myinscape.com.

Contact Aziz Hirji, CPA, CA
Chief Financial Officer
Inscape Corporation
T 905 952 4102
ahirji@myinscape.com