Cyberplex (ticker: CX, exchange: Toronto Stock Exchange) News Release - 20 - Sep - 2006
Cyberplex Announces Elimination of its $13.5 Million Lease Obligation
TORONTO, September 20, 2006 - Cyberplex Inc. (TSX:CX) (“Cyberplex” or the “Company”) today announced that it has successfully negotiated a termination agreement for its current leased facilities in Toronto resulting in a reduction to its long-term commitments by approximately $13.5 million.
As a result of the termination agreement, Cyberplex will move to a new location in December 2006 and has agreed to pay the landlord a one-time charge of $1.27 million. The Company does not expect this one-time charge to have any impact on its profit and loss statement as a provision for the leased facilities had been accounted for in the past.
“Given the changes that have occurred over the past number of years, our current facility was no longer suitable and the financial obligation caused a significant strain on our organization” said Geoffrey Rotstein chief executive officer of Cyberplex. “Eliminating this obligation will have a positive impact to our net income and will benefit the Company as we continue to pursue acquisitions.”
About Cyberplex
Cyberplex Inc. (www.cyberplex.com) is a specialized team of management and technology consultants who are dedicated to helping clients enhance, automate and manage technology solutions that improve business processes. With over 12 years of experience serving Fortune 1000 clients including Thomson, Atlantic Lottery Corporation, Advanced Micro Devices (AMD), Scotiabank, SunTrust Banks and the Royal Bank of Canada, Cyberplex is frequently the firm of choice for business leaders looking for reliable solutions. Cyberplex serves clients across Canada and the US, and is headquartered in Toronto, Canada with offices in Arlington, Chicago and Halifax.
This news release may contain certain forward-looking statements that reflect the current views and/or expectations of Cyberplex Inc. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
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For more information please contact
Investor Relations, Cyberplex
416-597-8889
1-888-597-8889
investor@cyberplex.com
