Business
BELLUS HEALTH EXERCISES OPTION TO TERMINATE LEASE
Jan. 14, 2011 (Canada NewsWire Group) -- Lease termination will result in annual savings of...
About this update from Bluenergies Ltd.
[{"type":"text","content":"\n\n\n\n Jan. 14, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nLease termination will result in annual savings of approximately $4.5\n million\n\n\nLAVAL, QC, Jan. 14 /CNW Telbec/ - BELLUS Health Inc. (TSX: BLU) ("BELLUS\n Health" or the "Company") announced today that it exercised its right\n to terminate the lease of its Laval, Quebec premises as of April 7,\n 2011 (the "Termination Option"), as provided in the amended lease\n agreement dated March 31, 2009 with A.R.E. Quebec No. 2, Inc.\n ("A.R.E."), the landlord of such premises (the "Amended Lease"). The\n exercise of the Termination Option will result in annual savings of\n approximately $4.5 million for the Company, representing a total of\n approximately $43 million in aggregate savings over the course of the\n original lease term. In consideration for the exercise of the\n Termination Option, BELLUS Health will issue 20,656,320 common shares\n from treasury to A.R.E. at a price of $0.29 per share (rounded to the\n second decimal point), for an aggregate value of $6 million. Pursuant\n to the terms of the Amended Lease, deferred rent in the amount of $4.2\n million (including accrued interest thereon) will be payable to A.R.E.\n on April 7, 2011, in cash or, at the Company's option, through an\n issuance of common shares from treasury.\n\n\n"In keeping with the strategic initiatives to reduce our burn rate\n announced on August 9th, 2010, exercising the...