Business
Cyberplex Announces Elimination of its $13.5 Million Lease Obligation
Cyberplex Announces Elimination of its $13.5 Million Lease Obligation.
About this update from Eq Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Sept. 20 /CNW/ - Cyberplex Inc. (TSX:CX) (\"Cyberplex\" or the\n\"Company\") today announced that it has successfully negotiated a termination\nagreement for its current leased facilities in Toronto resulting in a\nreduction to its long-term commitments by approximately $13.5 million.\nAs a result of the termination agreement, Cyberplex will move to a new\nlocation in December 2006 and has agreed to pay the landlord a one-time charge\nof $1.27 million. The Company does not expect this one-time charge to have any\nimpact on its profit and loss statement as a provision for the leased\nfacilities had been accounted for in the past.\n\"Given the changes that have occurred over the past number of years, our\ncurrent facility was no longer suitable and the financial obligation caused a\nsignificant strain on our organization,\" said Geoffrey Rotstein, chief\nexecutive officer of Cyberplex. \"Eliminating this obligation will have a\npositive impact to our net income and will benefit the Company as we continue\nto pursue acquisitions.\"\n\nAbout Cyberplex\nCyberplex Inc. (www.cyberplex.com) is a technology consulting firm\nfocused on application expertise. The Company's specialized team of management\nand technology consultants assist clients with all aspects of their\napplications as they enhance, automate and manage technology solutions that\nimprove business processes.\n\nThis news release may contain certain forward-looking statements that\nreflect the current views and/or expectations of Cyberplex Inc. with respect\nto its performance, business and future events. Such statements are subject to\na number of risks, uncertainties and assumptions. Actual results and events\nmay vary significantly.\n\n\n\n","length":1778,"tagName":"div"}]