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DIRTT Confirms Early Termination of Lease Agreement for Former Rock Hill Facility
Globenewswire· 2026-01-05 13:00
Core Viewpoint - DIRTT Environmental Solutions Ltd. has announced the early termination of its lease at the former Rock Hill manufacturing facility, effective December 30, 2025, which is expected to lead to significant cost savings and operational optimization [1][2][3]. Group 1: Lease Termination Details - DIRTT entered into a Lease Termination and Release Agreement with PDM US, LLC, relieving the company of future rent obligations in exchange for a reduced early termination fee of $1.0 million [2]. - The original lease for the Rock Hill facility was a 15-year build-to-suit agreement executed in 2019, but the facility was permanently closed in September 2023 [3]. - As of November 30, 2025, DIRTT's remaining rent obligations under the lease were estimated at approximately $10.5 million on an undiscounted basis [3]. Group 2: Financial Implications - The lease termination is expected to deliver recurring annual cost savings of $1.6 million starting in January 2026 [3]. - The company anticipates recognizing a one-time, non-cash impairment expense related to leasehold improvements of approximately $2.3 million, which will negatively impact reported results in the current period [3]. - The right-of-use asset related to this lease was valued at $5.9 million, while the lease liability was $7.7 million as of September 30, 2025 [3]. Group 3: Operational Strategy - The lease termination is part of DIRTT's broader operational initiatives aimed at rationalizing its real estate footprint and optimizing business operations [3]. - DIRTT operates a multi-facility manufacturing footprint across North America, with specialized facilities in Calgary, Alberta, and a major production plant in Savannah, Georgia [4].
DIRTT Announces Renewal of Normal Course Issuer Bid for Common Shares
Globenewswire· 2025-12-18 13:00
Core Viewpoint - DIRTT Environmental Solutions Ltd. has announced the renewal of its Normal Course Issuer Bid (NCIB) to enhance shareholder value through opportunistic share repurchases [1][2]. Group 1: Renewed NCIB Details - The Renewed NCIB will commence on December 22, 2025, and will terminate on December 21, 2026, following the expiry of the current NCIB [1]. - Under the Renewed NCIB, DIRTT is authorized to repurchase up to 9,593,878 Common Shares, which is 5.0% of the issued and outstanding shares as of December 8, 2025 [2]. - The daily purchase limit is set at approximately 25% of the average daily trading volume, which is 35,669 Common Shares over the last six months [2]. Group 2: Prior NCIB Performance - Under the Prior NCIB, DIRTT purchased 1,749,974 Common Shares at a volume-weighted average price of C$0.95, representing approximately 3.89% of the issued shares as of December 9, 2024 [3]. - Additionally, DIRTT acquired 3,920,844 Common Shares directly from NGEN III, LP, which counted towards the maximum repurchase limit under the Prior NCIB [3]. Group 3: Repurchase Plans - DIRTT plans to implement an Issuer Repurchase Plan Agreement (IRPA) and an Automatic Repurchase Plan Agreement (ARPP) in connection with the Renewed NCIB [4]. - The ARPP will allow for share repurchases during regulatory black-out periods, provided DIRTT is not in possession of material non-public information [4]. - All purchases made under the IRPA and ARPP will count towards the total number of shares repurchased under the Renewed NCIB [4]. Group 4: Company Overview - DIRTT is a leader in industrialized construction, providing a system of physical products and digital tools for adaptable interior environments across various sectors including workplace, healthcare, education, and public [8]. - The company's solutions are designed to offer flexibility and adaptability, allowing organizations to reconfigure spaces as their needs evolve [8].
DIRTT Announces Financing from BDC and Refinancing of Debentures
Globenewswire· 2025-12-11 22:00
Core Viewpoint - DIRTT Environmental Solutions Ltd. has entered into a letter agreement with the Business Development Bank of Canada for a loan of up to C$15.0 million to optimize its capital structure and support its growth plan [1][2]. Loan Details - The loan consists of an initial disbursement of C$10.0 million and a secondary disbursement of C$5.0 million, with an interest rate of BDC's floating base rate (currently 6.55%) minus 0.75% [3]. - Monthly principal repayments will begin in May 2026, with interest-only payments due at the end of each month following the first disbursement, and the loan matures on April 30, 2032 [3]. Security and Guarantees - The loan is secured by a general security agreement granting a first-ranking security interest in specific equipment and other personal property, along with a guarantee from DIRTT Environmental Solutions, Inc. for the full loan amount [4]. - Additional security includes a landlord's waivers of distraint and a first readvanceable mortgage of US$5.0 million on the land and buildings located at 325 North Wells Street, Chicago, IL [4]. Use of Proceeds - The proceeds from the loan are intended to partially refinance the Company's outstanding 6.00% convertible debentures due January 31, 2026, with the remaining C$1.6 million to be repaid using cash on hand [5]. Company Overview - DIRTT is a leader in industrialized construction, providing a system of physical products and digital tools for adaptable interior environments across various sectors including workplace, healthcare, education, and public markets [6].
DIRTT Gains Over $7 Million in New Projects as Market Activity Accelerates
Globenewswire· 2025-10-09 12:00
Core Insights - DIRTT Environmental Solutions Ltd. has announced significant progress in its commercial pipeline, with over $7 million in projects advancing across five clients, indicating strong demand in various sectors including healthcare, workplace, and aviation [1][2]. Project Highlights - Notable projects include The Hospitals of Providence in El Paso, Texas, valued at over $1.5 million, and The Ohio State University Wexner Medical Center Outpatient Care Powell, a $4.7 million project that will span 20 phases through April 2026 [2]. - These projects underscore DIRTT's success in delivering scalable programs within major healthcare systems [2]. Market Trends - The Dodge Momentum Index has increased by 33% year over year, reflecting a positive trend in construction planning across key markets [2]. - DIRTT's 12-month forward pipeline has seen a 1.2% increase from September 1, 2025, to October 1, 2025, indicating sustained demand for its adaptable interior construction solutions [3]. Company Overview - DIRTT is recognized as a leader in industrialized construction, providing a system of physical products and digital tools that enable organizations to create high-performing, adaptable interior environments [4]. - The company operates across various sectors, including workplace, healthcare, education, and public markets, offering design flexibility and greater certainty in cost, schedule, and outcomes [4].
DIRTT Announces Results of Annual General and Special Meeting of Shareholders
Globenewswire· 2025-06-24 21:23
Group 1 - DIRTT Environmental Solutions Ltd. held its annual general and special meeting of shareholders on June 24, 2025, where the election of directors took place with high approval rates for all nominees [1] - Douglas Edwards received 99.90% of votes for his election, while other nominees also received significant support, with percentages ranging from 98.59% to 99.89% [1] - All other matters voted on by shareholders were approved, and final voting results will be filed on SEDAR and EDGAR [1] Group 2 - DIRTT is recognized as a leader in industrialized construction, providing a system of physical products and digital tools that enable organizations to create adaptable interior environments [2] - The company's solutions cater to various sectors, including workplace, healthcare, education, and public markets, offering design freedom and greater certainty in cost and outcomes [2] - DIRTT's interior construction solutions are designed to be flexible and adaptable, allowing organizations to reconfigure their spaces as needs evolve [2]
OTC Markets Group Welcomes DIRTT Environmental Solutions Ltd to OTCQX
Globenewswire· 2025-06-11 11:00
Company Overview - DIRTT Environmental Solutions Ltd is a leader in industrialized construction, providing a system of physical products and digital tools that enable organizations to create high-performing, adaptable interior environments [4] - The company's solutions are applicable in various sectors, including workplace, healthcare, education, and public sector markets, offering total design freedom and greater certainty in cost, schedule, and outcomes [4] Market Transition - DIRTT Environmental Solutions Ltd has upgraded to trade on the OTCQX Best Market from the Pink market, which is a significant step for enhancing transparency for U.S. investors [1][3] - The company will now trade under the symbol "DRTTF" on the OTCQX, allowing U.S. investors to access current financial disclosures and real-time quotes [2] Compliance and Standards - To qualify for the OTCQX, companies must meet high financial standards, adhere to best practice corporate governance, and comply with applicable securities laws, which underscores the importance of transparency and reliability in trading [3]
DIRTT to Announce First Quarter 2025 Financial Results on May 7, 2025
Globenewswire· 2025-04-29 12:00
Group 1 - DIRTT Environmental Solutions Ltd. will release its first quarter 2025 financial results on May 7, 2025, after market close [1] - A conference call to discuss the results is scheduled for May 8, 2025, at 8:00 a.m. MST, hosted by the CEO and CFO [2] - DIRTT is a leader in industrialized construction, providing adaptable interior environments for various sectors including workplace, healthcare, education, and public [3] Group 2 - DIRTT's system combines physical products and digital tools, offering design freedom and certainty in cost, schedule, and outcomes [3] - The company's solutions are designed to be flexible and adaptable, allowing organizations to reconfigure spaces as needs evolve [3] - DIRTT is headquartered in Calgary, Alberta, Canada, and trades on the Toronto Stock Exchange under the symbol "DRT" [3]