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June 30, 1997updated 05 Sep 2016 1:03pm

PENNILESS GANDALF MADE HOMELESS

By CBR Staff Writer

Earlier this month things looked pretty tough at Gandalf Technologies Inc (CI No 3,177) but last week they got tougher for the financially-strapped data communications specialist. Gandalf employees arrived to work on Thursday morning to find that the company’s landlord had locked out them out of its administrative and manufacturing facility in Nepean, Ontario, after ejecting a couple of late-working engineers the night before. Gandalf is currently hoping that that it can extend its credit facilities with the Royal Bank of Canada as well as trying to find a strategic partner. The bank announced last Thursday that it would continue to support Gandalf in its efforts to find a partner, but that does not mean it will extend the facilities. Gandalf said it has not received an indication of how long the bank will permit the company to exceed its margin, as it will do this month. On the bright side, the company did regain access to the property after obtaining a court order finding that the landlord had acted unlawfully. The landlord was required to restore possession of the premises to the company and to pay to the company fixed legal costs. The company regained access to the buildings late Thursday afternoon.

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