Adisyn Ltd (ASX:AI1) announces surrender of Bibra Lake lease

Adisyn Ltd (ASX:AI1) has successfully negotiated the surrender of its Bibra Lake lease, resulting in approximately $350k in annual savings. The surrender of lease agreement with the lessor of the Bibra Lake data centre in WA allows Adisyn to exit from the lease on 18 October 2024, aligning with the Company's strategy of reducing costs and moving to a capital light model.

Executive Commentary on Surrender of Lease and Strategic Focus

We're delighted with the outcome of our negotiations which will allow AI1 to reduce expenses while being able to deliver capital light data centre and cyber security solutions to our customers. In addition, it frees up time and resources to apply to strategic collaborations, including with 2D Generation, where we can use our learnings from data centres to develop data centre and AI related technologies to solve current industry challenges.

Summary of Surrender of Lease and Future Outlook

Adisyn Ltd (ASX:AI1) has successfully negotiated the surrender of its Bibra Lake lease, resulting in approximately $350k in annual savings. The surrender of lease aligns with the Company's strategy of reducing costs and moving to a capital light model. Adisyn will continue to offer data centre services through third-party providers and focus on strategic partnerships to deliver next generation data centre and cybersecurity solutions. The surrender of lease also includes indemnification by the lessor against potential damages in a legal matter with Cannontech Technologies Ltd. The Company's future focus involves engaging in strategic partnerships to develop solutions leveraging its expertise in data centres and cybersecurity, particularly targeting the SME market in the Australian defence industry supply chain.