Item 1.01 Entry into a Material Definitive
Agreement
Syscan Corporation ("Syscan"), a wholly owned subsidiary of Champion Industries, Inc. ("Champion"), is lessee under a lease dated September 1, 2004, from Williams Land Corporation ("Williams Land"), lessor, of land and building at 3000 Washington Street, Charleston, West Virginia (the "Property"). The lease was filed as Exhibit 10.3 to Form 8-K filed by Champion with the Securities and Exchange Commission on September 10, 2004. The lease provides that the lessee has the option to purchase the Property for the sum of $1.5 million at the end of the lease term on September 1, 2009, and that if the option to purchase is not exercised, lessor has the option to require the lessee to purchase the Property for $1.5 million.
On June 16, 2009 Syscan notified Williams Land that it has exercised its option to purchase the Property. Under the terms of the lease, consummation of the Property purchase is to occur within 45 days after August 31, 2009, and is subject to satisfaction of all terms and conditions of the lease.