Loyalist Satisfies Outstanding Amounts Owing in Respect of KGIC Acquisition
21 Março 2014 - 10:15AM
Marketwired
Loyalist Satisfies Outstanding Amounts Owing in Respect of KGIC
Acquisition
TORONTO, ONTARIO--(Marketwired - Mar 21, 2014) - Loyalist Group
Limited ("Loyalist" or the "Company") (TSX-VENTURE:LOY) is pleased
to announce that it has satisfied all undisputed amounts owing
under the promissory note given by it in connection with the
acquisition of King George International College ("KGIC"), an
accredited and licensed English-as-a-second-language (ESL) school,
and King George International Business College ("KGIBC"), a
registered career college in Toronto, Vancouver, and Victoria,
which was previously announced on September 18, 2013. KGIC and
KGIBC have a total of 8 campuses in Halifax, Toronto, Vancouver and
Victoria.
"The Company continues to work through the final stages of the
integration of KGIC and KGIBC with the other brands under the
Loyalist label and we are very pleased with the cooperative manner
in which this integration is being accomplished", stated Andrew
Ryu, CEO of Loyalist.
About Loyalist
Loyalist Group Limited owns and operates private English as a
Second Language (ESL) Schools, Career Colleges and Community
Colleges in Toronto, Vancouver, Victoria and Halifax.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements
This news release includes certain forward-looking statements
within the meaning of Canadian securities laws. Such
forward-looking information and statements are not representative
of historical facts or information or current condition, but
instead represent only the Company's beliefs regarding future
events, plans or objectives, many of which, by their nature, are
inherently uncertain and outside of the Company's control.
Generally, such forward-looking information or statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or may contain statements that certain actions, events
or results "may", "could", "would", "might" or "will be taken,
"will continue", "will occur" or "will be achieved". The
forward-looking information contained herein includes information
relating to the integration of the business of KGIC and KGIBC into
the Company's existing business. By identifying such information
and statements in this manner, the Company is alerting the reader
that such information and statements are subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such information and statements. Any number of important
factors could cause actual results to differ materially from these
forward-looking statements as well as future results, including but
not limited to: risks related to any of the Company's announced or
proposed acquisitions failing to close or becoming delayed before
closing; the Company's reliance on its South Korean contract;
carrying on business and activities in international jurisdiction
where Canadian laws do not apply; any loss of certain key
personnel; levels of student enrolment; delays in rolling out the
online education programs; competition in the educational services
market; and currency fluctuations. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in the
forward-looking information and statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. Although the Company believes that the assumptions and
factors used in preparing, and the expectations contained in, the
forward-looking information and statements are reasonable, undue
reliance should not be placed on such information and statements,
and no assurance or guarantee can be given that such
forward-looking information and statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information and
statements. Accordingly, readers should not place undue reliance on
any forward-looking information or statements contained in this
press release. The forward-looking information contained in this
press release is made as of the date hereof, and the Company does
not undertake to update any forward-looking information that is
contained or referenced herein, whether as a result of new
information, future events or otherwise, except in accordance with
applicable securities laws. All subsequent written and oral forward
looking information and statements attributable to the Company or
persons acting on its behalf is expressly qualified in its entirety
by this notice.
Loyalist Group LimitedAndrew RyuCEO(416)977-9800
X225aryu@loyalistgroup.comLoyalist Group LimitedDavid MacAdamVP
Corporate Development(604)961-3513dmacadam@loyalistgroup.com
Loyalist Group Limited (TSXV:LOY)
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