Monday, 11 April 2011 08:30 AM
Toronto, Ontario - April 11th 2011 – Loyalist Group Limited (“Loyalist” or the “Corporation”) (TSX Venture Exchange: LOY) (o/a McKinsey Education Group) today announced that it acquired a privately held education company operating in South Korea (the “Acquisition”) whose business and interests will strongly support Corporation’s educational and growth priorities. The Acquisition generated approximately CA $50K profit from approximately $300K in revenues for 2010. The name of the Acquisition company, its business activities, and other details are being kept confidential at this time but will be released shortly.
Andrew Ryu, Loyalist Group’s CEO, commented, “After the positive announcement from the South Korean Human Resources Development agency that approved 43% more students for subsidies to study at McKinsey Education Group for 2011, this latest Acquisition that we expect to close mid-May, is fortuitous.” (See the Corporation’s news release dated April 4, 2011)
Under the terms of the Acquisition, Loyalist will pay US$80,000 in cash and issue 625,000 LOY shares in exchange for 100% interest. The Acquisition is expected to close on or about May 13, 2011.
About Loyalist Group Limited
Loyalist Group Limited was re-listed on the TSX Venture Exchange on January 4th 2011, after completing the purchase of a 96% position in the operations of McKinsey Education Group. Run by experienced professionals in the private education sector, McKinsey provides educational services with an emphasis on teaching: (a) English as a Second Language, and (b) professional development courses.
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For further information, please contact:
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Andrew Ryu Loyalist Group Limited CEO T: (416) 977-9800 |
Jeanny So CHF Investor Relations Director of Operations T: (416) 868-1079 x225 |
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
The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and Loyalist Group Limited disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.