Wednesday, 01 June 2011 11:19 AM
Toronto, Ontario - June 1st 2011 – Loyalist Group Limited (“Loyalist” or the “Corporation”) (TSX Venture Exchange: LOY) (o/a McKinsey Education Group) today announced it has completed its acquisition of all of the issued and outstanding securities of Universal College of Language Inc. ("UCL"). For complete details of the acquisition and UCL, please refer to the Corporation's news releases of March 28th and May 18th, 2011.
The aggregate purchase price was $400,000 of which $230,000 is to be paid in cash as follows:
(a) $50,000 was paid on the execution of the amending agreement;
(b) $130,000 to be paid on or before June 14th, 2011; and
(c) $50,000 to be paid on or before November 13th, 2011.
The balance of $170,000 was satisfied through the issuance of an aggregate of 1,062,500 common shares in the capital of the Corporation at a deemed price of $0.16 per share. The common shares are subject to a statutory four mouth hold period which expires on September 26th, 2011.
Andrew Ryu, CEO of Loyalist Group Limited which owns and operates the McKinsey Education Group commented; “An excellent advantage which we envision propelling a new arm of future growth, is UCL’s existing e-learning component. The capability to teach students online, in their homes, exponentially affects the market reach for our education programs to transform students’ lives through English fluency, the internationally recognized language of global business.”
Located in Vancouver, UCL’s western Canadian location complements the Toronto McKinsey site in the east. Credits will be made transferable between the schools and incorporate socio-cultural specific curricula at both sites to broaden students’ Canadian opportunities and immersion.
Incorporated under the statutes of British Columbia, UCL is an English as a Second Language and college preparatory school. UCL operates one private school that instructs approximately 130 to 150 students monthly, teaching: (i) English as a Second Language; (ii) language proficiency test preparation; (iii) college preparation; and (iv) work experience programs.
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.