Press release from TheNewswire.ca
LOYALIST GROUP LIMITED CLOSES ACQUISITION OF PGIC IN VANCOUVER
Wednesday, August 03, 2011
LOYALIST GROUP LIMITED CLOSES ACQUISITION OF PGIC IN VANCOUVER07:58 EDT Wednesday, August 03, 2011(via Thenewswire.ca) Toronto, Ontario - August 2nd 2011 - Loyalist Group Limited ("Loyalist" or the "Corporation") (TSX Venture Exchange: LOY) (o/a McKinsey Education Group) today announced that further to its news release dated July 11th 2011, the Corporation has closed the acquisition of all of the issued and outstanding securities of PGIC Vancouver Studies Inc. ("PGIC Vancouver"), PGIC Career College Inc. ("PGIC Career"), and PGIC Holdings Ltd. ("the Vendor") in Vancouver. The aggregate purchase price is outlined below: (a) $200,000 to be paid to the Vendor on or before July 29th 2012; (b) $50,000 bonus incentive to be paid to the Vendor on or before July 29th 2012, on the condition that PGIC Vancouver and PGIC Career maintain positive cash flow for at least three consecutive months during the one year period following the closing; and (c) 4,531,250 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 month hold period which expires on November 30th 2011. Andrew Ryu, CEO of Loyalist Group Limited commented; "The acquisition of PGIC Vancouver and PGIC Career will mark Loyalist's third accretive acquisition in 2011, emphasizing our geographical expansion to four locations across Canada. With three locations in Vancouver and one in Toronto, Loyalist is firmly securing its presence in the ESL sector and further establishing our foothold as a leading resource for upwards of 600 students a year. In addition, LOY's growing position in the Canadian educational marketplace endorses the importance of ESL as a tool for global business." 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. About PGIC Vancouver & PGIC Career PGIC Vancouver is a globally recognized, leading private English language school operating in Vancouver for the past 17 years. PGIC Vancouver is an accredited member of Languages Canada and Vancouver's only Public TOEIC® Testing Centre. PGIC Career College is registered with the Private Career Training Institutions Agency of BC. For further information, please contact: To receive news updates send your email to email@example.com and mention ?Loyalist News' on the subject line. ------------------------------------------------------------------ |Andrew Ryu |Jeanny So |Lauren Clarke | | |Loyalist Group |CHF Investor Relations|CHF Investor | | |Limited |Director of Operations|Relations | | |CEO |T: (416) 868-1079 x225|IR Associate | | |T: (416) 977-9800 |E: firstname.lastname@example.org |T: (416) 868-1079| | |E: | |x241 | | |email@example.com| |E: | | | | |firstname.lastname@example.org | | ------------------------------------------------------------------ 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. Copyright (c) 2011 Thenewswire.ca - All rights reserved.