Press release from TheNewswire.ca
LOYALIST GROUP LIMITED SIGNS LOI FOR 4th SCHOOL ACQUISITION
Friday, August 05, 2011
LOYALIST GROUP LIMITED SIGNS LOI FOR 4th SCHOOL ACQUISITION 08:36 EDT Friday, August 05, 2011(via Thenewswire.ca) Toronto, Ontario - August 5th 2011 - Loyalist Group Limited ("Loyalist" or the "Corporation") (TSXV: LOY) today announced that it has signed a Letter of Intent with Western Town College ("WTC") for the acquisition by the Corporation of all of the issued and outstanding securities of WTC, located in Vancouver, British Columbia. Under the terms of the Letter of Intent, Loyalist will purchase WTC for an aggregate purchase price of $1.3 million, to be paid as follows: (a) $650,000 to be paid in cash to WTC as follows: (i) $200,000 on the closing date; and (ii) $150,000 on each of the 4th, 11th and 18th month anniversaries of the closing date; (b) The balance, being $650,000, will be satisfied through the issuance of 4,062,500 common shares in the capital of the Corporation at a deemed price of $0.16 per share. The issuance of the common shares us subject to regulatory approval and the common shares will be subject to a statutory four-month hold period from the closing date. Loyalist will pay the cash portion of the purchase price from currently available corporate funds. WTC is in the business of teaching ESL, Teacher Training, Business, and TOEFL courses, Interpretation/Translation classes, including, for the more advanced students, a range of diploma programs which can help prepare them for future careers. Current enrolment stands at over 350 students. Andrew Ryu, CEO of Loyalist Group Limited commented, "Adding Western Town College would be Loyalist's fourth accretive acquisition in 2011, marking a total of five educational facilities in Canada. Such expansion is transforming our Corporation into a leading ESL provider. As we continue to grow aggressively, we are diversifying our educational programs, expanding our geographical presence, and increasing our enrolment capacity to service both our student and teacher programs." About Loyalist Group Limited Listed on the TSX Venture since January 4th 2011, Loyalist Group Limited (TSXV: LOY) owns and operates private education schools both in Toronto and Vancouver offering (i) English as a Second Language Courses for international students; (ii) Training programs for teachers, commonly known as TESL; (iii) Professional Development Courses; and (iv) Corporate English for Professionals. 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 This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "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 state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Loyalist Group Limited is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Loyalist Group Limited cannot assure investors that actual results will be consistent with these forward looking statements and Loyalist Group Limited assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances. Copyright (c) 2011 Thenewswire.ca - All rights reserved.