OTTAWA, Nov. 29, 2017 (GLOBE NEWSWIRE) -- betterU Education Corp. (TSX-V: BTRU ) (FRANKFURT: 5OGA ), (the "Company" or "betterU") announced today it has filed its financial results for the three months ended September 30, 2017. betterU is a Global Education Marketplace for emerging markets. The Company aggregates education, educational services and employment services from quality Institutions including universities, colleges, Industry leaders and corporations from around the world and makes their programs available to students through the betterU marketplace. betterU has now over 11,000 programs available.
Highlights for the three months ended September 30, 2017 include:
- The Company had completed a funding round of $750,000 completed July 2017. The financing consisted of 1,363,650 Units at $0.55 per unit. Each unit consisted of a Common share and a ½ warrant (“Unit”). Each full warrant can be exercised for one year at a price of $0.80. A finder’s fee of 7.5% in cash and/or warrants and 7.5% in warrants may be paid on a portion of the private placement.
- For the quarter, the Company reported revenues of $4,630, a net loss of $808,872 and closed several corporate contracts with revenues moved into the following quarter.
Post Second Quarter:
- On October 11, 2017, the Company negotiated a loan agreement with an unrelated finance group for $300,000 at an annual interest rate of 15%. On November 23, 2017, the Company amended the loan agreement from $300,000 to $500,000 to add an additional $200,000.
- On October 18, 2017 the Company announced its continuance from Business Corporation Act (British Columbia) to the Canadian Business Corporation Act. The special resolution necessary for the Continuance was approved at the annual and special meeting of shareholders held on September 14, 2017. The certificate of continuance is dated October 13, 2017.
- On November 3, 2017 Company announced the execution of Binding Letter of Intent with a private company established and based in Hong Kong, China for an equity investment of US $100 Million at US $3.00 per share in the capital of the Company. The investment is scheduled to close on or before March 15th, 2018. Closing will be subject to certain conditions, including the Company and investment company entering into a definitive agreement, approval of TSX Venture Exchange, Company’s shareholder approval and any other necessary approvals for the completion of the Investment. The closing expected to be on or before March 15th, 2018 is subject to the following events, which will trigger an announcement to the market by the Corporation:
- Execution of the Definitive Agreement by December 31st, 2017;
- Completion of the Fund set-up in the Cayman Islands by January 15th, 2018;
- Validation of Fund capacity to support an investment of this size by January 15th, 2018;
- Completion of the closing documents on or before March 15th, 2018.
The directors and officers of the Company will be subject to the Black-out Period until the second day of trading after the second quarter interim financial statements are released to the public. Furthermore, the insiders (directors and officers) of the Corporation have entered into a pooling agreement pursuant to which each director and officer agrees not to trade their shares until the closing of the transaction as contemplated by the Agreement or the termination of the Agreement if it has been entered into.
The Corporation can provide no assurance that the transaction will be completed as proposed, or at all.
Additional information concerning the Company, including its audited consolidated financial statements and its Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) for the year ended March 31, 2017 can be found at www.sedar.com .
About betterU betterU, an online education technology company, aims to provide access to quality education from around the world to foster growth and opportunity to those who want to better their lives. The Company plans to bridge the prevailing gap in the education and job industry and enhance the lives of its prospective learners by developing an integrated ecosystem. betterU’s offerings can be categorized into four broad functions: to compliment school programs with flexible KG-12 programs preparing children for their next stage of education, to foster an exceptional educational environment by providing befitting skills that lead to a better career, to bridge the gap between one’s existing education and prospective job requirement by training them and lastly, to connect the end user to various job opportunities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this news release, betterU will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities law, the Company assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: industry cyclicality; the ability to secure third party agreements; successful integration of betterU’s system with third party technology; competition; reduction in demand for products; collection from customers; relationships with suppliers; product liability; intellectual property; reliance on key personnel; environmental; interest rates; uninsured and underinsured losses; operating hazards; risks of future legal proceedings; income tax matters; credit facilities; availability and terms of financing; distribution of securities; restrictions on potential growth; effect of market interest rates on price of securities; and potential dilution. betterU does not assume any obligation to update any forward-looking statements except as required by law.
CONTACT INFORMATION
For further information, please visit http://www.betteru.ca/investor-overview/
Jason Burke, CFO betterU
Investor Relations 1-613-695-4100 ex 233 Email: ir@betteru.ca
