betterU Education Corporation terminated equity investment agreement with Treasure Union
May 28, 2019
| Source: betterU Education Corp.
OTTAWA, May 28, 2019 (GLOBE NEWSWIRE) -- betterU Education Corp. (TSX VENTURE: BTRU, Frankfurt: 5OG) (the “Company”) announces it has decided to halt the process for the equity investment with Treasure Union Ltd. (“TUC”) previously announced November 3, 2017, November 14, 2017, November 24, 2017, January 16, 2018, February 13, 2018, April 3, 2018, April 30, 2018, May 18, 2018, August 13, 2018, September 26, 2018, October 30, 2018, January 17, 2019 (the “Transaction”). The Company provided TUC notice of the termination of the agreement dated February 1, 2018 because of TUC’s inability to provide confirmed closing procedures and timelines. The notice of termination was delivered in writing to Mr. George Mueck, CEO of TUC and Mr. Kenny Ho, Chairman of GDS Holdings Ltd. (“GDS”) on May 26, 2019. The Company continues to receive ongoing updates from Mr. George Mueck. The updates provide context of discussions with Mr. Kenny Ho, whereby GDS continues to represent that they are working on completing the financing transaction. TUC and GDS have indicated that the delays are related to participants in the fund not yet approving the release of the funds. They have not provided any explanation to who these participants are and what possible reasons they have for not releasing the funds. It is only because of these ongoing regular updates along with the relationship between Mr. Mueck and one of the Company’s board members that the Company has continued to remain patient. As the Company’s ability to move forward with additional funding has been hindered due to this overhanging deal and TUC and GDS are still unable to provide precise timelines for closing, in opinion of management the Company has no choice but to terminate the Transaction. As a condition of resumption of trading on December 1, 2017, after it was halted at the Company’s request pending announcement of the Transaction, insiders, directors and officers entered a pooling agreement whereby such insiders, directors and officers agreed not to trade their shares of betterU until the closing of the Transaction or the termination of the Transaction. The Company will request that the TSXV authorize the termination of the Pooling Agreement. Shares held by principal shareholders of betterU will continue to be subject to the TSXV Tier 2 Escrow Agreement dated March 3, 2017. About betterU
betterU, a global education to employment platform, 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 education-to-employment ecosystem. betterU’s offerings can be categorized into several broad functions: to compliment school programs with flexible KG-12 programs preparing children for next stage of education, to provide access to global educational opportunities from leading educators, 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. This press release may contain forward-looking statements and information, which may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with betterU’s growth, the state of the financial markets, regulatory risks and other factors. There can be no assurance or guarantees that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Unless otherwise required by applicable securities laws, betterU disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise. Readers should not place undue reliance on any statements of forward-looking information that speak only as of the date of this release. Further information on betterU’s public filings, including their most recent audited consolidated financial statements, are available at www.sedar.com . For further information, please visit https://ir.betteru.ca/investor-overview/press-releases/
On behalf of the Board of Directors,
better Education Corp.