News out. NEWSWIRE) -- betterU Education Corp. (TSX VENTURE: BTRU, Frankfurt: 5OG) (the “Company”) announces that it has received an update from GDS Holdings Ltd indicating that they have completed the Amendment as described in a new release issued by the Company on September 26th, 2018.
According to a written update provided to betterU on October 28th, 2018 by Mr. Kenny Ho, CFO and Chairman of TUC Co. Ltd., (“TUC”) Mr. Ho indicated that he arrived in Tokyo, Japan to review the amendments on Wednesday, October 17th and that they completed the required documents on Friday, October 19th. Mr. Ho further indicated in writing to betterU that he has decided to remain in Tokyo until the funds have been released. Mr. Ho expects there will be no further delays yet has not provided betterU with definitive timelines for the release of funds. While Mr. Ho also indicated that he expects the funds to be released shortly, betterU is reluctant to commit to any dates having experienced many previous delays. “While we remain confident in this opportunity, the ongoing delays and missed timelines provided by TUC have proven to be difficult in managing market expectations. Our focus has been and continues to be on the development and growth of betterU,” said Brad Loiselle, President/CEO of betterU.
As previously announced on October 15th, 2018, betterU entered into an agreement with AIP Asset Management Inc., (AIP) for an investment of $2.5 million to support ongoing operations and growth until the TUC funding is received. AIP and betterU are currently working through all the definitive agreements in connection with this.