OTTAWA, May 18, 2018 (GLOBE NEWSWIRE) -- betterU Education Corp. (TSX-V:BTRU) (FRANKFURT:5OGA), (the “Corporation” or “betterU”), announces that while they still expect to receive the funds, it was not completed yesterday as previously announced on April 30th, 2018.
betterU’s management continues to work with TU Capital Co. Ltd. (“TU”) to complete the investment transaction and according to TU management they are only waiting on a couple fund participants required to travel to Tokyo, Japan for the execution of the release. betterU’s CEO Brad Loiselle and Chairman of the Board Tony Keenan recently travelled to Toronto to meet with TU management to discuss the release of fund process and timelines. While TU could not provide the exact date for the release, as it is depended on these individuals’ schedules, they provided additional confidence that the funds are ready to be released and only waiting on these sign offs. “These delays have been challenging for all involved. We have confidence in TU and are supportive of this deal based on the personal relationships involved, what we have seen, validated and been part of regarding planning, meetings and approvals. We do understand that timelines do not always go as we might want and everyone’s patience is appreciated” said Brad Loiselle, President and CEO of betterU.
The majority shareholder’s approval has been provided the Corporation. The consummation of any financing, as contemplated, remains subject to TSXV approval, and among other conditions of the TSXV’s approval.