OTTAWA, July 30, 2018 (GLOBE NEWSWIRE) -- betterU Education Corp. (TSX VENTURE:BTRU) (FRANKFURT:5OGA) (the "Company" or
"betterU") announced today it has filed its financial results for the year ended March 31, 2018. 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.
Results for the year ended March 31, 2018 and Q4 Highlights include:
- For the year, the Company reported revenues of $38,305, a net loss of $4,814,707.
- On January 24, 2018, February 2, 2018 and February 9, 2018, the Company closed three tranches of a private placement for
aggregate proceeds of $998,789.86 through the issuance of 2,171,282 shares. The shares were issued at a deemed price of $0.46 per
Unit. Each Unit consists of a Common share and a ½ common share purchase warrant. Each full warrant can be exercised for one year
from the date of issue at a price of $0.60. Finders Fees of 12,479.25 was paid.
- Additionally, in the same period, 96,152 Units were issued at $0.52 per Unit for proceeds of $50,000. Units were comprised of
1 common share and ½ common share purchase Warrant. Each whole Warrant forming part of the unit is exercisable for one year from
the date of issue at $0.65 per share. All shares issued as part of the private placement are subject to a 4-month hold
period.
- On January 29th the Company announced a $1,250,000 equity investment by HT Overseas Pte. Ltd., a wholly owned
subsidiary of HT Media Limited, for the purchase of 3,205,128 common shares of the Corporation at $0.39 per share (the “Private
Placement”). The Private Placement and agreement with HT was announced as part of the HT Media Investment on December 21,
2017.
- On February 13, 2018 company announced that on February 1st, 2018 Treasure Union Limited (“TU”) and the Corporation executed
a definitive agreement (the “Definitive Agreement”). The Definitive Agreement solidifies the terms and conditions required to
complete the final details for the US$100M equity investment in betterU, previously announced on November 3rd, 2017, November
24th, 2017 and January 16th 2018.
Outlook:
- On April 3rd, 2018, the Chairman of TUCapital, Kenny Ho, confirmed to the Corporation that TUCapital had been established and
that they have executed on the Subscription Agreement for the previously announced funding.
- On May 25th, 2018 the Company announced it had negotiated and would be closing an amendment to the loan agreement
dated October 4, 2017 as amended November 17, 2017 with Runway Finance Group Inc., to support operations during the completion
process of the TUCapital funding timelines
- On May 28th, 2018 the Company announced it had completed a $1,250,000 equity investment by HT Overseas Pte. Ltd.,
a wholly owned subsidiary of HT Media Limited, for the purchase of 1,623,376 common shares of the Corporation at $0.77 per share
as previously announced on December 21, 2017.
- On June 28th the Company announced an intent to extend warrant expiry dates for 1,136,425 warrants expiring on
June 30, 2018 and July 6, 2018. The price of the warrants will remain at $0.80 and the term will be extended for 12 months ending
June 30th 2019.
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 in order 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
Investor Relations 1-613-695-4100 ex 233
Email: ir@betteru.ca
