betterU Education Corp. announces results for the First Quarter ended June 30, 2018

OTTAWA, Aug. 29, 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 three months ended June 30, 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 20,000 programs available.

Highlights for the three months ended June 30, 2018 include:

• For the quarter, the Company reported revenues of $6,990, and a net loss of $2,132,112.
• on April 13th 2018, Brad Loiselle, CEO of betterU, along with 15 other global leaders were invited to speak at the HT-Mint Asia Leadership Summit in Singapore. The Leadership Summit’s theme, The Road Ahead for Asia, would dive into the speakers’ viewpoints on future opportunities and advancements of the Asian markets, and will include active participation from over 300 invited leaders from industry, government, academia and world influencers.
• On May 25th, 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. (the “Lender”), to support operations during the completion process of the $100M funding timelines, pursuant to which:
  1. The Loan Agreement is to add an additional credit advance of $350,000, under a non-revolving term facility (the “Principal”).
  2. The Company agrees to pay to the Lender interest calculated on the Principal at an annual rate of 15%.
  3. The Company agrees to pay a $17,500 facility origination fee on the full amount of the Principal
  4. The term of the initial loan is 2 years, with this amendment for the additional funding to be repaid in 60 days;
  5. The CEO of betterU will act as a Guarantor for the loan.
  6. As additional consideration for such advances, the Company has agreed to issue and additional 437,500 common share purchase warrants (the “Warrants”) to the Lender. The Warrants are exercisable within 1 year from repayment period at a price of $0.80 subject to the following:
  7. the Common Shares issuable pursuant to the Warrants are subject to a hold period which will expire 4-months and a day from May 25th, 2018; and
  8. Approvals on the loan details have been provided by the Board of Directors and TSXV.
• On May 28, 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, (“HT”) for the purchase of 1,623,376 common shares of the Corporation at $0.77 per share (the “Private Placement”). As previously announced on December 21, 2017, HT’s $10 million investment is provided to betterU in eight (8) tranches over two years, this being the 2nd tranche to be used exclusively to support betterU’s mass marketing efforts, visibility and learner attainment across India.
• On June 28, 2018, the Company announced an intent to extend the 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 30^th, 2019.

Outlook:

• On August 13, 2018, the Company provided an update on the investment progress.
  
  betterU has worked diligently to support the closing of the investment and continues to receive regular updates from TU Capital Co. Ltd. (“TUC”) on their progress. The CEO of TUC has confirmed that the fund management team have been in Tokyo, Japan for the last couple of weeks and that they have executed on the final agreements for release of funds. According to TUC communications shared with betterU, the Chairman of TUC has also agreed to stay in Tokyo until the fund transfers have been completed. “While these delays have been difficult for everyone involved, we are confident that the funding completion is closer than ever. The ongoing updates, progress reports and discussions from TUC has demonstrated their commitment to completion.” says Brad Loiselle, President and CEO betterU.
  
  While betterU continues to support TUC’s timelines, the betterU team has also continued to advance their global partnerships, the development of new technology, the adding of more educational providers to their platform, the participation in global speaking engagements and much more. Stay tuned for more announcements as it pertains to these advancements.
  
  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.

• On August 15th the Company announced the addition of many new education partnerships who have recently executed on agreements to join betterU’s platform in an effort to expand the company’s offering now reaching more than 20,000 courses.

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, 2018 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