OTTAWA, Nov. 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 six months ended September 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 six months ended September 30, 2018 include:
- For the quarter, the Company reported revenues of $7,529, and a net loss of $1,487,671.
- 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.
- On September 26, 2018, the Company provided an update on the investment progress.
Brad Loiselle, CEO of betterU travelled to Tokyo, Japan from August 29th to September 7th where he had a series of meetings,
including discussions with the management of TU Capital Co. Ltd. (“TUC”) from North America. TUC confirmed that the delay in them
receiving investment funds by GDS Holding Ltd. (the “Fund” or “GDS”) had to do with an amendment restricting GDS from investing
in certain countries. While this does not affect TUC’s investments into Canadian companies, it was a step that was unforeseen and
currently being executed on this week according to TUC. Both TUC with GDS are expected back in Tokyo this upcoming next week to
complete the necessary amendment. According to TUC, upon execution of this amendment, the funds will be released to them for
distribution to their Canadian investments. There was no exact date provided by TUC to betterU indicating when the funds would be
received other then a window of 7 days after the funds have been released to them.
The following transaction is still subject to shareholder and TSX-V approval.
Outlook:
- On October 15th, 2018, betterU entered into two loan agreements totaling $613,000 and 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 working through all the definitive agreements in connection with this funding.
- On October 30, 2018, the Company provided an update on the investment progress.
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.
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
