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January 31, 2014

Canada | Business

Loyalist to acquire Study English in Canada

Private ESL school operator Loyalist Group yesterday announced its buyout of a major rival in the Canadian market. Below is their press release.

Loyalist Group Limited is pleased to announce that it has entered into a definitive agreement for the acquisition of Study English in Canada ("SEC"), a licensed English-as-a-second-language (ESL) school operator with campuses in Toronto and Vancouver. The proposed acquisition would also include Upper Career College of Business & Technology ("UCCTB") campuses in Toronto and Vancouver.

SEC had consolidated revenues of $9.5 million and net income of $1.16 million in the most recent 12-month period. Loyalist will pay $5.5 million for SEC, of which approximately $3.46 million will be paid in cash or cash equivalents and, subject to certain closing adjustments, $2.04 million will be paid through the issuance of Loyalist common shares, with $600,000 worth of such shares being held in escrow for a period of 10 months following closing as security for certain defined post-closing adjustments. The parties expect to complete the transaction on or around February 5, 2014.

"This acquisition adds a well-respected and highly profitable operation to the Loyalist family," said CEO Andrew Ryu. "It also increases our presence in the Toronto market and, more importantly, bolsters our presence in Europe, from which SEC attracts many of its students. I look forward to working with the SEC team as colleagues and fellow shareholders as we continue to build Loyalist."

Completion of the transaction is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

About SEC
Study English in Canada is a prestigious English Preparation School. SEC offers highly tailored, results-driven programs at both its Toronto and Vancouver campuses. Its curriculum structure allows students to design personal, specialized schedules in order to reach their goals.

About Loyalist
Loyalist Group Limited owns and operates private English as a Second Language (ESL) Schools, Career Colleges and Community Colleges in Toronto, Vancouver, Victoria and Halifax.

Loyalist Group Limited website.

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