Loyalist Group Limited

Loyalist Group Limited

September 10, 2015 07:00 ET

Loyalist Announces Management Changes

TORONTO, ONTARIO--(Marketwired - Sept. 10, 2015) - Loyalist Group Limited ("Loyalist" or the "Company") (TSX VENTURE:LOY) announces the appointment of Sandeep Manak as Executive Vice President, Finance and the promotion of Hoon Lee as Interim Chief Financial Officer, previously Corporate Controller. These appointments are effective immediately. The Company also announces the departure of Frank Salvati, effective as of September 4, 2015, and wishes him all the best in the future.

"Following a comprehensive review of our business and corporate level human resource requirements over the past few weeks, we concluded that Sandeep's financial acumen and turnaround track record, particularly with organizations having significant operations in the Greater Vancouver Area would be a great fit at this stage of our turnaround. In addition, I have been impressed with Hoon's competence, integrity, and work ethic and believe his promotion to Interim CFO will allow him to further increase his responsibilities as we fully execute our Optimization Plan," said Shawn Klerer, Chief Executive Officer.

The newly created EVP Finance role encompasses, among other things, financial management, internal controls, and corporate governance. Mr. Lee will focus on further improving the quality and timeliness of our internal and external financial reporting requirements.

Mr. Manak has more than fifteen years of work experience, including six years in a senior executive capacity, including most recently as Chief Financial Officer of FAM REIT (now known as Slate Office REIT), Chief Executive Officer and Director of Huntingdon Capital Corp, and Chief Financial Officer of IAT Air Cargo Income Fund. He is a professional accountant (CPA, CA) and earned his Bachelor of Business Administration degree at Simon Fraser University.

Mr. Lee has more than five years of work experience, including two years as Corporate Controller with the Company, and three years as an Auditor at PwC Canada. He is a professional accountant (CPA, CA) and earned his Bachelor of Commerce degree at Saint Mary's University.

About Loyalist

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

Forward-Looking Information and Statements

This news release includes certain forward-looking information and statements within the meaning of Canadian securities laws. Such forward-looking information and statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken, "will continue", "will occur" or "will be achieved". The forward-looking information contained herein includes information concerning the proposed change of the Company's name and proposed changes to its operations and organizational structure. By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements.

Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results including, but not limited to, risks relating to: the Company's ability to service its outstanding indebtedness and the impact of that indebtedness on the Company's ability to raise additional capital, fund and maintain operations or meet business objectives; the Company's ability to comply with the terms of the amended forbearance agreement with Bank of Montreal and the consequences of any breach or default thereunder; the Company's ability to complete any proposed recapitalization or restructuring activities on terms acceptable to the Company or at all and the expected cost savings related thereto; the fact that new management of the Company, including the recently appointed Chief Executive Officer and Executive Vice President, Finance, have had limited experience with the Company and its operations and have not had sufficient time to fully analyze all facets of the Company's business; the impact of negative or unfavourable rumours in the marketplace on the Company's brands and student enrollment; any of the Company's announced or proposed acquisitions failing to close or becoming delayed before closing; carrying on business and activities in international jurisdiction where Canadian laws do not apply; any loss of certain key personnel; levels of student enrolment; delays in rolling out online education programs; delays to the completion of any planned initiatives or the inability to complete those initiatives; competition in the educational services market; and currency fluctuations. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Accordingly, readers should not place undue reliance on any forward-looking information or statements contained in this press release.

The forward-looking information contained in this press release is made as of the date hereof, and the Company does not undertake to update any forward-looking information that is contained or referenced herein, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. All subsequent written and oral forward looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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