Loyalist Group Limited

Loyalist Group Limited

June 27, 2014 08:30 ET

Loyalist Appoints Douglas Chornoboy as Chief Financial Officer

TORONTO, ONTARIO--(Marketwired - June 27, 2014) - Loyalist Group Limited ("Loyalist" or the "Company") (TSX VENTURE:LOY) is pleased to announce the appointment of Douglas Chornoboy as Chief Financial Officer of the Company.

Mr. Chornoboy is a seasoned financial executive and leader. He has 30 years of experience in finance, including previous work as a CFO, and over 20 years of experience in the banking industry.

Mr. Chornoboy's experience includes;

  • Senior Vice President and Chief Financial Officer of Northern Group of Companies
  • Chief Financial Officer of Northern Securities Inc.(a full service investment dealer)
  • Chief Financial Officer of Jaguar Financial Corporation(TSX: JFC)
  • Chief Financial Officer of Northern Financial Corporation(TSXV: NFC)
  • Senior Vice President and Controller at Canadian Imperial Bank of Commerce(CIBC)
  • Managing Director of CIBC World Markets
  • Vice President of Wood Gundy

Most recently Mr. Chornoboy was the Chief Financial Officer and Chief Risk Officer of Jameson Bank.

"With the recent growth of Loyalist, we have been able to attract a talented and seasoned chief financial officer, who will be a key player in managing our growth and integration of acquired companies," said Andrew Ryu, Chief Executive Officer of Loyalist. "He has extensive experience in finance and operations, which he can use as a basis to strengthen our management team as we continue to grow."

Contemporaneously with Mr. Chornoboy's appointment, Nancy Lee has stepped down as Chief Financial Officer of the Company. Ms. Lee will continue to provide accounting support to the Company during the transition of CFO functions to Mr. Chornoboy.

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 Statements

This news release includes certain forward-looking 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 relating to the Company's management team. 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 related to any of the Company's announced or proposed acquisitions failing to close or becoming delayed before closing; the Company 's reliance on its South Korean contract; 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 the online education programs; 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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