Loyalist Group Limited
TSX VENTURE : LOY

Loyalist Group Limited

June 04, 2015 22:28 ET

Loyalist Provides Update on Filing of 2014 Annual Financial Statements and Q1 2015 Interim Financial Statements

TORONTO, ONTARIO--(Marketwired - June 4, 2015) - Loyalist Group Limited ("Loyalist" or the "Company") (TSX VENTURE:LOY) is issuing this bi-weekly status report in order to keep its shareholders informed of the status of the filing of its 2014 annual financial statements and its interim financial statements for the period ending March 31, 2015 in accordance with National Policy 12-203. Loyalist is continuing to work diligently and expeditiously with its auditors to complete and file as soon as possible its financial statements, accompanying management's discussion and analysis and related CEO and CFO certifications for the annual fiscal period ended December 31, 2014 and the interim fiscal period ended March 31, 2015 (collectively, the "Financial Statements"). Because the March 31, 2015 interim statements cannot be filed until the 2014 annual statements are filed, the Company intends to file the 2015 interim statements very shortly after the 2014 annual statements are filed.

The Company confirms that it intends to satisfy the provisions of the alternative information guidelines found at sections 4.3 and 4.4 of Policy Statement 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults for so long as it remains in default as a result of the late filing of the Financial Statements. During the period of default, Loyalist will issue bi-weekly default status reports in the form of further press releases, such as this release, each of which will also be filed on SEDAR. The Company confirms that there are no insolvency proceedings against it as of the date of this press release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release and that there are no material changes to the information contained in the April 30, May 8 or May 21, 2015 press releases issued by the Company.

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.

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.

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 proposed student housing initiative and the financial impact of the transaction, if completed, on the Company and the spun-off housing business. 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 or other transactions, including the transaction referenced in this news release, 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; 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 operations or meet business objectives; 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.

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