Loyalist Closes Acquisition of Pan Pacific College Press Release: TAKEOVERS/ LETTER of INTENT – 32 minutes ago
TORONTO, ONTARIO--(Marketwire - Feb. 14, 2013) -
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Loyalist Group Limited ("Loyalist" or the "Corporation") (TSX VENTURE:LOY) today announced that it has completed the previously announced acquisition of Pan Pacific College ("PPC"), an English-as-a-second-language school based in Vancouver.
The purchase price was $950,000. Of the total, $300,000 was paid in cash at the closing of the transaction, less outstanding liabilities, 1.25 million common shares of Loyalist, and the balance of the purchase price was satisfied by the issuance of a promissory note to the vendor in the amount of $150,000, subject to adjustment.
PPC had revenues of $2.7 million in the most recent 12-month period and has average monthly enrolment of over 200 students.
"This acquisition takes our annualized run-rate of revenue to over $20 million and should have an even bigger effect on our profitability," said Loyalist CEO Andrew Ryu. "We expect that as our business grows, the size of our acquisitions will increase."