Loyalist to develop new business with JoonAng
2014-12-11 09:09 ET - News Release
Mr. Andrew Ryu reports
LOYALIST SIGNS BUSINESS DEVELOPMENT AGREEMENT WITH MAJOR SOUTH KOREAN MEDIA COMPANY
Loyalist Group Ltd. has signed a business development agreement with JoonAng Daily Media Plus, a subsidiary of JoonAng Daily Newspaper, one of South Korea's largest media companies and an affiliate of Samsung Corp.
Under the agreement, Loyalist and JoonAng have entered into a strategic partnership to mutually develop business opportunities domestically and internationally.
"We are excited to partner with a major media company in South Korea to develop new businesses and strengthen our brand image, particularly as they relate to government and business relationships," said chief executive officer Andrew Ryu. "We expect that the agreement will enhance our revenue-generating capabilities in both South Korea and Canada."
Right after Loyalist Group completes acquisition of Uhak
2014-12-09 09:07 ET - News Release
Mr. Andrew Ryu reports
LOYALIST CLOSES SOUTH KOREAN AGENCY ACQUISITION
Loyalist Group Ltd. has closed the acquisition of Uhak, the largest South Korean-based student recruiting agency, providing information and registration services to South Korean students looking to study abroad.
Pursuant to the terms of the purchase agreement, the total consideration payable by Loyalist for Uhak was $8.1-million. Of the amount paid to the vendor on closing, $5.3-million was paid in cash, and $2.8-million was paid through the issuance of 5,384,615 Loyalist common shares at a per-share price of 52 cents, with 4,230,769 of such shares to be held in escrow for up to 24 months following closing as security for certain defined postclosing adjustments.
Uhak had consolidated revenue of $10.3-million, representing student tuition fees of approximately $40-million and adjusted net income of $1.0-million (earnings before interest, taxes, depreciation and amortization -- $1.2-million) in the 12-month period ended December, 2013.
"We are pleased to welcome Uhak's former owner as a new Loyalist shareholder and colleague," said chief executive officer Andrew Ryu. "We expect that the acquisition of one of our largest agency partners will enable us to reduce the cost of attracting students and to increase our revenue by growing our student population."
