OTTAWA, Aug. 28, 2017 (GLOBE NEWSWIRE) -- betterU Education Corp. (TSX VENTURE:BTRU) (FRANKFURT:5OGA), (the "Company" or "betterU") announced today it has filed its financial results for the three months ended June 30, 2017. betterU is a Global Education Marketplace for emerging markets. The Company aggregates education, educational services and employment services from quality Institutions including universities, colleges, Industry leaders and corporations from around the world and makes their programs available to students through the betterU marketplace. betterU has now over 10,000 programs available.
Financial Highlights for the three months ended June 30, 2017
- On March 3, 2017 the Company completed its reverse takeover transaction (“RTO”) between Open Gold and Skillsdox Inc. and changed the Company name to BetterU Education Corp.
- Equity financing of approximately gross $3.1 million, closed concurrently with the RTO, with net proceeds of approximately $2.3 million was used by the Company to support fees associated with transactions of this nature, professional service fees and listing fees, as well as a portion of past liabilities and loan obligations.
- An additional gross $1.25 million, net approx. $875,000 was also closed since that time. Use of funds have been to support professional service fees, as well as a portion of the remaining past liabilities, ongoing international daily operations, the automation of betterU’s marketplace to support significant initiatives under development and new hires to support growing revenue opportunities.
- The Company reported revenues for the period of $11,595, a net loss of $857,260.
Additional information concerning the Company, including its audited consolidated financial statements and its Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) for the year ended March 31, 2017 can be found at www.sedar.com.
The Company is granting 373,280 stock options to a Director and certain insiders of the Company, with a grant date of September 1, 2017, an expiry date of September 1, 2022 and vesting terms where 25% of the options vest on day 1 of the grant and 25% on each of the first, second and third annual anniversary dates of the grant. The exercise price will be based on a) the closing market trading price on September 1, 2017 for 300,000 of the options, and b) the greater of $0.335 and the September 1, 2017 closing market price for 73,280 of the stock options.
Additionally, the Company announces the appointment of Jason Burke as the Company’s new CFO effective August 29, 2017. Jason is a CPA and comes with over twenty years experience running the financial operations for some of the technology industry's leading brands. Jason has previously served as COO and CFO of Conversant Intellectual Property Management (formerly MOSAID), VP Finance and Principal Accounting Officer of AVID Technologies, CFO of IBM Software Group Business Analytics Division, and VP Finance and Corporate Controller for Cognos. Jason has extensive experience in various funding transactions including private placements, IPO's, mergers and acquisitions. Jason will provide ongoing support to the Company’s financial team and if required, as a co-founder of a professional services company, he can also provide betterU will access to additional financial, management and investment support services.
Gerald Leahy, our former CFO, is stepping down after fulfilling his temporary role as CFO on a consulting basis helping transition Skillsdox Inc. from a private company to a public company by way of the reverse takeover transaction with Open Gold. Gerald’s efforts and experience during this transition period was greatly appreciated and he has agreed to continue and support on an ‘as and when’ required basis during the transitional period to Jason Burke. We’d like to thank Gerald for such great work and his ongoing dedication to the support of the Company, while he was the interim CFO, as well as after the transition.
About betterU
betterU, an online education technology company, aims to provide access to quality education from around the world in order to foster growth and opportunity to those who want to better their lives. The Company plans to bridge the prevailing gap in the education and job industry and enhance the lives of its prospective learners by developing an integrated ecosystem. betterU’s offerings can be categorized into four broad functions: to compliment school programs with flexible KG-12 programs preparing children for their next stage of education, to foster an exceptional educational environment by providing befitting skills that lead to a better career, to bridge the gap between one’s existing education and prospective job requirement by training them and lastly, to connect the end user to various job opportunities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this news release, BetterU will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities law, the Company assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: industry cyclicality; the ability to secure third party agreements; successful integration of BetterU’s system with third party technology; competition; reduction in demand for products; collection from customers; relationships with suppliers; product liability; intellectual property; reliance on key personnel; environmental; interest rates; uninsured and underinsured losses; operating hazards; risks of future legal proceedings; income tax matters; credit facilities; availability and terms of financing; distribution of securities; restrictions on potential growth; effect of market interest rates on price of securities; and potential dilution. betterU does not assume any obligation to update any forward-looking statements except as required by law.