OTTAWA, Nov. 29, 2019 (GLOBE NEWSWIRE) — betterU Education Corp. (TSX VENTURE:BTRU) (FRANKFURT:5OGA), (the “Company” or “betterU”) announced today it has filed its financial results for the quarter ended September 30, 2019. 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 20,000 programs available.
Highlights for the three months ended September 30, 2019 include:
- For the quarter ended September 30, 2019, the Company reported revenues of $400, and a net loss of $496,680. Majority focus of the company quickly turned to addressing the unexpected resignation of the auditor, which pulled all other focus away from business development.
- On July 3, 2019, the Company announced the closing of its non-brokered private placement to raise up to a maximum of $500,000 through the issuance of 10,000,000 units at a price of $0.05 per unit previously announced May 18 and June 4, 2019. The private placement was fully subscribed.
- On July 25, 2019, the Company announced that its annual financial statements, the related management’s discussion and analysis and the related officer certifications for the financial year ended March 31, 2019 (collectively, the “Annual Filings”) will be delayed beyond the filing deadline of July 29, 2019. The Company has applied to the Ontario Securities Commission for a management cease trade order (the “MCTO”), however there is no guarantee that one will be issued.
- The reason for the default in filing the Annual Filings prior to the required deadline is that the Company’s Auditors, Welch LLP, resigned as auditors effective July 12, 2019 unexpectedly.
- On July 26, 2019, the Company announced as part of ongoing efforts to reduce the Company’s debt and operational liabilities that its board of directors has approved the settlement of $125,000 of debt through the issuance of common shares of the Company (the “Debt Settlement”). Pursuant to the Debt Settlement, the Company would issue up to 1,388,888 Units at a deemed price of $0.09 per Unit to certain creditors of the Company (the “Creditors”). None of the Creditors are Non-Arm’s Length Parties to the Company.
- On August 2, 2019 the Company announced that after review of multiple proposals, the Company had approved and executed on an agreement with BDO Canada LLP as their new auditors to support not only the Company’s annual financial audit for the financial year ended March 31, 2019 but also ongoing advisory services and as a long-term partner.
- On October 3, 2019 the Company announced they had requested an extension of the MCTO to October 18, 2019. The Corporation was advised by the Ontario Securities Commission (“OSC”) that an extension of the MCTO would not be granted. A Full and Final Cease Trade Order (“FFCTO”) was issued by the OSC. It was expected that the FFCTO would be lifted once all outstanding audited financial documents were filed. During the FFCTO, the general investing public was not able to trade in the Company’s listed common shares. The FFCTO was lifted as of October 23rd, however the Company continues to work with the TSXV to reinstate trading.
Outlook:
- On October 28, 2019 after internal reviews, the Company announced a significant pivot leveraging all that they have built over the years to the implementation of their newly developed software as a service (SAAS) Enterprise skilling program (Skill, Reskill Upskill) focused on providing employers with a simple solution that supports more effective skilling solutions and addresses most of the complexities faced by corporations globally.
- betterU is currently working with many global corporations that have expressed interest in the new SAAS Enterprise skill program. The SAAS program is being announced Dec 6th 2019 in Delhi as betterU’s CEO is part of a leadership summit with other speakers such as the Prime Minister of India, CEO of Netflix and more.
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, 2019 can be found at www.sedar.com.
About betterU
betterU is an education-to-employment technology company offering an end-to-end skilling solution using artificial intelligence and skill automation designed for organizations who are seeking to skill, reskill or upskill their talent.
betterU has curated and collaborated with over 100 global organizations who has provided access to their content, technology and support the developed of skills assessments/reassessments, learning paths, and career development opportunities in betterU’s easy to use integrated platform. betterU’s eco-system includes full job / skill / employer / educational profile for essentially every country and every city with detailed job profiles (automation, skills, employers, etc) for 3,000 standardized jobs. They have also added taxonomy for 30,000+ skills with clustering and hierarchy and 30,000+ educational institutions and their individual programs mapped across Job / skill / talent profiles for millions of companies globally. The collaboration solution is the only way forward to solve mass skilling challenges for employers and employees globally.
We are helping India build better companies by developing better employees.
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.
CONTACT INFORMATION
For further information, please visit
http://www.betteru.ca/investor-overview/
Jason Burke, CFO
Investor Relations 1-613-695-4100 ex 233
Email: [email protected]
