Vancouver, B.C., January 17, 2024 - Global Education Communities Corp ("GECC" or the "Company") (TSX: GEC, OTCQX International: GECSF) is pleased to report that in the past 45 days, the Company and its various subsidiaries have received an aggregate of $99.125 million in private equity investments, a new mortgage and a mortgage-refinancing, a structured loan and the approval of a Federal guaranteed low-interest loan.
"We are pleased to end 2023 and start the new year with nearly $100 million in various types of investments and financing," commented Toby Chu, President and CEO of GECC. "We feel that the student housing market is finally receiving some recognition from the investment and commercial banking communities. The various levels of governments are also recognizing the significant presence of the student communities across Canada and establishing new policies to address student-housing needs."
About GECC:
GECC is one of Canada's largest education and student housing investment companies focused on the domestic and global education market since 1994. GECC operates business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 41 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. (established in 1903), Sprott Shaw Language College, Vancouver International College Career Campus and CIBT School of Business & Technology Corp. GECC offers over 150 educational programs in healthcare, business management, e-commerce, cyber-security, hotel management, emergency paramedic, and language training through these schools. In fiscal 2023, GECC serviced over 14,277 domestic and international students through its educational, rental housing and recruitment subsidiaries.
GECC owns Global Education City Holdings Inc. ("GECH"), an investment holding and development Company focused on education-related real estate such as student-centric rental apartments and education super-centres. In fiscal 2023, GECH operated fifteen properties under the GEC® brand in Metro Vancouver and provided accommodation services to 92 partner schools serving 3,200 students from 71 countries. The total portfolio and development budget under the GEC® brand exceeds $1.2 billion.
GECC also owns Global Education Alliance Inc. ("GEA") and Irix Design Group Inc. ("IRIX"). GEA recruits international students for elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at www.GEChq.com.
For more information, contact:
Toby Chu
Chairman, President & CEO
Global Education Communities Corp.
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: info@GEChq.com
View the original press release on accesswire.com
