VANCOUVER, BC / ACCESSWIRE / June 17, 2024 / Global Education Communities Corp. ("GECC" or the "Company") (TSX:GEC)(OTCQX International:GECSF) is pleased to provide the following corporate updates:
- After 2.5 years of litigation for GECC's investments in the Atmosphere project, the trial was completed on May 31, 2024, and the court's decision is expected in the coming weeks.
- GEC® Oakridge construction is expected to start in Q4 2024.
- GEC® Oakridge has submitted a CMHC loan application for $120M in May, and we expect positive results in June or July, which ties in nicely with the recent decline in the Bank of Canada interest rate and Canada's government bond rates. See related news here:
https://money.ca/news/economy/what-is-the-prime-rate-in-canada
https://www.marketwatch.com/investing/bond/tmbmkca-05y?countrycode=bx - Application has been made to double the rezoning height for GEC® Langara via the TOA rezoning legislation, allowing for much higher density and minimal parking requirements.
- In September 2023, the federal government announced the GST exemption for all rental project developments, reducing development costs significantly.
- Revision of the development plan for GEC® EMC is nearly complete for submission to the City of Surrey. The new plan is to convert 168 condominiums into rental units and reduce the number of commercial floors. These changes are designed to meet the rising demand for student housing in the areas that GEC® EMC will neighbour including Simon Fraser University (Surrey), the site of the future SFU Medical School, and Kwantlen Polytechnic University (Surrey), and from UBC's expansion to Surrey. GEC® EMC will enter into the construction financing phase in 2024. The steady decline of interest rates, GST exemption and the legislated TOA zoning to reduce parking requirements came in timely.
- GEC® Kingsway will come online in July and will be ready for occupancy by September.
- GEC® Viva is undergoing renovation which is expected to be completed by September.
- Most GEC® operating properties are at near-full capacity.
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 40 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. (established in 1903), Sprott Shaw Language College, Vancouver International College, 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 15 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 $1.3 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
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking information (the "forward-looking statements") about GECC and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include, without limitation, the statement as to the expected timing of receipt of the court's decision in the Atmosphere project litigation, the expected timing of the commencement of construction at GEC® Oakridge, the expected timing of a positive response to the CMHC loan application for GEC® Oakridge, the expected timing of GEC® EMC's entry into the construction financing phase, the expected timing of GEC® Kingsway being ready for occupancy, and the expected date of completion of renovations at GEC® Viva. The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the "Risks") that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. The Risks include, without limitation, national and global economic factors and the other risk factors identified in the Company's management's discussion and analysis for the financial year ended August 31, 2023. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.
SOURCE: Global Education Communities Corp.
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