GEC Corp. Subsidiary Commences Legal Action Against Romspen Investment Corporation
Vancouver, B.C., October 7, 2022 – Global Education Communities Corp. (TSX: GEC, OTCQX International: GECSF) (“GEC Corp.” or the “Company“) reports that the Company’s subsidiary, GEC (Richmond) GP Inc. (“GEC Richmond”), and the limited partnership of which it is the general partner, Global Education City (Richmond) Limited Partnership, have filed a notice of civil claim with the Supreme Court of BC commencing legal action against a mortgage lender, Romspen Investment Corporation, alleging breach of contract and other causes of action for the non-advancement of funds to a development project in Richmond known as “The Atmosphere”.
About Global Education Communities Corp.:
Global Education Communities Corp. is one of Canada’s largest education and student housing investment companies focused on the domestic and global education market since 1994. GEC Corp. owns 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. (“SSCC”) (established in 1903), Sprott Shaw Language College (“SSLC”), Vancouver International College Career Campus (“VIC”) and CIBT School of Business & Technology Corp. (“CIBT China”). GEC Corp. offers over 150 educational programs in healthcare, business management, e-commerce, cyber-security, hotel management, and language training through these schools. In 2022, GEC Corp. serviced over 10,000 domestic and international students through its educational and rental housing subsidiaries.
GEC Corp. 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, a hotel and education super-centres. Under the GEC® brand, GECH provides accommodation services to 90 schools in Metro Vancouver, serving 3,000 students from 71 countries. The total portfolio and development budget under the GEC® brand is nearly $1.3 billion.
GEC Corp. 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 Design 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:
Chairman, President & CEO
Global Education Communities Corp.
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: info@GECHQ.com