Mr. Toby Chu reports

GLOBAL EDUCATION COMMUNITIES CORP. FORMALLY ADDS GEC KINGSWAY TO ITS PORTFOLIO

Global Education Communities Corp.'s subsidiary has signed a formal master lease partnership program agreement (MLPP) with a local developer to master lease its property located at 4589 Gladstone St. (corner of Kingsway and Gladstone), Vancouver, B.C. This agreement is valid for five years with an option to renew for five more years. In addition to a discounted lease rate, Global Education will be entitled to a future profit sharing in the event of a property sale during the lease period. The possession date for this property is expected to be June 1, 2024, and the property is expected to be fully operational under the GEC model by Aug. 1, 2024.

About GEC Kingsway

GEC Kingsway will be a six-storey building spanning nearly one city block, with over 103,000 buildable square feet and 78,000-square-foot residential area. The facility will accommodate 284 beds, with amenities including a fitness centre, student lounge, roof deck patio and underground parking. Customary to all GEC branded properties, accommodations at GEC Kingsway will be fully furnished with kitchen utensils, bedding supplies, fibre optic Internet, monitored surveillance, all utilities included, weekly housekeeping and resident caretakers.

Located at the corner of Kingsway Avenue and Gladstone Street, the future home of GEC Kingsway is on a main thoroughfare, approximately eight-minute walk from the Nanaimo SkyTrain station, and within 10 minutes of downtown Vancouver via SkyTrain, where hundreds of public and private institutions are located. In addition, GEC Kingsway is at the centre of Vancouver with easy access to Metrotown and BCIT in Burnaby, and Vancouver Community College on East Broadway in Vancouver.

"Since 2015, we have launched 15 GEC branded buildings including a downtown hotel, with over 1.43 million square feet of facilities, seven of which are currently in operation and seven under development; the hotel was sold in November, 2023," said Toby Chu, chairman, president and chief executive officer of Global Education. "Since the announcement of this property in September, 2023, we have received many inquiries from GEC partner schools, on-line media and GECC's 2,000-plus-agent network from around the world to prebook the available beds at this location. We expect to be fully booked by the summer of 2024, with an annual revenue projection of over $5-million from this property."

About Global Education Communities Corp.

Global Education is one of Canada's largest education and student housing investment companies focused on the domestic and global education market since 1994. Global Education 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. Global Education offers over 150 educational programs in health care, business management, e-commerce, cybersecurity, hotel management, emergency paramedic and language training through these schools. In fiscal 2023, Global Education serviced over 14,277 domestic and international students through its educational, rental housing and recruitment subsidiaries.

Global Education 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 supercentres. 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.

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