Mr. Toby Chu reports

GLOBAL EDUCATION COMMUNITIES CORP. REPORTS FIRST TRANCHE CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Global Education Communities Corp. has closed the first tranche of the non-brokered private placement announced on Aug. 27, 2024, raising gross proceeds of $1,405,000 through the issuance of convertible debentures. The debentures and any common shares issued upon conversion of the debentures issued in the first tranche are subject to a hold period expiring Jan. 4, 2025. The financing remains subject to final approval of the Toronto Stock Exchange.

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 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. 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., 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 held 10 projects comprising 15 buildings in different stages of development and operations 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.

Global Education also owns Global Education Alliance Inc. and Irix Design Group Inc. 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.