Loyalist Appoints Douglas Chornoboy as Chief Financial Officer
June 27 2014 - 8:30AM
Marketwired
Loyalist Appoints Douglas Chornoboy as Chief Financial Officer
TORONTO, ONTARIO--(Marketwired - Jun 27, 2014) - Loyalist Group
Limited ("Loyalist" or the "Company") (TSX-VENTURE:LOY) is pleased
to announce the appointment of Douglas Chornoboy as Chief Financial
Officer of the Company.
Mr. Chornoboy is a seasoned financial executive and leader. He
has 30 years of experience in finance, including previous work as a
CFO, and over 20 years of experience in the banking industry.
Mr. Chornoboy's experience includes;
- Senior Vice President and Chief Financial Officer of Northern
Group of Companies
- Chief Financial Officer of Northern Securities Inc.(a full
service investment dealer)
- Chief Financial Officer of Jaguar Financial Corporation(TSX:
JFC)
- Chief Financial Officer of Northern Financial Corporation(TSXV:
NFC)
- Senior Vice President and Controller at Canadian Imperial Bank
of Commerce(CIBC)
- Managing Director of CIBC World Markets
- Vice President of Wood Gundy
Most recently Mr. Chornoboy was the Chief Financial Officer and
Chief Risk Officer of Jameson Bank.
"With the recent growth of Loyalist, we have been able to
attract a talented and seasoned chief financial officer, who will
be a key player in managing our growth and integration of acquired
companies," said Andrew Ryu, Chief Executive Officer of Loyalist.
"He has extensive experience in finance and operations, which he
can use as a basis to strengthen our management team as we continue
to grow."
Contemporaneously with Mr. Chornoboy's appointment, Nancy Lee
has stepped down as Chief Financial Officer of the Company. Ms. Lee
will continue to provide accounting support to the Company during
the transition of CFO functions to Mr. Chornoboy.
About Loyalist
Loyalist owns and operates private English as a Second Language
(ESL) Schools, Career Colleges and Community Colleges in Toronto,
Vancouver, Victoria and Halifax.
Forward-Looking Statements
This news release includes certain forward-looking statements
within the meaning of Canadian securities laws. Such
forward-looking information and statements are not representative
of historical facts or information or current condition, but
instead represent only the Company's beliefs regarding future
events, plans or objectives, many of which, by their nature, are
inherently uncertain and outside of the Company's control.
Generally, such forward-looking information or statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or may contain statements that certain actions, events
or results "may", "could", "would", "might" or "will be taken,
"will continue", "will occur" or "will be achieved". The
forward-looking information contained herein includes information
relating to the Company's management team. By identifying such
information and statements in this manner, the Company is alerting
the reader that such information and statements are subject to
known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or
achievements of the Company to be materially different from those
expressed or implied by such information and statements. Any number
of important factors could cause actual results to differ
materially from these forward-looking statements as well as future
results, including but not limited to: risks related to any of the
Company's announced or proposed acquisitions failing to close or
becoming delayed before closing; the Company 's reliance on its
South Korean contract; carrying on business and activities in
international jurisdiction where Canadian laws do not apply; any
loss of certain key personnel; levels of student enrolment; delays
in rolling out the online education programs; competition in the
educational services market; and currency fluctuations. Although
the Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
the forward-looking information and statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. Although the Company believes that the assumptions and
factors used in preparing, and the expectations contained in, the
forward-looking information and statements are reasonable, undue
reliance should not be placed on such information and statements,
and no assurance or guarantee can be given that such
forward-looking information and statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information and
statements. Accordingly, readers should not place undue reliance on
any forward-looking information or statements contained in this
press release. The forward-looking information contained in this
press release is made as of the date hereof, and the Company does
not undertake to update any forward-looking information that is
contained or referenced herein, whether as a result of new
information, future events or otherwise, except in accordance with
applicable securities laws. All subsequent written and oral forward
looking information and statements attributable to the Company or
persons acting on its behalf is expressly qualified in its entirety
by this notice.
David McAdamLoyalist Group LimitedVP Corporate Development(604)
961-3513dmcadam@loyalistgroup.comDouglas ChornoboyLoyalist Group
LimitedChief Financial Officer(416)
969-9800dchornoboy@loyalistgroup.com
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