Access International Education Ltd.(AOE – TSX Venture Exchange) ("Access" or the "Company") has announced the agreed transfer of title of the 80 mu of land and all concessions as approved by the City of Penglai in addition to the waiver of all rights in the usage of the transferred 80 mu by Sino Canada Jianwen Property Holdings Ltd. ("Jianwen Property"), where Shandong Taihua Investment and Guarantor Co. Ltd. ("Taihua") will agree to assume and take over totally all outstanding bank loans and accrued interests as owed and guaranteed by Jianwen Property and Yuandong Development Co. Ltd. (company owned by Mr. Jian Li personally for the securing of construction financing for the Penglai campus since day one of operation) to the Penglai Rural Credit Union. In the mean time of transfer work being completed, Taihua will agree to act as new guarantor for the said bank debt settlement to the amount of ?39,800,000 RMB ($6,317,460 CAD) which will consist of the outstanding bank debts and accrued interests of ?24,573,311 RMB ($3,854,667 CAD) and of a line of credit of ?15,226,689 RMB ($2,462,793 CAD) to be used for further working capital and the completion of the new Shandong Penglai Zhangyu Helicopter Training Centre project with all agreed parties.
Taihua is the owner of Shandong Zhangyu Aviation Training School and is also one of the most successful local investment bankers in Yantai. It owns several teams of small aircrafts and helicopters for commercial and private leisure uses in the province in addition to the vast network of government officials and wealthy businessmen that have been participating in these related up and coming trendy activities in the PRC.
For and On Behalf of
Access International Education Ltd.
(Signed)
_____________________________
Chris Gee
President & CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Contacts:
Access International Education Ltd.
Chris Gee, 403-217-3830
