KGIC Appoints New Interim CFO

TSX Venture Exchange
Symbol "LRN"

TORONTO, Nov. 11, 2016 /CNW/ - KGIC Inc. ("KGIC" or the "Company") (TSX VENTURE: LRN) announces that it has accepted the resignation of Hoon Lee as interim Chief Financial Officer of the Company. KGIC would like to thank Mr. Lee for his service and wish him well in his future endeavors.  

The Company is happy to announce the appointment of Mr. Fareed Sheik as interim Chief Financial Officer.

Mr. Sheik is a CPA, CA and member of the Institute of Chartered Accountants of Ontario. Mr. Sheik also holds a CPA designation from the United States and the Indian Institute of Chartered Accountants. He is also a certified fraud examiner. He has over 20 years of experience in Audit, Tax and Consulting engagements across different industries. He is currently the Managing Partner of Fareed Sheik LLP, a full service accounting, assurance, tax and business-consulting firm.

Mr. Sheik has worked for Ernst & Young in India and Deloitte in Canada handling audit, internal controls and compliance engagements. Prior to joining Loyalist Group Mr. Sheik was the interim Chief Financial Officer at Selectcore Ltd., another venture listed company. Mr. Sheik's areas of expertise include financial reporting, internal control compliances (COSO and SOX Framework), audit and corporate tax.

About KGIC Inc.

KGIC owns and operates private English as a Second Language (ESL) Schools, Career Colleges and Community Colleges in Toronto, Vancouver and Victoria.

Forward-Looking Information and Statements

This news release includes certain forward-looking information and 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 concerning the ability of Company to continue as a going concern. 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.

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.

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 release.

SOURCE KGIC Inc.

Dr. Alex Macgregor, KGIC Inc., T: [phone], E: [email protected]