Academies Australasia Group Ltd Announces Acquisition of Academies Australasia College Pte. Limited

Academies Australasia Group Ltd announced the acquisition of the non-controlling interests in Academies Australasia Polytechnic Pty Limited (AAPoly) in Melbourne and Academies Australasia College Pte. Limited (AAC) in Singapore. Academies Australasia acquired 51% of AAPoly in February 2011 and 24% in April 2011. On January 31, 2013, the owners of the remaining 25% interest agreed to sell all their shares to the Group for a total of AUD 481,260 in cash and the issue of 55,875 new shares in Academies Australasia Group Limited. At completion on February 15, 2013, AAPoly will become a wholly owned subsidiary. Academies Australasia acquired 75% of AAC in October 2009. On January 23, 2013, the Group acquired the remaining 25% for SGD 344,238 (AUD270,000) in cash.