KGIC Inc. (TSXV:LRN) sold Uhak.com Co., Ltd. for CAD 0.1 million on October 28, 2015. As part of consideration, CAD 0.02 million was paid on closing, CAD 0.08 million will be divided into four equal monthly installments to be received beginning 3 months following the date of closing, performance payouts equaling 0.5% of 2016 gross revenue, 1% of 2017 gross revenue and 1% of 2018 gross revenue of Uhak to be received within 2 months after each fiscal year. Also, intercompany debt of CAD 0.75 million owed to Uhak was forgiven on closing. For the year ended on December 31, 2014, Uhak.com reported revenue of CAD 1.1 million, EBIT of CAD 0.022 million and net loss of CAD 1.57 million.

KGIC Inc. (TSXV:LRN) completed the sale of Uhak.com Co., Ltd. on October 28, 2015.