(MENAFN- Baystreet) 09:44 AM EST - Global Education Communities Corp. : Has entered into a definitive agreement to sell its Sprott Shaw College subsidiary to a European-based education provider. The sale is subject to customary closing conditions. This all-cash transaction results in post-adjustment cash proceeds of approximately $35 million. The net proceeds represent a net cash value of approximately $0.52 per share for GECC shareholders. Most importantly, the net cash value per share excludes GECC's extensive GEC® student housing assets. Global Education Communities Corp. shares T are trading up $0.01 at $0.33.

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