CIBT TO EXPAND EDUCATION BUSINESS IN CHINA
CIBT School of Business & Technology Corp. (“CIBT”), a subsidiary of Capital Alliance Group Inc. (TSX-V: CPT) and a leading business school in China, has signed a Letter of Intent (“LOI”) to acquire Beijing IELTS School (“BIS”). In 2003, BIS reported 10,500 students enrolled at their fourteen campuses located throughout China. The final terms of the agreement will be disclosed upon completion of the transaction, which is subject to due diligence review and TSX Venture Exchange acceptance.
China’s entry into the World Trade Organization and award of the 2008 Summer Olympics to Beijing has contributed to the rapidly increasing demand for internationally standardized English language training. It is estimated that 100 million people are demanding English training in China, which would translate to over RMB10 billion (US$1.2 billion) in tuition revenues. According to the Beijing Municipal Education Commission, on average 300,000 people enrol in English language classes annually in Beijing, totalling approximately US$240-360 million in tuition revenues annually.
About Beijing IELTS School (BIS)
Headquartered in Beijing, China, BIS is a licensee of the International English Language Testing System (“IELTS”) and offers a variety of English language training, instruction and assessment to students seeking international education and professional recognition. IELTS is a globally recognized direct English language assessment of the highest quality and integrity readily available throughout the world. IELTS is owned, developed and delivered through the partnership of the British Council, IDP Education Australia: IELTS Australia and the University of Cambridge ESOL examinations. For more information about BIS, please see www.ielts-school.com. For more information about IELTS, please see www.ielts.org.
Founded in 1994, CIBT School of Business is a recognized business school in Beijing, China. CIBT operates two campuses in Beijing and three learning centers in other cities in China. CIBT has an academic partnership with Beijing University of Technology and delivers postsecondary business and technology education to students and corporations in China. By cooperating with leading education providers in North America, Europe and Asia, CIBT continually develops advanced curricula to meet the needs of China’s growing economy.
On Behalf of the Board of Directors of CIBT.
President and C.E.O
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