CIBT Extends Joint Venture Agreement with Weifang University
Capital Alliance Group Inc. (TSX.V: CPT) reports that the joint venture agreement signed by its subsidiary, CIBT School of Business (“CIBT”), with Weifang University in August 2004 – which established CIBT Beihai International Management College (“CIBT Beihai”) – has been modified to extend the cooperation period between the two parties from 7 to 15 years running through to 2021.
CIBT Beihai will continue to use, rent free, 20,000 square feet of classroom facilities capable of seating over 3,000 students, with an option to expand up to 80,000 square feet, also rent free. These facilities are located within the Weifang University campus ground. CIBT Beihai faculty members and staff will enjoy full access of Weifang University’s facilities including student and faculty dormitory, library and dining halls. Currently, CIBT Beihai has an enrollment of approximately 1,100 students (not including other locations), up from approximately 550 students at the time of the signing of the joint venture agreement with Weifang University.
“We are very pleased with the current progress of the joint venture between Weifang University and CIBT, which has been proceeding most efficiently and profitably,” said Toby Chu, President of CIBT. “The level of cooperation and support from both the Weifang government and Weifang University has been tremendous. Thus, we are confident the extension of the joint venture agreement will give CIBT significant leverage to expand our operations, to diversify our program offerings and ultimately, to increase the value of our school. Moreover, we look to further entrench our relationship with Weifang University with the expansion of our CIBT Wyotech Automotive Institute on Weifang University’s campus in the coming months.”
About Weifang University:
Located in Weifang City, Weifang University has over 50 laboratories and classrooms, 4 experiment centers, over 40 multimedia classrooms, Internet centers, drafting centers, academic halls and over 1,600 employees and 800 faculty members. It has 16 teaching departments, 53 specialties, and 9 scientific branches including Science, Engineering, Economics, Law, History, Education, Literature, Management and Agriculture. Weifang University’s dormitories and two cafeterias can accommodate over 20,000 students and it is continuing to expand and construct new facilities.
About Weifang City:
Weifang City is located at the center of Shandong Province and has a population of about 8.5 million people. Its major industries require electronics, machinery, chemical and building materials, marine chemistry and paper. In 2004, the city’s GDP was approximately RMB 124 billion (approximately US$15.5 billion). Within a 2 hour driving distance from Weifang city in all four directions resides roughly 110 million people.
CIBT School of Business is a leading business, technology and technical school in China for over a decade. CIBT operates three campuses in Beijing, two campuses in Weifang, and three learning centers in other cities in China. CIBT has academic partnerships with Beijing University of Technology and Weifang University, and delivers postsecondary business, technology and technical trade skill programs to students and corporations in China. By cooperating with leading education providers in North America including Western International University, a subsidiary of Apollo Group Inc.; ITT Technical Institute; WyoTech Technical Institute, a subsidiary of Corinthian Colleges Inc.; and other universities from Europe and Asia, CIBT delivers advanced curricula to meet the progressive needs of China’s growing student population.
Capital Alliance Group Inc. and CIBT School of Business & Technology Corp
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