CIBT Enters into LOI with Strategic Investor
Capital Alliance Group Inc. (TSX.V: CPT) and its subsidiary, CIBT School of Business & Technology Corp. (“CIBT”), announced that CIBT has entered into a Letter of Intent (“LOI”) with a strategic investor. The LOI outlines the business terms for this investor to make US$3.4 million equity investment in CIBT. A formal agreement between Capital Alliance Group, CIBT and the investor is currently being prepared. Subject to the acceptance of the terms and conditions of the formal agreement and due diligence approval, the parties intend to complete this transaction in April 2006 or soon thereafter. Further details will be disclosed after the closing of this transaction.
This private placement is in addition to the US$10-15 million private placement undertaken by Harris Nesbitt of New York, which was previously disclosed in a news release dated January 17th 2006, and is in process.
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, one campus in Anyang, and two 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. For more information visit the company’s web site at www.cibtcorp.com.
Capital Alliance Group Inc. and CIBT School of Business & Technology Corp
President & C.E.O.
Investor Relations Contact: Mr. James Neil * N. America Toll Free: 1-888-865-0901 Ext.322 * Email: email@example.com
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