CIBT Provides Enrollment Update
CIBT School of Business & Technology Corp. (“CIBT”), a subsidiary of Capital Alliance Group Inc. (TSX-V: CPT) and a leading business school in China, is pleased to report that its total student enrollment in China for Q-1 has increased by over 50% as compared to the same enrollment period last year.
As of September 8th, 2006, student enrollment in CIBT’s three campuses in Beijing, two campuses in Weifang, and five learning centers in other cities in China totalled 3,598 students as compared to 2,395 students from one year ago. CIBT’s Beihai campus, located in Weifang City, Shandong province, experienced the largest increase in enrollment since it was acquired by CIBT in October 2004. The CIBT Beihai campus alone has grown from 503 students to 1,095 students within 1year post acquisition, and as of September 2006, enrolls 1,694 students.
“By maintaining our expansion strategy of targeting tier 2 and tier 3 cities in China with populations of 1 to 10 million people instead of the larger, more competitive cities such as Shanghai and Beijing, we have been able to experience strong growth in our enrollments,” commented Toby Chu, President and CEO of CIBT and Capital Alliance Group Inc. ”We intend to continue our organic growth trend and accelerate our expansion via acquisitions and partnerships.”
Capital Alliance Group also reports that it has arranged a temporary loan of US$1 million from an entity controlled by a director. The loan proceeds will be used by the company’s subsidiary, CIBT for a pending acquisition, which may close some time between October and November. The loan is a temporary bridge loan and may or may not be used at all. The loan matures on November 14, 2006 and bears an annual interest rate of 12%. The company has pledged 500,000 shares of common stock of Sun New Media Inc. as security, which will be returned to the company upon re-payment of the loan.
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