CIBT Reports Normal Course Issuer Bid
October 9, 2008 CNW Group: CIBT Education Group Inc. (AMEX: MBA; TSX.V: MBA) reports that the TSX Venture Exchange has accepted the filing of the company’s notice of intention to conduct a normal course issuer bid to purchase up to 1 million of its common shares representing approximately 1.56% of its issued and outstanding share capital. The normal course issuer bid, which is being conducted through the facilities of the TSX Venture Exchange, will expire on October 8, 2009 unless sooner terminated.
The share repurchase has been launched because management is of the view that the company’s stock is currently undervalued. Purchases will be made through Union Securities Ltd. In the past 12 months, the company has repurchased 1.5 million of its common shares.
About CIBT Education Group Inc.:
CIBT is an education management and investment company with a special focus on the global education market. Its subsidiaries, CIBT School of Business & Technology Corp., Tourism Training Institute, Concordia Career College, Modus International Language College and Sprott-Shaw Degree College Corp., which is comprised of Sprott-Shaw Degree College, Sprott-Shaw Community College, Sprott-Shaw International Language College, possess a combined operating history of over 118 years in China and Canada’s education sectors. CIBT owns and operates a network of 48 business and language colleges with a presence in Canada, China, Vietnam, Jordan and the Philippines. CIBT delivers North American and Chinese accredited business and management degree programs, automotive, and diesel maintenance programs, IT programs, travel and tourism programs and career/vocational programs through its network of campuses across China and Canada. In 2006, CIBT initiated plans to aggressively expand its business presence across China and to establish schools in other parts of Asia including South Korea, Thailand, Malaysia and India. CIBT also owns Irix Design Group, a leading full service design and advertising company based in Vancouver, Canada. In 2008, Irix Design was ranked 15th in the list of Biggest Ad Agencies in Greater Vancouver by the Business in Vancouver newspaper.
CIBT Education Group Inc.
President & C.E.O.
Investor Relations Contact: N. America Toll Free: 1-800-574-0901* Email: email@example.com
Legal Notice Regarding Forward-Looking Statements: “Forward-looking Statements” as defined in the Private Securities Litigation Reform Act of 1995 may be required in this news release. These statements relate to future events or CIBT’s future financial performance. These statements are only predictions and may differ materially from actual future results or events. CIBT disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of CIBT’s competitors, the extent to which CIBT is able to develop new services and markets for their services, the time and expense involved in such development activities, the level of demand and market acceptance of their services and changes in our business strategies.
The TSX Venture Exchange and the American Stock Exchange has not reviewed and does not accept responsibility for the accuracy of this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.