CIBT Reduces its Total Issued and Outstanding Shares for the Third Time in 14 months
October 14th, 2014: CIBT Education Group Inc. (TSX:MBA, OTCQX International: MBAIF) (“CIBT Group”) reports that it is cancelling 1,900,000 common shares which have been repurchased pursuant to a normal course issuer bid. Assuming no further share issuances before the shares are cancelled, a total number of 64,556,853 common shares will be issued and outstanding.
The shares being cancelled were acquired under CIBT Group’s normal course issuer bid under which up to 3,000,000 of its common shares may be purchased for cancellation between February 24, 2014 and February 23, 2015. This represents approximately 4.5% of the 66,456,853 common shares which were issued and outstanding as at the close of business on October 8th, 2014.
During the last 14 months, CIBT Group has purchased 8,780,224 of its common shares through normal course issuer bids at a weighted average price per share of $0.220.
“The company is optimistic about its future as the value generated by our various international students and I.T worker housing projects throughout Metro Vancouver is rapidly approaching $230 million under development,” commented by Toby Chu, Vice Chairman, President and CEO of CIBT Education Group Inc. “We believe that as the company begins to realize the monetary value of these projects in our financial reports, our consistent buy-back and reduction of the number of shares issued and outstanding will create tremendous value to our shareholders.”
About CIBT Education Group:
CIBT Education Group Inc. is an education management company focused on the global education market since 1994. Listed in Canada on the Toronto Stock Exchange and in the U.S on the OTCQX International, CIBT Group owns and operates a network of business, technical and language colleges in North America and Asia. CIBT Group offers cooperative joint programs in 12 countries with campuses, recruitment offices and training centers enrolling over 6,500 students annually. Its education business is operated through Sprott Shaw College (established in 1903), Acsenda School of Management, CIBT School of Business China, and Global Education Alliance Recruitment Centers in China and other overseas countries. Through these subsidiaries, CIBT Group offers Western and Chinese accredited business and management degrees, programs in college preparation, healthcare, hotel management and tourism, English language training, English Teacher Certifications, junior and high school preparation programs for overseas study, and other career/vocational training. CIBT Group also owns Irix Design Group, a leading design and advertising company based in Vancouver, Canada, Global Education Alliance (“GEA”) and Global Education City Holdings Inc (“GEC”). GEA recruits international students for many elite kindergarten, primary, secondary schools and universities in North America. GEC is an investment holding and management company with a special focus on education related real estate projects in Canada. Visit us online at www.cibt.net.
For more information contact:
Vice-Chairman, President & CEO
CIBT Education Group Inc.
Investor Relations Contact:1-604-871-9909 extension 318 | Email: firstname.lastname@example.org