CIBT Education Group to Acquire New Property in Metro Vancouver
|May 27, 2015: CIBT Education Group Inc. (TSX:MBA, OTCQX International: MBAIF) (“CIBT Group”) is pleased to announce that it has, through a wholly owned subsidiary, signed a Purchase and Sale Agreement with a Vancouver developer to acquire two properties (GEC Project 3) that are centrally located in Vancouver, approximately 300 feet from a Skytrain/Subway station. GEC Project 3 is expected to be comprised of 24,000 net rentable square feet accommodating up to 120 student beds upon completion of development. Total project cost is approximately $16 million including furniture and fixtures. An independent investor has been brought in to fund this development. CIBT Group will earn a structuring fee and equity ownership in this project. Customary to CIBT Group’s business model, a 20 year management contract has been executed to oversee the development and completion of this project which is expected to complete in approximately 30 months.
“This is another in a series of planned student housing projects following our acquisition of Viva Suite Hotel in January 2015. Our plan is to continue deployment of one project every quarter over the next 3 years,” commented Toby Chu, Vice Chairman, President and CEO of CIBT Education Group Inc. “Our goal is to develop accommodations for up to 10,000 beds in five years with a total capital budget of $1 billion dollars. In addition, we are actively in negotiation with an overseas investment group to finalize an investment agreement to jointly develop North America’s first Education Super Center in Metro Vancouver with a projected budget of $260 million. The Education Super Center has a design plan that will accommodate up to 20 educational institutions and over 800 beds.”
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 7,000 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 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 http://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: email@example.com
|FORWARD LOOKING STATEMENTS:
Some statements in this news release contain forward-looking information (the “forward-looking statements”) about CIBT Group and its future plans. Forward-looking statements are statements that are not historical facts. The forward-looking statements in this news release are subject to various risks, uncertainties and other factors (collectively, “Risks”) that could cause the company’s actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. With respect to the statement in this news release as to the expected number of job openings in B.C. by 2022 in the areas of skilled trades and technical occupations, the Risks include uncertainties as to the actual development of the B.C. economy. Forward-looking statements are based on the beliefs, opinions and expectations of CIBT Group’s management at the time they are made, and CIBT Group does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.