CIBT Provides Update on the Acquisition of Second Downtown Vancouver Hotel
|September 14, 2015: CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT”) is pleased to report that, pursuant to its news release on June 22nd 2015 regarding the acquisition of a second downtown Vancouver hotel, subjects have been removed and the parties are proceeding to final closing which is scheduled for November 1st 2015. Details of the transaction will be disclosed after the transaction has been completed. As a result of this transaction, CIBT expects to add approximately 270 beds to its portfolio of student accommodation in the Greater Vancouver area generating approximately $3.1 million in gross rental annual revenue.
“In addition to GEC Viva Tower and two other previously announced properties that are under development and construction, this latest addition will raise the total GEC portfolio in excess of $130 million, not including the flagship GEC project “Education Super Center” which itself is budgeted for $200 million,” commented by Toby Chu, President and CEO, Vice Chairman of CIBT. “We are pleased with the progress achieved in less than 18 months and continue to pursue our $1 billion portfolio target within the next 5 years.”
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 owns and operates a network of business, technical and language colleges in North America and Asia. CIBT 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 offers recognized and approved 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 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 and watch our corporate video at http://cibt.net/about/.
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.