CIBT Signs MOU to Purchase New Condo Project for Approximately $20M
|October 5, 2015: CIBT Education Group Inc. (TSX: MBA; OTCQX International: MBAIF) (“CIBT”) is pleased to announce that it has signed a non-binding Memorandum of Understanding (the “MOU”) to purchase from a Vancouver developer a condominium project (the “Project”) in Metro Vancouver that is under construction. Project value is approximately $20 million. This Global Education City (“GEC”) Project, which is slated for occupancy in time for the September 2016 academic year, will be comprised of ground floor commercial space and three floors of residential suites accommodating up to 84 beds. The MOU contemplates the signing of the definitive Purchase and Sale Agreement before December 2015. Additional details will be released after closing.
“We are pleased to see another 84 students beds projected to become available to GEC by next Fall,” commented Toby Chu, President, Chief Executive Officer and Vice Chairman of CIBT. “At the current run rate, we are projecting approximately 900 beds will be available to GEC towards the Fall of 2016, consisting of two serviced apartments located on a major Vancouver traffic artery or near a subway station, and two hotel properties in downtown Vancouver. Including this new project, the combined purchase value of these five properties is approximately $150 million. One of the five projects, encompassing 120 beds with the project cost of approximately $16 million, is undergoing rezoning. Most exciting of all, CIBT is actively pursuing the development of North America’s first and only Education Super Center which is planned to include two hotel towers that can accommodate up to 840 beds and also house 15 to 20 educational institutions, with a projected cost of $170 million.”
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.