CIBT Reports Intention to Resume NCIB and Provides Summary Review
|January 5th, 2016: CIBT Education Group Inc. (TSX: MBA; OTCQX International: MBAIF) (“CIBT” or the “Company”) reports that it intends to resume its normal course issuer bid that was previously announced on February 24, 2015, but suspended by CIBT on June 18, 2015.
“CIBT Management would like to thank our shareholders for their continued support and wish them a Happy New Year,” commented Toby Chu, President and Chief Executive Officer, Vice Chairman of CIBT. “Looking back at the Company’s development using the year before the global financial crisis in 2008 as a marker, CIBT has come a long way and achieved significant milestones.”
The following is a summary of CIBT’s major accomplishments since 2007:
2007 Purchased Sprott Shaw College for $11 million and Sprott Shaw Degree College for $1 million
In addition to building a sound business model of purchasing undervalued education and real estate assets, the Company also has a commitment to strengthen its share structure. Since 2008, the Company has acquired and cancelled a total of approximately 9.4 million shares from the open market, representing approximately 14.5% of the issued and outstanding common shares as of June 30, 2008. This has effectively increased the percentage ownership of CIBT by each of its shareholders. With the recent growth of the student housing portfolio under CIBT’s GEC brand reaching $156 million in 18 months, supported by CIBT’s balance sheet with total assets of $80.7M, total long term liabilities of $24.3M, and net earnings of $6.0 million in fiscal 2015 as compared to $5.15 million in fiscal 2014, management believes CIBT shares remain significantly undervalued. Reference should be made to CIBT’s annual report which can be found under its profile at www.sedar.com.
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.