CIBT Announces Acquisition of English as a Second Language School
Vancouver, B.C., May 2nd 2016 – CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT” or the “Company”) is pleased to announce that it has signed a binding letter agreement (the “Agreement”) with an English as a Second Language school (the “School”) headquartered in Vancouver, Canada for the purchase of all of the assets of the School. Formal closing of this transaction is expected to occur before the end of June 2016, subject to the negotiation and execution of a comprehensive agreement and the satisfaction or waiver of several other conditions. Acquisition details will be disclosed after closing.
The School enjoys an excellent reputation in the international student community with a strong presence in the Japanese and Latin American markets. Since inception 16 years ago, the School has educated over twenty thousand students. Over the years, the School has grown steadily, and developed many long-standing relationships with education partners outside of North America. This new acquisition will be integrated with our education assets in Canada and to bundle international education with accommodation and excursion services.
“We are pleased with the results from our due diligence and can clearly see that the School has been operated by a dedicated management team, loyal long-term staffs and reputable business partners from around the world”, commented Toby Chu, President and Chief Executive Officer, Vice Chairman of CIBT. “With our GEC branded student housing portfolio growing at a steady pace of $30 million on average over the last 6 quarters and reaching over $155 million in total, we are well positioned to service the housing needs of the students that will now be a part of the CIBT Education Group family.”
CIBT also reports that it has suspended its current Normal Course Issuer Bid (share buy-back) activities until further notice.
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/
Vice-Chairman, President & CEO
CIBT Education Group Inc.
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