CIBT Education Group Completes Purchase of Vancouver International College
Vancouver, B.C., July 5th, 2016 – CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT” or the “Company”) is pleased to announce that it has completed the acquisition of Vancouver International College (“VIC”), previously announced in CIBT’s news release dated May 2nd, 2016, for a total purchase price of $1.5M. Enrolling approximately 1,300 students per year, VIC is an international college specializing in English language training.
“The benefit of this acquisition is twofold, adding both to our education assets as well as the pipeline to our student housing projects,” commented Toby Chu, President, CEO and Vice Chairman of CIBT Group. VIC enjoys an excellent reputation in the English language training industry with 16 years of proven track record. Together with Sprott Shaw College, another CIBT subsidiary, VIC will aim to create pathway programs that will enable international students to start with English language training at VIC and then to attend either Sprott Shaw College or transfer to one of CIBT’s academic partner schoolsthroughout the province of B.C. Established in 1903, Sprott Shaw College is one of the largest career and technical colleges inWestern Canada. The collaboration projects between Sprott Shaw College and VIC will create synergies that will provide students with more options and choices for their future development.
Global Education City Holdings Inc. (“Global Education Holdings”) is a wholly owned subsidiary of CIBT that specializes in providing first class student accommodations in Metro Vancouver. “In addition to the academic collaborations with Sprott Shaw College, Global Education Holdings will be able to accommodate and support the housing needs of international students attending VIC,” added Toby Chu. “With our growing education real estate portfolio, students attending VIC as well as other various post-secondary institutions in the greater Vancouver area will no longer have to be victims of the excessively low vacancy rates in Metro Vancouver and worry about finding a safe, clean and convenient place to live. Students will be able to rely on the consistent service and quality provided by accommodations offered under the GEC brand, allowing them to spend more time on their studies and student life.”
“These projects are cutting edge in the terms of thinking outside of the box. Instead of the notion of building housing and hoping that students arrive, these two specific “Super Centers” integrate educational infrastructure with student housing,” says Craig Burrows, President & CEO of TriView Capital Ltd. He also added, “Prestigious universities are no longer tied to their original site or city. They’re now opening up satellite schools to compete for the post-secondary student market. It’s a game changer that instead of people going to the mountain, the “Super Centers” are bringing the mountain to the students. Vancouver is the perfect city for international students and a perfect location for universities / colleges to set up satellite locations”.
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 8,300 students annually. Its education business is operated through Sprott Shaw College (established in 1903), Acsenda School of Management, Vancouver International College, CIBT School of Business China, and Global Education Alliance Recruitment Centers at various 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 and Global Education City Holdings Inc. Global Education Alliance 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, www.studenthotel.ca, and watch our corporate video at http://cibt.net/about/
Vice-Chairman, President & CEO
CIBT Education Group Inc.
Investor Relations Contact:1-604-871-9909 extension 318 | Email: email@example.com
Some statements in this news release contain forward-looking information (the “forward-looking statements”) about CIBT Education Group Inc. and its future plans. Forward-looking statements are statements that are not historical facts. The forward-looking statements in this news release include, without limitation, plans to develop the Super Centers. The forward-looking statements are subject to various risks, uncertainties and other factors that could cause CIBT’s actual results or achievements to differ materially from those expressed in or implied by forward-looking statements, including but not limited to availability of sufficient funds on terms acceptable to CIBT or at all, obtaining all necessary municipal and other required regulatory approvals, and the demand for accommodations and commercial space if and when the Super Centers are constructed. Forward-looking statements are based on the beliefs, opinions and expectations of CIBT’s management at the time they are made, and CIBT 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.