CIBT Completes the Sale of Acsenda School of Management
Vancouver, B.C., Aug 15th, 2016 – CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT” or the “Company”) is pleased to announce the completion of the sale Acsenda School of Management, formerly a division of a subsidiary of CIBT, for approximately $5 million, which was announced on December 7th, 2015.
“We are very pleased with the return on investment we have provided to our loyal shareholders,” commented Toby Chu, President and CEO, Chairman of CIBT Group. “CIBT acquired Acsenda School of Management at its start-up stage in December 2007 for approximately $1 million. After 9 years of steady growth enrolling approximately 160 students annually, we are pleased to transfer ownership to another leading education investment holding company with operations in many countries. We believe that under the new owner’s leadership, Acsenda will continue to flourish with exciting prospects ahead.”
Mr. Chu further commented, “The sale of this school reflects our commitment to deliver operational efficiencies whether by advancing start-up enterprises or turning around underperforming schools. We further add value by providing students of Vancouver an alternate and affordable place to live while they attend their post-secondary institution. We will continue to grow our pipeline of students by acquiring underperforming schools, making improvements, and providing affordable accommodation through the services of our rapidly growing student housing division, Global Education City Holdings Inc. Use of proceeds from this transaction will be directed toward the expansion of Global Education City Holdings Inc. and to identify acquisition opportunities in the international language school and career college sectors. Further acquisitions in these two sectors will complement our existing education assets such as Vancouver International College, an ESL school in Vancouver, and Sprott Shaw College, a 113 year old career and technical college with 17 locations in British Columbia. These two sectors have higher student volume and have served as the pipeline to feed international students to our student housing properties.”
About CIBT Education Group:
CIBT Education Group Inc. is an education and student-housing investment company focused on the global education market since 1994. Listed on the Toronto Stock Exchange and 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 various countries with campuses, offices and training centers at 27 locations enrolling over 8,300 students annually. Its education business is operated through Sprott Shaw College (established in 1903), Vancouver International College and CIBT School of Business. Through these subsidiaries, CIBT offers recognized and approved business and management degrees, programs in college preparation, healthcare, hotel management, English language training, and over 150 career and vocational programs. 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. (“Global Holdings”). GEA recruits international students for many elite kindergarten, primary, secondary schools and universities in North America. Global Education City Holdings Inc. is an investment holding and management company with a special focus on education related real estate projects in Canada such as student hotels, serviced apartments and education super centers. Visit us online at http://www.cibt.net, www.studenthotel.ca, and watch our corporate video at http://cibt.net/about/
Chairman, President and CEO
CIBT Education Group Inc
Investor Relations Contact: 1-604-871-9909 extension 318 or | 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 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 obtaining all necessary regulatory approvals. 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.