GEC® Flagship Project GEC Education Mega Center® Receives Third Reading Approval by Surrey City Council
Vancouver, B.C., November 28th, 2017 – CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT” or the “Company”) is pleased to report that the GEC® flagship education real estate project GEC Education Mega Center® (“Education Mega Center”) has received Advisory Design Panel (“ADP”) and First, Second and Third Reading approvals by Surrey City Council as of Monday, November 6th. These approvals are part of a series of 5 approvals required by Surrey City Bylaws to construct the Education Mega Center. On July 31st, 2017, the Education Mega Center project received ADP approval, followed by the First and Second Reading Approvals on October 2nd. A Public Hearing was held and Third reading approved on November 6th, 2017. Fourth and Final reading is slated for December 2017. Once Fourth reading is achieved, a Development Permit and Building Permit will become issuable in the following months and construction will begin accordingly. See pages 20 and 21 of the minutes of the Surrey City Council meeting which can be viewed here.
“We are excited about the development of the Education Mega Center,” commented Toby Chu, Chairman, President and Chief Executive Officer of CIBT. “We are also pleased to report that the phase 2 equity raise of $38 million by GEC Education Mega Center Limited Partnership commenced on November 1st, 2017, with approximately $8 million in signed subscriptions having been committed to as of today, and the issuer is working to complete the balance in the coming months. Interest from domestic and overseas institutional investors has been strong. We look forward to the commencement of construction of North America’s first such project, to be situated at the heart of downtown Surrey, with a construction value exceeding $270 million.”
About the Education Mega Center:
The Education Mega Center is designed to accommodate over 20+ schools, offices and over 1,400 students living and attending schools in the area. In addition to serving the 20+ schools located within the Education Mega Center, the building will also serve students attending neighboring academic institutions such as Simon Fraser University (Surrey) campus and Kwantlen Polytechnic University at Surrey Civic Plaza and Surrey Central SkyTrain Station (currently nearing construction completion ). Both are located across the street from the Education Mega Center site. In addition, Douglas College Surrey Training Centre, Sprott Shaw College (Surrey), and Sprott Shaw Language College (Surrey) are located within 1.5KM from the Education Mega Center site. We estimate that over 10,000 domestic and international students will, upon completion at the Surrey Civic Plaza Kwantlen Polytechnic University campus, be attending these institutions which are all within 2 – 10 minutes’ walking distance to the Education Mega Center site.
About CIBT Education Group:
CIBT Education Group Inc. is one of the largest education and student housing investment companies in Canada, focused on the global education market since 1994. Listed on the Toronto Stock Exchange and U.S OTCQX International, CIBT owns business and language colleges, student housing properties, recruitment centers and corporate offices at 44 locations in Canada and abroad. Total annual enrollment for the group exceeds 15,000 students. Its education providers include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College and CIBT School of Business. Through these schools, CIBT offers business and management programs in healthcare, hotel management, language training, and over 150 career, language and vocational programs. CIBT’s property investments are held by Global Education City Holdings Inc., an investment holding and management company focused on developing education related real estate such as student hotels, serviced apartments and education super centers totalling over $600 million. CIBT also owns Global Education Alliance (“GEA”) and Irix Design Group (“Irix Design“). GEA recruits international students for many elite kindergarten, primary and secondary schools, colleges and universities in North America. Irix Design is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at www.cibt.net.
Chairman, President and Chief Executive Officer
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”). Forward-looking statements are statements that are not historical facts and in this news release include, without limitation, statements about plans for the proposed Education Mega Center® project in which CIBT has invested. The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, “Risks”) that could cause CIBT’s actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. The Risks include, without limitation, the ability of GEC Education Mega Center Limited Partnership to raise equity investment and secure other required funding to acquire the project, usual construction risks, the ability to obtain all required municipal approvals, and the ability of the relevant limited partnerships in which CIBT is invested to enter into and complete exit transactions. 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.