CIBT Reports Completion of $15 Million Equity Raise for Global Education City (Richmond) Project
Vancouver, BC – April 30, 2018 – CIBT Education Group Inc. (“CIBT” or the “Company”) (TSX: MBA, OTCQX International: MBAIF) is pleased to report the successful completion by Global Education City (Richmond) II Limited Partnership of the phase II $15 million equity raise for Global Education City® (Richmond), the eighth GEC® location, described in CIBT’s news releases of April 3, 2018 and March 21, 2018. Total equity received for Global Education City® (Richmond) so far is $45 million. It is expected that an additional $35 million in equity will be raised in three installments between July and December 2018. Total equity size for Global Education City® (Richmond) is expected to be $80 million.
To date, CIBT has earned a $9 million development fee from this project and anticipates earning an additional $7 million in fees through the remainder of 2018. These funds will be used by CIBT to acquire at least a 20% equity interest in this GEC® project.
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 centres 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 owns 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 Centres totalling over $900 million. CIBT also owns Global Education Alliance (“GEA”) and Irix Design Group (“Irix Design”). GEA recruits international students on behalf of many elite kindergartens, 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: firstname.lastname@example.org
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 as to the expected equity financings for Global Education City® (Richmond) to be completed through the remainder of 2018 and the development fee expected to be earned by CIBT during the same period. 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 the project limited partnership to successfully complete the expected equity financings. 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.