CIBT, GECM, and NCD Announce Out-of-court Resolution of Federal Court Action Commenced by GECM
October 2nd,2018, Vancouver, BC – CIBT Education Group Inc. (“CIBT“) (TSX: MBA, OTCQX International: MBAIF) reports that CIBT, its subsidiary Global Education City Management Corp. (“GECM“), and New Continental Developments Inc. (“NCD“) have come to an amicable confidential out-of-court resolution of the Federal Court action commenced by GECM in December 2017 against NCD, its related companies, and officers and directors of these companies.
No party has made an admission of wrong-doing. The parties have reached an agreement regarding their respective uses of names and trade-marks going forward. GECM will continue to use GLOBAL EDUCATION CITY (and other trade-marks) and NCD intends to use NEW CONTINENTAL EDUCATION CITY (and other trade-marks).
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 43 locations in Canada and abroad. Total annual enrollment for the group exceeds 12,000 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. (“Global Education”), an investment holding and development company focused on developing education related real estate such as student hotels, serviced apartments and education centres. Total portfolio and development budget of projects under Global Education’s GEC® brand is in excess of C$1 billion. 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.
For more information contact:
Chairman, President & CEO
CIBT Education Group Inc.
Investor Relations Contact: 1-604-871-9909 extension 310 or | Email: email@example.com