CIBT Group Reports Short Selling Volume
Vancouver, BC – June 24th, 2019 – CIBT Education Group Inc. (“CIBT” or the “Company”) (TSX: MBA, OTCQX International: MBAIF) has noted the recent decrease in the share price of the Company and reports the following short selling position as published by the TSX. The total short position between May 31st, 2019 to June 14th, 2019, increased by 407,032 shares, from 26,651 to 433,683 shares.
|Date||Total Short Position||Total Volume||Net Change||Last Traded||$ Range|
|2019/06/14||433,683||912,430||407,032||0.50*1||0.50 – 0.56|
|2019/05/31||26,651||420,689||6,356||0.58||0.57 – 0.65|
|2019/05/14||20,295||342,400||6,443||0.65||0.65 – 0.70|
|2019/04/30||13,852||576,729||-6,648||0.68||0.62 – 0.70|
|2019/04/15||20,500||252,398||16,997||0.63||0.63 – 0.67|
*1 Closing price used is the last non-zero. Source: TSX
“CIBT is proud to have been in business for over 25 years and seen substantial growth in operations over that time,” said Toby Chu, CIBT’s Chairman, President and Chief Executive Officer. “Our growth from a start-up in 1994 to nearly $75 million revenue with net income of $45 million in fiscal 2018 was through hard work and dedication of our committed staffs and loyal shareholders. In addition to fundamental performance, the Company and its subsidiary limited partnerships have completed multiple growth financings and most recently closed $12 million of investment, with another $11 million in financings committed by the subsidiary limited partnerships.”
“Given our track record of being a responsible borrower, we have also had the privilege of transacting over $300 million in real estate financing through commercial lenders during the past four years,” continued Toby Chu. “While the Company is under normal operation and continues to grow, and the management has full confidence in the future development of the Company, it is unfortunate that a few opportunistic short-sellers are eager to see a lower stock price to benefit themselves. The management believes that the Company’s shares are grossly undervalued at the current price level, the Company will defend its position vigorously and demonstrate the management’s confidence to the prospects of the Company by increasing its share buy-back efforts.”
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 45 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 centers. Total portfolio and development budget of projects under Global Education’s GEC® brand is more than 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