CIBT & Subsidiaries Receive $8.9 Million in Equity and Bond Subscriptions
Vancouver, B.C., May 31, 2021 – CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT” or the “Company”) is pleased to report that the Company and its various subsidiaries have received a total of $8.9 million from its corporate finance activities including limited partnership investments and corporate bond subscriptions during the period from March 1, 2021 to May 28, 2021.
“We are delighted to have received nearly $9 million of new investments, ” commented Toby Chu, Chairman, President, and Chief Executive Officer of CIBT. “The proceeds will be used for potential acquisitions, funding of existing projects and to increase CIBT’s ownership in certain limited partnerships.”
About CIBT Education Group:
CIBT is one of Canada’s largest education services and academic real estate companies. With a global presence since 1994, CIBT employs nearly 600 staff at 46 business locations and operates a global network of 2,500 recruitment agents. In 2020, the group provided education, recruitment and accommodation services to over 11,000 students. Its real estate portfolio, including operating assets and development budget, exceeds $1.5 billion.
CIBT’s education subsidiaries include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College Career Campus, CIBT School of Business and Global Education Alliance. These subsidiaries offer over 150 accredited educational programs in healthcare, business, e-commerce, cyber-security, hotel management, language training and recruitment services at 29 locations in Canada and abroad.
CIBT’s real estate subsidiary, Global Education City Holdings Inc. (“Global Holdings“), develops and manages academic-assets such as student-centric rental apartments, corporate housing, hotel and education super-centres. Under the GEC® brand, Global Holdings provides B2B accommodation service to 72 schools in Metro Vancouver and B2C service to students from 77 countries. The GEC®branded portfolio, including operational and under-construction or development, comprises 11 projects, 16 buildings, spanning over 1.5 million square feet.
CIBT also owns Irix Design Group Inc. (“Irix Design“). Irix Design is a leading design and advertising company services over one hundred corporate clients including CIBT. Visit us online at www.cibt.net.
Chairman, President & CEO
CIBT Education Group, Inc.
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: firstname.lastname@example.org
Some statements in this news release contain forward-looking information (the “forward-looking statements“) about CIBT Education Group Inc. and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include (without limitation) the statement as to the intended use of the proceeds received. 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. 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.