VANCOUVER, Aug. 16, 2011 /PRNewswire/ - CIBT Education
Group Inc. (NYSE AMEX: MBA) (TSX: MBA) ("CIBT Group") is
pleased to announce that its wholly owned subsidiary Sprott-Shaw Degree College ("SSDC") has signed
an articulation agreement with the Certified General Accountants
Association of British Columbia
("CGA-BC").
Currently 5 levels of courses are required to
complete the Certified General Accountants ("CGA")
designation. This agreement allows SSDC's Bachelor of
Business Administration ("BBA") graduates to receive credit
recognition for 4 out of the 5 levels.
"In the next two years, publicly traded
companies from around the world including those from China, Hong
Kong and the European Union will adopt uniform accounting
standards called IFRS (International Financial Reporting
Standards). Major economic powers, such as China have agreed to implement IFRS.
The United States has also agreed
to accept the uniform standard," commented Toby Chu, president and CEO, Vice Chairman. "We
believe that the development of this global trend will
significantly increase the volume of accounting work and demand for
accounting personnel with CGA skills will follow. This latest
development would allow SSDC to capitalize on this imminent
demand. We plan to deploy this program throughout our
international network of colleges in various countries,
supplemented by our Global Learning Network infrastructure."
About Certified General Accountants'
Designation:
The Certified General Accountants' designation is recognized as
a leading Canadian and international accounting designation. There
are over 75,000 CGAs and CGA students across the globe. The
15,000 CGAs and CGA student within British Columbia, Canada, represents the
largest body of accounting professionals in the province. With the
globalization of accounting standards the CGA designation has been
gaining an international standing. CGA designations are
currently granted in Bermuda, the
Caribbean, China, Hong
Kong, Mauritius,
Mexico, and the Philippines.
CGA members are also eligible to readily obtain reputable
accounting designations in the largest market driven economies
outside of Canada, including the
ACCA (recognized globally), CPA Australia, CPA Ireland, and OEC
France.
About CIBT Education
Group:
CIBT Education Group Inc. is an education
management company focused on the global education market. Listed
on the Toronto Stock Exchange and the NYSE Amex, CIBT Group owns
and operates a network of business, technical and language colleges
and has cooperative joint programmes at over 70 locations in 18
countries. Its subsidiaries include Sprott-Shaw Community College
(established in 1903), Sprott-Shaw Degree
College, CIBT School of Business China, and King George
International College. Through these
subsidiaries, CIBT Group offers Western and Chinese accredited
business and management degrees, and programmes in college
preparation, automotive maintenance, information technology, hotel
management and tourism, English language training, English teacher
certification, and other career/vocational training. In addition to
its wholly-owned subsidiaries, CIBT Group is the exclusive licensee
for the American Hotel & Lodging Educational Institute (AHLEI)
in China and the Philippines, and the WyoTech Automotive
Institute for China. CIBT Group
also owns Irix Design Group, a leading design and advertising
company based in Vancouver,
Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
"Toby Chu"
Toby Chu
Vice-Chairman, President & CEO
FORWARD-LOOKING STATEMENTS:
This news release contains statements of
forward-looking information (the "forward-looking statements")
about CIBT Education Group Inc. and its future plans.
Forward-looking statements are statements that are not historical
facts. The forward-looking statements in this news release
are subject to various risks, uncertainties and other factors that
could cause the company's actual results or achievements to differ
materially from those expressed in or implied by forward-looking
statements. With respect to the statement in this news release as
to the programs expected to be offered by the partnership with CGA,
these risks, uncertainties and other factors include, without
limitation, uncertainty as to the company's ability to achieve the
goals and satisfy the assumptions of management; uncertainties as
to the demand for the programs offered; uncertainties as to the
acceptance of the arrangements with all parties involved; and
general economic factors and other factors that may be beyond the
control of the company. Forward-looking statements are based on the
beliefs, opinions and expectations of the company's management at
the time they are made, and CIBT Group does not assume any
obligation to update its forward-looking statements if those
beliefs, opinions or expectations, or other circumstances, should
change.
Neither the NYSE Amex nor the Toronto
Stock Exchange accepts responsibility for the adequacy or accuracy
of this news release.
SOURCE CIBT Education Group Inc.