VANCOUVER, June 18, 2019 /CNW/ - CIBT Education Group Inc.
("CIBT") (TSX: MBA, OTCQX International: MBAIF) is pleased to
report that GEC Oakridge II Limited Partnership has received a
conditional subscription from an overseas investment fund for an
equity investment of US$8 million
(approx. CAD$10.7 million). Upon
closing of the subscription, the net proceeds (after payment of
CIBT's development fee) will be invested by GEC Oakridge II Limited
Partnership into GEC Oakridge Limited Partnership, the operating
entity for the GEC Oakridge project. The closing of this investment
is expected to occur before the end of July
2019, subject to finalization of the investment
structure.
"We are pleased with the level of support we have seen during
this successful financing," said Toby
Chu, CEO, President and Chairman of CIBT Education Group.
"GEC Oakridge will be a flagship building located at the centre of
the City of Vancouver within the
Cambie Corridor Plan. This location is only minutes away from the
Oakridge SkyTrain station making it a desirable location for both
domestic and international students.
"After carefully evaluating CIBT's business model of providing
top of the line education programs along with a robust portfolio of
student housing in Metro Vancouver, this overseas institutional
investor decided to invest into our latest project. GEC Oakridge is
yet another example of our growing portfolio of student housing
developments in the Metro Vancouver area. As our portfolio
continues to expand, our rental and development revenue are quickly
becoming substantial recurring revenues in nature given the ever
increasing demand and the restricted supply of available rental
units in the Metro Vancouver market."
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., an investment holding and development
company focused on developing education-related real estate such as
student hotels, serviced apartments and education
super centres. Total portfolio and development budget of
projects under the GECĀ® 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
kindergarten programs, primary and secondary schools, and 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.
Toby Chu
Chairman, President and Chief Executive Officer
CIBT Education Group Inc.
Forward-Looking Statements:
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
planned equity investment in GEC Oakridge II Limited Partnership
and its investment of the net proceeds, after payment of CIBT's
structuring fee, in GEC Oakridge Limited Partnership. The
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, including but not
limited to the finalization of an investment structure acceptable
to the investor and the acceptance of the subscription by GEC
Oakridge II Limited Partnership. 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.
SOURCE CIBT Education Group Inc.