CIBT Completes Sale of Canadian Language School Subsidiaries for $13.5 Million
18 September 2013 - 11:00PM
Business Wire
CIBT Education Group Inc. (TSX: MBA/U.S OTCQX: MBAIF)
(“CIBT Group”) is pleased to report that it has completed the sale
of its subsidiaries King George International College & King
George International Business College for $13.5 million. The
purchase price was paid in cash and promissory note for $9.5
million on closing and $4 million six months from the closing date,
both payments subject to certain adjustments.
“We are pleased with our return on investment from this
transaction,” commented Toby Chu, President and CEO, Vice Chairman
of CIBT Education Group Inc. “With a significant cash position on
hand, CIBT Group is well positioned to acquire additional schools
in the K-12 and post-secondary sectors, and to develop a number of
Education Super Centers involving over 500 student-hotel units
designed to accommodate over 1,000 international students in the
Greater Vancouver area. The estimated project size for these
supercenters is approximately $350 million, with details to be
announced shortly. These combined education/real-estate projects
are designed to complement our education business operated through
Sprott Shaw College (since 1903), Acsenda School of Management and
CIBT School of Business (China) by providing a total solution to
our students coming to study at our campuses in Canada.”
About CIBT Education Group:
CIBT Education Group Inc. is an education management company
focused on the global education market since 1994. Listed in Canada
on the Toronto Stock Exchange and in the U.S on the OTCQX
International, CIBT Group owns and operates a network of business,
technical and language colleges in North America and Asia. CIBT
Group offers cooperative joint programmes in 12 countries with
campuses, recruitment offices and training centers enrolling over
5,000 students annually. Its education business is operated through
Sprott Shaw College (established in 1903), Acsenda School of
Management, and CIBT School of Business China, and also through
KGIC Education Centers in China through a master licensing
arrangement with KGIC Canada. Through these subsidiaries, CIBT
Group offers Western and Chinese accredited business and management
degrees, programmes in college preparation, healthcare, hotel
management and tourism, English language training, English Teacher
Certifications, junior and high school preparation programmes for
overseas study, and other career/vocational training. CIBT Group
also owns Irix Design Group, a leading design and advertising
company based in Vancouver, Canada, Global Career Center (“GCC”),
and Global Education Alliance (“GEA”). GCC is a job placement call
center located in the Philippines dedicated to providing employment
services to CIBT Group graduates for free throughout their careers.
GEA is the premier solution for international students wishing to
enter elite kindergarten, primary, secondary schools and
universities in North America. Visit us online at www.cibt.net.
On behalf of the Board of Directors,
Toby ChuVice-Chairman, President & CEOCIBT Education Group
Inc.Phone: 1-604-871-9909 Email: info@cibt.netInvestor Relations
Contact: 604.871.9909 | Email: info@cibt.net
FORWARD-LOOKING STATEMENTS:
Some statements in this news release contain forward-looking
information (the “forward-looking statements”) about CIBT Education
Group Inc. (“CIBT Group”) 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 future
acquisitions and the development of Education Super Centers, 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 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.
Toby ChuVice-Chairman, President & CEOCIBT Education Group
Inc.Phone: 1-604-871-9909 Email: info@cibt.netInvestor Relations
Contact: 604.871.9909 | Email: info@cibt.net
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