We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
CIBT Education Group Inc | TSX:MBA | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.445 | 0.42 | 0.45 | 0 | 01:00:00 |
CIBT Subsidiary Acquires Assets of KGIC Inc. (formerly Loyalist Group Ltd.)
Vancouver, British Columbia (FSCwire) - CIBT Education Group Inc. (“CIBT”) (TSX: MBA, OTCQX International: MBAIF) reports that court approval has been received to the acquisition by CIBT’s wholly owned subsidiary, CIBT Finance (2017) Corp. (“CIBT Finance”), to substantially acquire all of the operating assets of KGIC Inc., formerly named Loyalist Group Ltd. This acquisition will mark a new chapter in CIBT’s growth and expansion, adding to both the breadth and depth of programs currently offered through its education platforms while tripling the size of its student pipeline feeding students to the company’s student housing properties, Global Education City Holdings Inc.
Following is a brief recap of CIBT’s transactions involving KGIC Inc:
“Having over 23 years of experience in the education industry, we understand some of the hardships that students, teachers, parents and other stakeholders of KGIC were going through. We appreciate the full support of the applicable regulatory bodies and personnel of the affected schools for making the transition possible. The swift and precise execution of key measures helped us to ensure the welfare of students, employees, partners and other stakeholders, bringing stability to not only the schools but also to the private education industry in both British Columbia and Ontario. Canada is one of the top destinations for international students and is known for its top quality programs, and we want to keep it that way,” commented Toby Chu, President, CEO and Chairman of CIBT. “During the past two years, KGIC management and school personnel have endured an extended period of financial hardship creating tension in dealings with suppliers, creditors, students and their parents. Upon closing of the asset purchase, we will work to rebuild the confidence of those parties in the coming months.”
The restructuring of the acquired schools will take place over the 3 months following the closing of the asset purchase. During this interim period, CIBT will assume the teach-out responsibilities of the students at these schools. At the same time, management expects to consolidate and integrate the human resources, technology, administrative support, and executive management with CIBT subsidiary schools with a view to generating accretive values and adding synergies that will generate efficiencies, sustainable organic growth and value for shareholders.
After implementing the consolidations, merger and restructuring, CIBT’s education platform in Canada will consist of three major divisions:
“For CIBT’s shareholders, an important benefit of the acquisition is that students, both domestic and international, at our schools also serve as customers for our student housing subsidiary, Global Education City Holdings Inc.,” observed Toby Chu. “We expect to take possession of another student housing project this summer adding accommodation for 330 students in the City of Vancouver. We also expect to complete the renovation of one of our downtown Vancouver properties by this summer, bringing the total number of students that we can accommodate under the GEC brand to approximately 1,000 beds. Throughout 2017, we will continue to work towards integrating the services offered through our domestic and international education platforms with our student housing properties. The goal is to offer domestic and international students from 31 corporate owned schools plus over 140 public and private schools, college, and university partners located in Metro Vancouver a safe, clean and convenient environment to live and to study.
“In summary,” continued Mr. Chu, “CIBT owns and operates 32 schools in Canada and abroad, 7 student housing properties including the future sites of GEC Education Super Center and GEC Education Mega Center that are under development, and 6 corporate offices and recruitment centers totaling 45 locations employing over 600 staffs on 3 continents. Our schools offer in excess of 150 programs and we project that annual enrollment will grow from 8,000 to 20,000 students in the next 24 months.”
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 & language colleges, student housing properties, recruitment centers and corporate offices at 45 locations in Canada and abroad. Total annual enrollment for the group exceeds 15,000 students. Its education providers include Sprott Shaw College (established in 1903), Sprott Shaw Language College (formerly Vancouver International College), Sprott Shaw College International, Urban International School (Toronto) and CIBT School of Business. Through these schools, CIBT offers business and management programs in healthcare, hotel management, language training, Ontario high school and over 150 career, language and vocational programs. CIBT's property investments are owned by Global Education City Holdings Inc., an investment holding and management company focused on developing education related real estate such as student hotels, serviced apartments and education super centers totalling over $600 million. CIBT also owns Global Education Alliance (“GEA”) and Irix Design Group ("Irix Design"). GEA recruits international students for many elite kindergarten, primary & secondary schools, colleges and universities in North America. Irix Design is a leading design and advertising company based in Vancouver, Canada. Visit us online at www.cibt.net, www.studenthotel.ca and watch our corporate video at http://cibt.net/about/.
Toby Chu
President, CEO and Chairman
CIBT Education Group Inc.
Investor Relations Contact: 1-604-871-9909 extension 310 or | 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. and its future plans. Forward-looking statements are statements that are not historical facts. 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 obtaining all necessary regulatory approvals. 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.
To follow CIBT Education Group Inc. on your favorite social media platform or financial websites, please click on the icons below.
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Copyright © 2017 Filing Services Canada Inc.
1 Year CIBT Education Chart |
1 Month CIBT Education Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions