VANCOUVER, BC / ACCESSWIRE / November 9, 2020 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) ("CIBT" or the "Company") is pleased to provide an update on the Company's normal course issuer bid ("NCIB"). From March 12, 2020, to November 2, 2020, the Company purchased 2,122,200 of its common shares through a normal course issuer bid at a weighted average price of $0.55 per share. These purchases were effected through the TSX and other Canadian market places/alternative market places. The Company has cancelled an aggregate of 9,128,800 common shares purchased through its NCIB since 2015, including the shares referred to above.
"This year has been a turbulent one with the global economy facing a headwind of economic uncertainty," said Toby Chu, Chairman, President, and Chief Executive Officer of CIBT Education Group. "Despite the harsh environment, we continue to believe in the underlying fundamentals of our businesses, and as a result, we spent the better part of 2020 buying back a total of 2,122,200 common shares in CIBT. By doing so, our shareholders will benefit from a reduced share count and a larger ownership percentage in our company.
"CIBT management remains confident in the business model, its prospects and earning potential. Management has adjusted operations by modifying its education delivery format, re-engaged the domestic student market for rental accommodations and diversified its customer base. During the year, CIBT and its subsidiary limited partnerships raised nearly $29 million, completed $203 million in mortgage and construction financing, and bought two more buildings at a discounted market price.
"We did not shy away from continuing to invest in the growth of CIBT this year," continued Toby Chu. "By having readily available cash to deploy, we were able to take advantage of discounted real estate and expand our growing housing portfolio. Our five-year plan is to continue acquiring properties in Metro Vancouver with a target to achieve a $3 billion portfolio by 2025."
About CIBT Education Group:
CIBT Education Group Inc. is one of the largest education, and student housing investment companies in Canada, focused on the domestic and the global education market since 1994. CIBT owns business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 47 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College and CIBT School of Business. CIBT offers over 150 educational programs in healthcare, business management, e-commerce, hotel management, and language training through these schools. The total annual enrollment for the group in 2019 exceeds 12,000 students.
CIBT owns Global Education City Holdings Inc. ("Global Holdings"), an investment holding and development company focused on education-related real-estate such as student-centric rental apartments, hotels and education super-centres. Under the GEC® brand, Global Holdings provides accommodation service to 72 schools in Metro Vancouver, serving 1,500 students from 77 countries. The total portfolio and development budget under the GEC® brand exceeds C$1.5 billion.
CIBT also owns Global Education Alliance ("GEA") and Irix Design Group ("Irix Design"). GEA recruits international students for many elite kindergartens, primary and secondary schools, 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.
Chairman, President & CEO
CIBT Education Group, Inc.
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 plan to continue acquiring properties in the Metro Vancouver core with a target to acheieve a $3 billion portfolio by 2025. 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 identifying suitable properties, being able to negotiate the purchase of suitable properties on acceptable terms, usual construction risks, obtaining all necessary regulatory approvals, and the ability of the relevant limited partnerships to raise further funds as they are needed. 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.
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