VANCOUVER, BC / ACCESSWIRE / December 1, 2020 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) ("CIBT" or the "Company") is pleased to report that an investor has agreed to invest a total of $7 million in two tranches into the GEC® Oakridge project. The first tranche of $3.5 million has closed, with the second tranche to close on or before May 31, 2021.
"We are delighted to have received another $7 million of investment commitments, " commented Toby Chu, Chairman, President, and Chief Executive Officer of CIBT Education Group. "As well as our subsidiary limited partnerships completing private placements totalling $18.33 million within the last 90 days, we have also completed the GEC® Marine Gateway acquisition in October at a discounted price of $48.5 million. This latest round of investment into the GEC® Oakridge project represents further support of our business model by the investment community."
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, hotel 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 $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.
Investor Relations Contact:
1-604-871-9909 extension 319
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 expectation of the completion of the second tranche of the the $7 million investment into the GEC® Oakridge project in May 2021. 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. 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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