VANCOUVER, British Columbia--(BUSINESS WIRE)--CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT Group”) reports that it is cancelling 623,100 common shares which had been repurchased pursuant to a normal course issuer bid (“NCIB”). The total number of issued and outstanding shares of CIBT Group will be reduced to 63,933,753 common shares upon cancellation of these shares.
The shares being cancelled were acquired under CIBT Group’s most recently completed NCIB under which 2,464,100 of its common shares were purchased for cancellation between February 24th, 2014 and February 16th, 2015 at a weighted average price per share of $0.320. The 623,100 common shares now being cancelled represent approximately 1% of the 64,556,853 common shares which were issued and outstanding as at the close of business on February 25th, 2015.
Within an 18 month period, CIBT has reduced its issued and outstanding shares four times. CIBT Group has purchased and cancelled 9.403 million shares and therefore increased each and every shareholder’s percentage shareholding of CIBT Group by 13%.
“With our Global Education City student and IT workers housing projects in full swing, we have received great media exposure. Since February 1st 2015, CIBT Group has been featured by no less than 15 regional, national and international newspapers, magazines and television networks including the Vancouver Sun, the Globe and Mail, Province and Metro newspapers, Maclean’s Magazine, Global TV, and Xinhua News Agency among others. This media exposure reached many potential investors and also real estate professionals whom are looking to partner with us in a variety of ways. In addition, we acquired Viva Tower located in downtown Vancouver, a 17-story luxury high-rise long stay hotel at the end of January and have largely filled its available residential units within just a few weeks.“
“With our real estate assets expanding rapidly, the value of properties increasing steadily across Metro Vancouver, and the realization of rental revenue from our student housing portfolio, we believe that the current share price does not equate to CIBT Group’s enterprise value and future prospects.” commented Toby Chu, President and CEO, Vice Chairman of CIBT Group. “Our newly launched NCIB application is another example of CIBT Group’s commitment to reduce dilution and enhance shareholder value. We believe a prosperous company must be supported by a healthy share structure.”
About CIBT Education Group:
CIBT Education Group Inc. (“CIBT Group”) 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 programs in 12 countries with campuses, recruitment offices and training centres enrolling over 7,000 students annually. Its education business is operated through Sprott Shaw College (established in 1903), Acsenda School of Management, CIBT School of Business China, and Global Education Alliance Recruitment Centers in China and other overseas countries. Through these subsidiaries, CIBT Group offers Western and Chinese accredited business and management degrees, programs in college preparation, healthcare, hotel management and tourism, English language training, English Teacher Certifications, junior and high school preparation programs 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 Education Alliance (“GEA”) and Global Education City Holdings Inc. (“GEC”). GEA recruits international students for many elite kindergarten, primary, secondary schools and universities in North America. GEC is an investment holding and management company with a special focus on education related real estate projects in Canada. Visit us online at www.cibt.net.
For more information contact:
Vice-Chairman, President & CEO
CIBT Education Group Inc.
Investor Relations Contact:1-604-871-9909 Email: email@example.com