CIBT Provides Business Update
June 15th, 2011 CIBT Education Group Inc. (NYSE AMEX: MBA) (TSX: MBA) (“CIBT Group”) provides an update on its business development activities in China and other Asian countries.
Recently, several North American-listed companies with operations in China have been facing accusations of accounting irregularity. This has created negative media exposure and adverse effects on China based companies trading on North American stock exchanges. CIBT Group wishes to reassure its shareholders that transparency and integrity of financial reports is critical, particularly because CIBT Group operates both domestically and internationally. For this reason, CIBT Group has been audited by top tier Canadian auditors over the past 19 years. CIBT Group’s auditor is Deloitte and Touché LLP, an internationally reputable accounting firm.
CIBT Group’s business scope requires the delivery of quality education in Canada, the export of selected programs to Asia and the recruitment of international students to study at CIBT Group’s Canadian campuses. As such, over 87% of CIBT Group’s revenue was collected and accounted for in Canada even though a large percentage of their students are international during the 2010 fiscal year. Approximately 13% of CIBT Group’s business was directly generated from overseas locations during the same period.
Headquartered in Vancouver, Canada, CIBT Group has operated in China since 1994 and is transforming its strategy to expand its global network of overseas partner schools. Using the Global Learning Network (“GLN”), CIBT Group will be an education content and delivery supplier to overseas educational institutions supplying them with western content and instructors through video conferencing technology, while the partner schools focus on recruiting students through local marketing channels. This new strategy has been in development since 2008. Since that time, CIBT Group has tested the technology, trained its staffs, and created a sustainable model to expand its operations.
CIBT Group successfully launched a Beijing studio that connects teachers with classrooms in cities across China. In March 2011, CIBT Group completed the construction of their Vancouver broadcasting studio. A studio located in Vancouver allows CIBT Group to utilize its Vancouver based instructors and infrastructure and export educational content to China and nearby Asian countries. Since March 2011, CIBT Group’s Global Learning Network has received considerable attention from the Chinese education sector. CIBT Group is organizing a conference to be held on June 24th 2011 in Beijing to unveil the Global Learning Network and answer any questions from potential partners.
“Since 2008, we have strategically re-positioned our operations by balancing our portfolio in Asia and Canada,” commented by Toby Chu, Vice Chairman and CEO. “Although the majority of our student count comes from the international markets, approximately 87% of our total revenues are earned in Canada. CIBT Group’s annual financial statements have been fully audited for 19 years without any integrity issue. As we continue to export western education to Asia and attract international students to study in North America, we have created a platform for investors to participate in emerging market growth while mitigating emerging market risk.”
About CIBT Education Group:
CIBT Education Group Inc. is an education management company focused on the global education market. Listed on the Toronto Stock Exchange and the NYSE Amex, CIBT Group owns and operates a network of business, technical and language colleges and has cooperative joint programmes at over 70 locations in 18 countries. Its subsidiaries require Sprott-Shaw Community College (established in 1903), Sprott-Shaw Degree College, CIBT School of Business China, and King George International College. Through these subsidiaries, CIBT Group offers Western and Chinese accredited business and management degrees, and programmes in college preparation, automotive maintenance, information technology, hotel management and tourism, English language training, English teacher certification, and other career/vocational training. In addition to its wholly-owned subsidiaries, CIBT Group is the exclusive licensee for the American Hotel & Lodging Association Educational Institute (ALHA-EI) in China and the Philippines, and the WyoTech Automotive Institute for China. CIBT Group also owns Irix Design Group, a leading design and advertising company based in Vancouver, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
“Toby Chu”
Toby Chu
Vice-Chairman, President & CEO
Investor Relations Contact: N. America Toll Free: 1-888-865-0901 Email: info@cibt.net
This news release contains 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 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 statements in this news release that CIBT will continue to expand its Global Learning Network, these risks, uncertainties and other factors require, without limitation, uncertainty as to the company’s ability to achieve the goals and satisfy the assumptions of management; uncertainties as to the demand for the programs offered; 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 does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change.
Neither the NYSE Amex nor the Toronto Stock Exchange accepts responsibility for the adequacy or accuracy of this news release.