CIBT Reports Normal Course Issuer Bid
February 25th, 2016: CIBT Education Group Inc. (TSX:MBA, OTCQX International: MBAIF) (“CIBT Group”) reports that it has received approval from the Toronto Stock Exchange (the “TSX”) to commence a normal course issuer bid (“NCIB”) to purchase up to 3,000,000 of its common shares, representing approximately 4.4% of the 68,421,253 common shares which were issued and outstanding as at the close of business on February 16, 2016, to a maximum aggregate acquisition cost of approximately $1,000,000. The NCIB is being implemented because management believes that purchases under the NCIB constitute a desirable use of its funds on the basis that recent market prices of the common shares do not, and at certain times during the course of the NCIB may not, fully reflect the value of CIBT Group’s business and future business prospects.
CIBT Group may buy back common shares anytime during the 12-month period beginning on February 29, 2016 and ending on February 28, 2017 or on such earlier date by when the Company has completed its purchases pursuant to the NCIB or provides notice of termination. Share purchases under the NCIB will be conducted through the facilities of the TSX and other Canadian marketplaces/alternative trading systems. The actual number of shares purchased, and the timing of any such purchases, will be determined by CIBT Group in accordance with the rules of the TSX. Any shares purchased under the NCIB will be cancelled.
Subject to prescribed exceptions, CIBT Group may purchase up to 5,959 common shares per day, representing 25% of the average daily trading volume of 23,836 common shares during the six months ending on January 31, 2016. The exceptions to this limitation include block trade purchases of (1) shares having a purchase price of at least $200,000, (2) at least 5,000 shares having a purchase price of at least $50,000, or (3) at least 35,754 shares.
During the period from February 27, 2015 to February 16, 2016, (inclusive), CIBT Group purchased 391,500 of its common shares through a normal course issuer bid at a weighted average price per share of $0.350.
About CIBT Education Group:
CIBT Education Group Inc. 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 owns and operates a network of business, technical and language colleges in North America and Asia. CIBT offers cooperative joint programs in 12 countries with campuses, recruitment offices and training centers 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 offers recognized and approved 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 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 http://www.cibt.net and watch our corporate video at http://cibt.net/about/
For more information contact:
Toby Chu
Vice-Chairman, President & CEO
CIBT Education Group Inc.
Investor Relations Contact:1-604-871-9909 extension 318 | Email: info@cibt.net