CIBT Education Group Reduces Issued and Outstanding Shares Six Times in Five Years
Vancouver, BC August 13th, 2018 – CIBT Education Group Inc. (“CIBT” or the “Company”) (TSX: MBA, OTCQX International: MBAIF) reports that it has cancelled 721,000 common shares which had been repurchased pursuant to a normal course issuer bid (“NCIB”). At the close of business on August 9, 2018, immediately following the cancellation of these shares, CIBT’s issued and outstanding share capital stands at 78,185,040 common shares.
During the past five years, CIBT has reduced its issued and outstanding shares six times. CIBT has purchased and cancelled approximately 11.2 million common shares inclusive of this latest cancellation, thereby increasing every shareholder’s percentage holding of CIBT Group.
“With our student housing portfolio and development budget surpassing $1 billion, complemented by our education assets that grew 41.5% during Q3 ended May 31st, 2018, we have successfully integrated the two platforms and achieved a highly scalable and recurring revenue based business model”, commented Toby Chu, President, CEO and Chairman of CIBT. “As a result of our operational growth, we have enhanced our net asset value. We believe that the current share price is significantly undervalued. Our share buy-back (NCIB) initiative strives to improve shareholder return by having a healthy share structure, reducing public float, increasing the earnings per share, and increasing the value per share. We are committed to creating a solid and steady return to our investors by becoming Canada’s leading student housing and private education provider.”
About CIBT Education Group:
CIBT Education Group Inc. is one of the largest education, and student housing investment companies in Canada focused on the global education market since 1994. Listed on the Toronto Stock Exchange and U.S OTCQX International, CIBT owns business and language colleges, student housing properties, recruitment centres and corporate offices at 43 locations in Canada and abroad. Total annual enrollment for the group exceeds 15,000 students. Its education providers include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College and CIBT School of Business. Through these schools, CIBT offers business and management programs in healthcare, hotel management, language training, and over 150 career, language and vocational programs. CIBT owns Global Education City Holdings Inc., an investment holding and development company focused on developing education related real estate such as student hotels, serviced apartments and education super centres. Total portfolio and development budget of projects under the GEC® brand is more than C$1 billion. CIBT also owns Global Education Alliance (“GEA”) and Irix Design Group (“Irix Design”). GEA recruits international students on behalf of 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 and Chief Executive Officer
CIBT Education Group Inc.
Investor Relations Contact: 1-604-871-9909 extension 318 or | Email: firstname.lastname@example.org
Some statements in this news release contain forward-looking information (the “forward-looking statements”). Forward-looking statements are statements that are not historical facts and in this news release include, without limitation, statements that the current share price is significantly undervalued, that the cancellation of shares is expected to improve shareholder return, and that CIBT’s intention is to become Canada’s leading student housing and private education provider. Forward-looking statements are subject to various risks, uncertainties and other factors (collectively, “Risks”) that could cause CIBT’s actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. The Risks include, without limitation, that the cancellation of shares does not increase CIBT’s share price, and that the company will create tremendous return through growing into Canada’s leading student housing and private housing provider. 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.