CIBT Education Group Provides Project Financing Update
VANCOUVER, B.C., March 02, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT” or the “Company”) is pleased to provide the following update relating to various financing activities for CIBT and its GEC® portfolio.
As of the second quarter ending February 29th, 2020, the following financing activities were completed by CIBT and by CIBT subsidiaries in connection with GEC®:
-- GEC® Education Mega Center completed mortgage re-financing of $33 million -- GEC® Oakridge completed new mortgage financing of $22.5 million for the acquisition of three properties -- GEC Oakridge Limited Partnership completed an additional $1.4 million in equity subscriptions -- GEC® CyberCity completed mortgage re-financing of $15 million -- Global Education City (Richmond) Limited Partnership completed $5 million in equity subscriptions -- GEC® Granville completed an additional mortgage financing of $5.75 million -- CIBT Education Group Inc. completed an additional $0.86 million convertible debt private placement financing in Q2, 2020
During the first six months of fiscal 2020, total corporate finance activities of CIBT and its subsidiary limited partnerships have exceeded $83 million with convertible debt, equity and mortgage financing combined.
“As our education real estate portfolio continues to grow and appreciate in value, we have been able to increase our financial resources by re-financing a number of properties in this low-interest rate environment,” said Toby Chu, Chairman and CEO of CIBT Education Group. “When we initially saw an opportunity to invest in and building student housing accommodations a few years ago, our thesis was that the lack of available supply combined with demand from both domestic and international students would drive property values up. This not only remains our continued belief but with additional resources available to us, we can expand our core businesses of education and real estate.”
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 45 locations in Canada and abroad. The total annual enrollment for the group exceeds 12,000 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. (“Global Education”), an investment holding and development company focused on developing education related real estate such as student hotels, serviced apartments and education centres. The total portfolio and development budget of projects under Global Education’s GEC® brand is over C$1 billion. The various GEC® properties provide accommodations to over 1,500 students and other tenants. 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 & CEO
CIBT Education Group Inc.
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) statements as to expected construction commencement and completion dates and the projected values of GEC® properties. The 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, including but not limited to usual construction risks, obtaining all necessary regulatory approvals, and the ability of the relevant limited partnerships to raise further funds as they are needed. 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.
Investor Relations Contact: 1-604-871-9909 extension 318 or | Email: firstname.lastname@example.org