VANCOUVER, BC /ACCESSWIRE/April 8, 2022/ CIBT Education Group Inc. (TSX: MBA)(OTCQX: MBAIF) (“ITTC“or the”Company“) provides the following update on one of his real estate investments in Richmond, BC
In March 2018, CIBT’s subsidiary, Global Education City (Richmond) Limited Partnership, purchased two of the seven buildings to be constructed under the Atmosphere project. Please refer to the Company’s press release dated April 3, 2019 for an overview of the proposed Atmosphere project: https://cibt.net/blog/2019/04/03/cibt-provides-update-global-education-city-richmond-2/.
The 1st of Aprilst2022, the developer and the partners of the Atmosphere Project have started a Companies Creditors Arrangement Act procedure (“CCAA proceedings“) in which they obtained a stay of proceedings so that the promoter could attempt to reorganize its financial affairs. The next hearing is scheduled for April 25e2022.
“It is unfortunate that the pandemic has disrupted the financial plans of the developer,” commented Toby Chu, President, President and CEO of CIBT. “We are in active talks with the developer to increase our investment in the project and partner with a local developer to help restructure the Atmosphere project to fulfill its original purpose,” Chu continued. “We see great opportunities in Vancouver’s booming real estate market due to low supply and high demand. The Atmosphere project has many positive attributes to quickly respond to market needs with rezoning approvals and development permit in place, excavation completed, marketing and pre-sales presentation center fully operational.If a restructuring involving CIBT is successful, this project could become another flagship project for CIBT’s subsidiary, Global Education City Holdings Inc.”
The Company will receive additional information on the status of the developer’s CCAA proceedings in the coming weeks and will provide further updates in due course.
About CIBT Education Group:
CIBT Education Group Inc. is one of Canada’s largest education and student housing investment companies, focusing on the domestic and global education market since 1994. CIBT owns colleges of commerce and language , student rental apartments, recruitment centers and offices in 45 locations in Canada and abroad. Its educational affiliates include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College Career Campus, and CIBT School of Business. CIBT offers more than 150 educational programs in health, business management, e-commerce, cybersecurity, hotel management, and language training in these schools. In 2021, CIBT provided education and housing services to over 10,000 students through its various subsidiaries.
CIBT owns Global Education City Holdings Inc. (“Global Holdings”), a holding and development company focused on education-related real estate, such as student rental apartments, hotels and education supercenters. Under the GEC® brand, Global Holdings provides accommodation services to 90 schools in Metro Vancouver, serving 1,500 students from 71 countries. The total portfolio and development budget under the GEC® brand exceeds $1.5 billion.
CIBT also owns Global Education Alliance Inc. (“GEA”) and Irix Design Group Inc. (“Irix Design”). GEA recruits international students for many elite kindergartens, elementary and secondary schools, colleges and universities across 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 CEO
CIBT Education Group Inc.
Investor Relations Contact: 1-604-871-9909 ext. 318 or | E-mail: [email protected]
Certain statements in this press release contain forward-looking information (the “forward-looking statements“) about CIBT and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this press release include, but are not limited to, the statement that Project Atmosphere may become another flagship project for CIBT’s subsidiary, Global Education City Holdings Inc., if a restructuring involving CIBT is successful. Forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the “Risks“) that could cause the actual results or achievements of CIBT to differ materially from those expressed or implied by the forward-looking statements. The risks include, but are not limited to, the possibility that the court ultimately approves a sale of the project that results in the Global Education City (Richmond) Limited Partnership being repaid in whole or in part and Global Education City (Richmond) Limited Partnership being repaid in part or not at all. Forward-looking statements are based on the beliefs, opinions and expectations of the management of CIBT at the time they are made, and undertakes no obligation to update its forward-looking statements if such beliefs, opinions or expectations, or other circumstances should change, except as required by law. updates one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to such or other forward-looking statements.
THE SOURCE: CIBT Education Group Inc.
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