|
| [January 09, 2013] |
 |
CIBT Signs LOI to Acquire Linkman International Language Institute in China
VANCOUVER, British Columbia --(Business Wire)--
CIBT Education Group Inc. (NYSE MKT: MBA and TSX: MBA) ("CIBT
Group" or the "Company") is pleased to announce that it has entered into
a Letter of Intent with Linkman International Language Institute
("Linkman") to acquire shares from treasury representing 95% of all
issued and outstanding shares of Linkman at closing. Subject to due
diligence, the receipt of all necessary approvals and the satisfaction
of other conditions, this acquisition is expected to close within the
next eight weeks. Details of the transaction will be announced after
closing.
Linkman is a language training institution in China that operates two
campuses in the province of Zhejiang, within the cities of Hangzhou and
Xiaoshan. They specialize in English language training for students in
elementary and middle school, but also train students in high school as
well as adults.
"CIBT Group plans to utilize Linkman International Language Institute as
a launching platform to expand our market from post secondary and career
education to younger students enrolled in elementary and middle school
English programs," commented Toby Chu, Vice Chairman, President, and CEO
of CIBT Education Group Inc. "Linkman International Language Institute
will change its name to KGIC Linkman English School as part of our
Chinese marketing brand strategy. They will serve as our base in our
revised strategy for the China market, as we plan on adding more English
training schools using the KGIC Linkman brand in China after the
acquisition. KGIC has over 17 years of experience in providing adult and
children's English training programs, and has educated over 40,000
students since 1996. KGIC Linkman English School will offer KGIC's
proven and well accepted programs to the China market with a special
focus on three major areas, namely the TESOL program for English teacher
certifications, Children's English for students from Grades 1 to 12 and
the EPE program for improving post-secondary student's English skills to
meet and exceed the entry standard of North American colleges and
universities. To differentiate ourselves from our competition, CIBT
Group has established and will continue to expand its extensive network
of partner schools an subsidiary schools around the world to receive
our EPE graduates from China. The English training market for younger
students in China has shown phenomenal growth over the past few years,
which is expected to continue. CIBT Group is planning to expand the
services it offers to this market and the acquisition of Linkman is the
first step in this strategy that we plan to complete in 2013."
About Linkman International Language Institute:
Established in 2008 within the Xiaoshan District of Zhejiang, China,
Linkman International Language Institute ("Linkman") is a language
training institution that has grown at a fast pace. In June 2011,
Linkman established a second training center in Hangzhou, the largest
city in the province of Zhejiang in China. Linkman provides high quality
English training programs to over 200 students in a wide range of age
groups, but specializes in Children's English programs. Linkman's
programs include Children's English, Adult General English, Exam
Preparation Courses, and Corporate Training programs.
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 MKT LLC, CIBT Group owns and operates a network of business,
technical and language colleges and offers cooperative joint programmes
in 18 countries. Its subsidiaries include Sprott-Shaw 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,
healthcare, hotel management and tourism, English language training,
English teacher certification, junior and high school preparation
program for overseas study, and other career/vocational training. CIBT
Group also owns Irix Design Group, a leading design and advertising
company based in Vancouver, Canada, and Global Career Center ("GCC").
GCC is a job placement call center located in the Philippines dedicated
to providing employment services to CIBT Group graduates for free
throughout their careers. Visit us online at www.cibt.net.
FORWARD-LOOKING STATEMENTS:
Some statements in this news release contain forward-looking information
(the "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 statements in this news release as to expectations for CIBT
Group's Acquisition of Linkman International Language Institute and
future plans within China, these risks, uncertainties and other factors
include, without limitation, uncertainty as to the company's ability to
achieve the goals and satisfy the assumptions of management; 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 Group 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 MKT-LLC nor the Toronto Stock Exchange accepts
responsibility for the adequacy or accuracy of this news release.
To view this press release as a webpage please click on the
following link
http://www.usetdas.com/pr/cibteducationjan92013.htm

[ Back To asia.tmcnet.com's Homepage 's Homepage ]
|