For Immediate Release – Press Release, March 15, 2016
March 15th, 2016 Vancouver, BC: CIBT Education Group Inc. (“CIBT”) (TSX: MBA, OTCQX International: MBAIF) is pleased to report that pursuant to its news release dated December 10th 2015 entitled “CIBT Subsidiary Expands Student Housing Portfolio to Burnaby Heights”, the offering of limited partnership units relating to the GEC Burnaby Heights project have been fully subscribed, raising gross proceeds of $6 million. CIBT’s investment partner, TriView Capital Ltd., completed this private placement within 3 months.
“Catering to both domestic and international students, the student housing sector in the Vancouver area is an untapped opportunity for superior returns versus risk over the next 3 to 5 years. We believe that CIBT’s focus and expertise in this field gives them a competitive advantage in this market and we look forward to our next GEC project”, stated Craig Burrows, President & CEO of TriView Capital Inc. “With the volatility of the stock market, private equity investments such as the GEC Burnaby Heights project provides a solid diversification strategy for our accredited investors.”
“We are very pleased with TriView’s commitment to our GEC Burnaby Heights project,” commented Toby Chu, President and CEO, Vice Chairman of CIBT. “Given its track record in generating returns in the real estate sector, we are excited to be working with TriView on Burnaby Heights and hope to work with them on upcoming projects. The investment demand for this project exceeded our original planned amount and the over subscription interest was introduced to GEC‘s next upcoming project to be launched shortly.”
GEC Burnaby Heights is a strata condominium building with commercial premises on the ground floor, four stories of concrete and wood frame construction and is able to accommodate approximately 84 beds. The close proximity of this property to various educational institutions in the area, and being situated on a major traffic artery, makes it perfect for international students to commute between school, residence and downtown Vancouver. The close proximity to Simon Fraser University, Fraser International College, Capilano University, British Columbia Institute of Technology, Sprott Shaw Burnaby Campus and Sprott Shaw College East Vancouver means that students from these schools could potentially benefit from this project. Construction for GEC Burnaby Heights is expected to complete in the summer of 2016, and GEC Burnaby Heights Limited Partnership plans to take possession and furnish the property for the start of the 2016/17 school year.
About TriView Capital Inc.:
TriView Capital Inc. is a registered EMD across Western Canada and Ontario that specializes in private and alternative investments. Focused primarily in the real estate sector and yield products, TriView offers investors unique opportunities not offered in the public markets. To learn more, visit www.triviewcapital.com.
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 www.cibt.net and watch our corporate video at https://cibt.net/about/
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 include, without limitation, the increased value of assets and number of beds in the student housing portfolio under the GEC brand resulting from the increase in the size of GEC Project 6. The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the “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 acquisition of GEC Project 6 is not completed. 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.