CIBT Unveils Fully Furnished Viva Suites for Metro Vancouver's Education Sector
VANCOUVER, BC / ACCESSWIRE / July 15, 2015 / CIBT Education Group Inc. (TSX: MBA, OCTQX: MBAIF) ("CIBT") is pleased to report that it has completed the first phase of renovations to its Viva Tower project which boosted the number of available market rental beds to 90 from the originally designed 35 beds. CIBT is now proceeding to Phase 2 of the renovation which consists of 120 more beds as well as other amenities. Completion of all phases of building renovations will yield approximately 220 beds. A show suite walk-through video is available online at: http://cibt.net/news/video/showsuite.php.
"We are quite pleased with the quality of the finished product and the maximum efficiency we have been able to attain so far," commented Toby Chu, President and CEO, Vice Chairman of CIBT Education Group Inc. "We are also pleased to report that all available beds at Viva Tower are fully rented out for the remainder of the summer, and bookings for the September to June academic season are in full swing. We expect to be fully booked by the end of August for September occupancy. We look forward to maintaining the current pace of adding an average of 2,000 beds per year though our various projects, and achieving a total target of 10,000 beds in 5 years."
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.
For more information contact:
Toby Chu
Vice-Chairman, President & CEO
CIBT Education Group Inc.
Investor Relations Contact:1-604-871-9909, Extension 318 | Email: info@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 include the statement as to the expectation that completion of all phases of building renovations at the Viva Tower project will yield approximately 220 beds, and the statement as to CIBT's target of achieving 10,000 beds in 5 years. These 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, the receipt of necessary municipal and other regulatory approvals to the CIBT's planned student-centric accommodation projects, as well as raising the required funding for such projects. 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.
SOURCE: CIBT Education Group Inc.
