VANCOUVER, Sept. 28 /CNW/ - CIBT Education Group Inc. (the "Company") (NYSE Amex & TSXV symbol: MBA) is pleased to report that its subsidiary, Sprott-Shaw Degree College Corp ("SSDC"), has signed a memorandum of understanding ("MOU") with a Canadian investment holdings company ("the Licensee") to license the brands CIBT School of Business and Sprott-Shaw Community College in Vietnam. Through this Licensee, SSDC signed a Memorandum of Understanding with Thang Long University in Hanoi, Vietnam.
The agreement with Thang Long University outlines the development of programs aimed at preparing Vietnamese nursing graduates with the skills required to be proficient in English, as well as the training required to meet or exceed international nursing standards and the ability to work abroad.
The MOU outlines the general business terms, milestones, and terms and conditions for the Licensee to establish several business, vocational and language training schools in Vietnam using the brands CIBT and Sprott-Shaw. The MOU also allows for the Licensee to offer selected programs at campuses in Vietnam, promote and recruit students from Vietnam to Canada, and establish credit transfer programs among Vietnam and other CIBT and Sprott-Shaw partner campuses in a number of countries. The MOU will form the basis of a formal licensing agreement to be completed by all parties.
"We are very pleased with the latest developments in pursuit of our global expansion strategy, which will increase our economies of scale, expand our network, and extend our outreach to emerging economies. Our global distribution network enables us to export western education content to our overseas campuses, while attracting international students to study at our domestic campuses to gain valuable learning experience abroad", commented Toby Chu, Vice Chairman, President and CEO of CIBT Group. "We plan to continue to capitalize on attractive global opportunities, and we understand that working with local partners allows us to minimize our risk, while maximizing our returns."
CIBT Education Group Inc.
Vice-Chairman, President and CEO
Legal Notice Regarding Forward-Looking Statements: "Forward-looking Statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or CIBT's future financial performance. These statements are only predictions and may differ materially from actual future results or events. CIBT disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of CIBT's competitors, the extent to which CIBT is able to develop new services and markets for their services, the time and expense involved in such development activities, the level of demand and market acceptance of their services and changes in our business strategies.
Neither the NYSE Amex nor the TSX Venture Exchange or its regulation
services provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of
this news release. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy securities in any
SOURCE CIBT EDUCATION GROUP INC.
For further information: For further information: Investor Relations Contact: N. America Toll Free: 1-800-574-0901*, Email: email@example.com