VANCOUVER, Oct. 7 /CNW/ - CIBT Education Group Inc. (AMEX: MBA; TSX.V:
MBA) is pleased to report that its total student enrollment across all
education units increased by 80% as compared to the same period last year.
As of September 30th, 2008, student enrollment in CIBT's 48 colleges in
China, Canada, the Philippines, and Jordan totaled 6,172 students as compared
to 3,420 students one year ago. CIBT's Weifang Wyotech campus, in Shandong
province, experienced triple digit percentage growth with record enrollment
figures since its inception in 2006. One of the highest enrollment increases
occurred in the Auto Technician program at CIBT Wyotech Automotive Institute
in Weifang, China which achieved a 161% rate of growth over last year.
Based on current enrollments, new enrollments and moderate revenue growth
projections, the company's projected consolidated revenue for the fiscal year
ending August 31, 2009 is estimated at approximately US$43.0 million as
compared to fiscal June 2008's US$26.7 million, an increase of 61%, and
June 30th fiscal 2007's US$8.2 million, an increase of 424%. Contributing risk
factors that can adversely affect the company's forward-looking projected
revenue figure for fiscal 2009 include but are not limited to student
withdrawals, the ability to seek funding for education, a lower level of
enrollment than anticipated in the company's programs and government
regulations on enrollment limits; accordingly, actual results may vary. The
purpose of this projection is to provide investors with guidance as to the
anticipated consolidated revenue for the current fiscal year and may not be
appropriate for other purposes.
The company's cash on hand as of September 20th, 2008 exceeded
C$10 million dollars with no long term debt. The company plans to utilize its
strong cash position to seek out acquisition opportunities in Asia during this
global economic downturn.
As of September 30th, 2008, international enrollments at Sprott-Shaw's
Greater Vancouver campus locations in Canada have experienced substantial
growth from last year with the majority of students coming from overseas.
International students now represent 65% of the total number of students
currently enrolled in the company's system of colleges in China and Canada.
"Our company continues to realize on its corporate strategy by designing
our programs to consist of part-time studies in the student's home country,
and finalizing their studies in North America," commented Toby Chu,
Vice-Chairman and CEO of CIBT Education Group. "A similar structure is at the
planning stage for our North American students, which will be designed for
them to gain study and work experience in Asia. We believe that this program
structure better enables quality delivery and cross cultural integration.
Additionally, students will receive overseas work and study experience,
improved language skills, and ultimately better paying jobs working for
multinationals in their home countries. Our tuition rates are typically higher
than our domestic competition in Asia, as we believe our program adds
substantial value to our students for post graduate earning potential."
"In addition, our strategy of exporting Sprott-Shaw's century old
experience and advanced western curriculum to Asia is progressing quickly and
successfully, and provides an excellent feeder system to attract Asian
students to initiate their studies at home and eventually complete their
studies in North America," continued Mr. Chu. "We are excited to realize our
vision of building Sprott-Shaw into a global college with both international
and domestic students. Our ultimate objective is to build a world class
organization with an international perspective that encompasses quality
curricula and provides our students with an unparalleled learning experience."
About CIBT Education Group Inc.:
CIBT is an education management and investment company with a special
focus on the global education market. Its subsidiaries, CIBT School of
Business & Technology Corp., Tourism Training Institute, Concordia Career
College, Modus International Language College and Sprott-Shaw Degree College
Corp., which is comprised of Sprott-Shaw Degree College, Sprott-Shaw Community
College, Sprott-Shaw International Language College, possess a combined
operating history of over 118 years in China and Canada's education sectors.
CIBT owns and operates a network of 48 business and language colleges with a
presence in Canada, China, Vietnam, Jordan and the Philippines. CIBT delivers
North American and Chinese accredited business and management degree programs,
automotive, and diesel maintenance programs, IT programs, travel and tourism
programs and career/vocational programs through its network of campuses across
China and Canada. In 2006, CIBT initiated plans to aggressively expand its
business presence across China and to establish schools in other parts of Asia
including South Korea, Thailand, Malaysia and India. CIBT also owns Irix
Design Group, a leading full service design and advertising company based in
Vancouver, Canada. In 2008, Irix Design was ranked 15th in the list of Biggest
Ad Agencies in Greater Vancouver by the Business in Vancouver newspaper.
CIBT Education Group Inc.
Vice Chairman, President & 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.
The TSX Venture Exchange and the American Stock Exchange have not
reviewed and do not accept 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
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