VANCOUVER, Jan. 18 /CNW/ - CIBT Education Group Inc. (NYSE AMEX and TSX symbol: MBA) ("CIBT") reports that it intends to conduct a normal course issuer bid
("NCIB") to purchase for re-sale approximately 2,000,0000 to 3,000,000 of its
common shares representing approximately 4.3% to 6.5% of its public
float, to a maximum aggregate acquisition cost of approximately
$1,000,000. The NCIB is subject to Toronto Stock Exchange (the "Exchange") approval.
Share purchases under the NCIB will be conducted through the facilities
of the Exchange. The actual number of shares purchased, and the timing
of any such purchases, will be determined by CIBT, in accordance with
the rules of the Exchange.
The application for the NCIB is being implemented because management is
of the view that CIBT's stock is currently undervalued. The company has
not purchased any of its common shares through a normal course issuer
bid during the past 12 months.
About CIBT Education Group:
CIBT Education Group is an education management company focused on the
global education market. Listed on the Toronto Stock Exchange and the
NYSE Amex, CIBT Group owns and operates a network of business,
technical and language colleges as well as having cooperative joint
programmes at over 70 locations in 18 countries. Its subsidiaries
include Sprott-Shaw Community 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, automotive maintenance,
information technology, hotel management and tourism, English language
training, English teacher certification, and other career/vocational
In addition to its wholly-owned subsidiaries, CIBT Group is the
exclusive licensee for the American Hotel & Lodging Association
Educational Institute (ALHA-EI) in China and the Philippines, and the
WyoTech Automotive Institute for China. CIBT also owns Irix Design
Group, a leading design and advertising company based in Vancouver,
ON BEHALF OF THE BOARD OF DIRECTORS
Vice-Chairman, President & CEO
Neither the NYSE Amex nor the Toronto Stock Exchange accepts
responsibility for the adequacy or accuracy of this news release.
SOURCE CIBT Education Group Inc.
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