2013-08-19 15:10:01 -
Vancouver, British Columbia CANADA, August 19, 2013 /FSC/ - CIBT Education Group Inc. (MBA - TSX, MBAIF - OTCQX"CIBT Group") reports that it has cancelled 6,015,224 common shares which had been repurchased pursuant to normal course issuer bids. The total number of shares issued and outstanding becomes 65,934,120 common shares, a decrease of 8% from 71,949,344 shares prior to the cancellation.
"While the company has taken significant steps to streamline its operations to reduce cost while expanding its operations in the past years, we also recognize the fact that a healthy share structure is critical to enhancing shareholder value" commented Toby Chu, President and CEO, Vice Chairman of CIBT Group. "In addition to increased purchases in the open market by
insiders, CIBT Group has undertaken a series of share buybacks. The objective of cancelling these shares is to ultimately strengthen our share value by reducing dilution and increasing future earnings per share. The company intends to continue its share buy-back from the open market to decrease its share supply while improving its operational results, increase investor relations efforts in order to enhance shareholder value."
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 Group owns and operates a network of business, technical and language colleges in North America and Asia. CIBT Group offers cooperative joint programmes in 18 countries with over 50 campuses, recruitment offices and training centers enrolling over 13,000 students annually. Its subsidiaries include Sprott Shaw College (established in 1903), Acsenda School of Management, CIBT School of Business China, and King George International College. Through these subsidiaries, CIBT Group offers Western and Chinese accredited business and management degrees, programmes in college preparation, healthcare, hotel management and tourism, English language training, English teacher certification, junior and high school preparation programmes for overseas study, and other career/vocational training. CIBT Group also owns Irix Design Group, a leading design and advertising company based in Vancouver, Canada, Global Career Center ("GCC and Global Education Alliance ("GEA GCC is a job placement call center located in the Philippines dedicated to providing employment services to CIBT Group graduates for free throughout their careers. GEA is the premier solution for international students wishing to enter elite kindergarten, primary, secondary schools and universities in North America. Visit us online at www.cibt.net.
On behalf of the Board of Directors,
Vice-Chairman, President & CEO
CIBT Education Group Inc.
Phone: 1-604-871-9909 Email: firstname.lastname@example.org
Investor Relations Contact: 604.871.9909
Some statements in this news release contain forward-looking information (the "forward-looking statements") about CIBT Education Group Inc. ("CIBT Group") and its future plans. Forward-looking statements are statements that are not historical facts. The forward-looking statements in this news release are subject to various risks, uncertainties and other factors that could cause the company's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. With respect to the statement in this news release as to the objective of the share cancellation, these risks, uncertainties and other factors include, without limitation, uncertainty as to the company's ability to achieve the goals and satisfy the assumptions of management and general economic factors and other factors that may be beyond the control of the company. Forward-looking statements are based on the beliefs, opinions and expectations of the company's management at the time they are made, and CIBT Group does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change.
To view the press release as a PDF file, please click on the following link:
Source: CIBT Education Group Inc. (MBA - TSX) (MBAIF - OTCQX) www.cibt.net
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