2014-02-20 15:05:27 -
Vancouver, British Columbia CANADA, February 20, 2014 /FSC/ - CIBT Education Group Inc. (MBA - TSX, MBAIF - OTCQX"CIBT Group") reports that it has received approval from the Toronto Stock Exchange (the "TSX") to commence a normal course issuer bid ("NCIB") to purchase up to 3,000,000 of its common shares, representing approximately 4.6% of the 65,079,920 common shares which were issued and outstanding as at the close of business on February 11, 2014, to a maximum aggregate acquisition cost of approximately $1,000,000. The NCIB is being implemented because management believes that purchases under the NCIB constitute a desirable use of its funds on the basis that recent market prices of the common shares do not, and at certain times during
the course of the NCIB may not, fully reflect the value of CIBT Group's business and future business prospects.
CIBT Group may buy back common shares anytime during the 12-month period beginning on February 24, 2014 and ending on February 23, 2015, or on such earlier date as the Company may complete its purchases pursuant to the NCIB or provides notice of termination. Share purchases under the NCIB will be conducted through the facilities of the TSX and other Canadian marketplaces/alternative trading systems. The actual number of shares purchased, and the timing of any such purchases, will be determined by CIBT Group in accordance with the rules of the TSX. Any shares purchased under the NCIB will be cancelled.
Subject to prescribed exceptions, CIBT Group may purchase up to 8,619 common shares per day, representing 25% of the average daily trading volume of 34,474 common shares during the six months ending on January 31, 2014. The exceptions to this limitation include block trade purchases of (1) shares having a purchase price of at least $200,000, (2) at least 5,000 shares having a purchase price of at least $50,000, or (3) at least 51,711 shares.
During the last 12 months, CIBT Group has purchased 2,201,400 of its common shares through a normal course issuer bid at a weighted average price per share of $0.220.
About CIBT Education Group:
CIBT Education Group Inc. ("CIBT Group") 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 12 countries with campuses, recruitment offices and training centers enrolling over 5,000 students annually. Its education business is operated through Sprott Shaw College (established in 1903), Acsenda School of Management, CIBT School of Business China, and A-Plus Education Centers in China. 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 Certifications, 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 Global Education Alliance ("GEA") and Global Education City Holdings Inc ("GEC 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 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:
Vice-Chairman, President & CEO
CIBT Education Group Inc.
Investor Relations Contact:1-604-871-9909 Email: email@example.com
To view the press release as a PDF, please click on the following link:
Source: CIBT Education Group Inc. (MBA - TSX) (MBAIF - OTCQX) www.cibt.net
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