July 15th, 2015: CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT”) is pleased to report that it has completed the first phase of renovations to its Viva Tower project which boosted the number of available market rental beds to 90 from the originally designed 35 beds. CIBT is now proceeding to Phase 2 of the renovation which consists of 120 more beds as well as other amenities. Completion of all phases of building renovations will yield approximately 220 beds. This is a show suite walk-through video:
“We are quite pleased with the quality of the finished product and the maximum efficiency we have been able to attain so far,” commented Toby Chu, President and CEO, Vice Chairman of CIBT Education Group Inc. “We are also pleased to report that all available beds at Viva Tower are fully rented out for the remainder of the summer, and bookings for the September to June academic season are in full swing. We expect to be fully booked by the end of August for September occupancy. We look forward to maintaining the current pace of adding an average of 2,000 beds per year though our various projects, and achieving a total target of 10,000 beds in 5 years.”
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 owns and operates a network of business, technical and language colleges in North America and Asia. CIBT offers cooperative joint programs in 12 countries with campuses, recruitment offices and training centers enrolling over 7,000 students annually. Its education business is operated through Sprott Shaw College (established in 1903), Acsenda School of Management, CIBT School of Business China, and Global Education Alliance Recruitment Centers in China and other overseas countries. Through these subsidiaries, CIBT offers recognized and approved business and management degrees, programs in college preparation, healthcare, hotel management and tourism, English language training, English Teacher Certifications, junior and high school preparation programs for overseas study, and other career/vocational training. CIBT also owns Irix Design Group, a leading design and advertising company based in Vancouver, Canada, Global Education Alliance (“GEA”) and Global Education City Holdings Inc. (“GEC”). 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.