VANCOUVER, BC / ACCESSWIRE / December 11, 2018 / CIBT Education Group Inc. (TSX: MBA, OTCQX International:
MBAIF) ("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 2,000,000 of its common
shares, representing approximately 2.55% of the 78,285,040 common shares which were issued and outstanding as at the close of
business on December 6, 2018, to a maximum aggregate acquisition cost of approximately $2,000,000. 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 December 14, 2018 and ending on December
13, 2019, 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 7,715 common shares per day, representing 25% of the average
daily trading volume of 30,860 common shares during the six months ending on November 30, 2018. 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 common shares having a
purchase price of at least $50,000, or (3) at least 46,290 common shares.
The Company sought to purchase up to 2,000,000 common shares under its last normal course issuer bid. During the last 12 months,
CIBT Group has purchased 1,406,500 of its common shares through a normal course issuer bid at a weighted average price per share of
$0.80. These purchases were effected through the facilities of the TSX and other Canadian marketplaces/alternative market
places.
About CIBT Education Group:
CIBT Education Group Inc. is one of the largest education, and student housing investment companies in Canada focused on the
global education market since 1994. Listed on the Toronto Stock Exchange and U.S OTCQX International, CIBT owns business and
language colleges, student housing properties, recruitment centres and corporate offices at 43 locations in Canada and abroad.
Total annual enrollment for the group, including students recruited for partner schools, is approximately 12,000 students. Its
education providers include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International
College and CIBT School of Business & Technology. Through these schools, CIBT offers business and management programs in
healthcare, hotel management, language training, and over 150 career, language and vocational programs. CIBT owns Global Education
City Holdings Inc., an investment holding and development company focused on developing education-related real estate such as
student hotels, serviced apartments and education super centres. Total portfolio and development budget of projects under the GEC®
brand is more than C$1 billion. CIBT also owns Global Education Alliance ("GEA") and Irix Design Group ("Irix Design"). GEA
recruits international students on behalf of many elite kindergartens, primary and secondary schools, colleges and universities in
North America. Irix Design is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our
corporate video at www.cibt.net.
For more information contact:
Toby Chu
Chairman, President & CEO
CIBT Education Group Inc.
Investor Relations Contact: 1-604-871-9909 extension 310 or | Email: info@cibt.net
SOURCE: CIBT Education Group Inc.
