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    MBA   CA17163Y1025

CIBT EDUCATION GROUP INC.

(MBA)
  Report
Delayed Quote. Delayed Toronto Stock Exchange - 12/03 05:00:00 pm
0.61 CAD   +3.39%
11/29CIBT EDUCATION : Reports Financial Results for Fiscal Year Ended August 31, 2021
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11/29CIBT : Fiscal Q4 Earnings Snapshot
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10/25CIBT EDUCATION : Provides Business Updates on its Education Segment
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CIBT Education : Provides Business Updates on its Education Segment

10/25/2021 | 07:36pm EST

Vancouver, B.C., October 25, 2021 - CIBT Education Group Inc. ("CIBT" or the "Company") (TSX: MBA, OTCQX International: MBAIF) is pleased to provide the following updates on the Company's education segment prepared by Victor Tesan, President of Sprott Shaw College and Chief Operating Officer of CIBT's Education Services Division.

With the re-opening of the post-pandemic economy and most students having returned to class in September 2021, the Company's education services are expanding and growing in parallel with the Company's student housing division, Global Education City Holdings. Fiscal 2022, which began on September 1, 2021, is filled with new program offerings, expanded delivery formats and strong student registrations for Sprott Shaw College ("Sprott Shaw College" or the "College").

The College continues to develop new programs to remain at the forefront of the education sector while delivering existing programs that meet the future needs of our province and communities. These initiatives have represented an essential part of the College's history since its inception in 1903. With the goal of creating two to three new programs per year, the College has launched multiple new program offerings, including Dental Assistant, Professional Counselling, and soon Cybersecurity, to name a few, while also expanding offerings in business and digital marketing. These new programs will complement the existing 130 programs in Nursing, Trades, Business, Administration, Healthcare and Human Services.

Sprott Shaw College now offers a combination of on-ground, blended and online program offerings. The multi-faceted delivery options allow the College to attract and educate students in all areas while ensuring students can access our platforms from the convenience of their homes without compromising the high-quality education in instructor-led environments. The College is working with other educational partners to add to its extensive list of pathway and program partners to further support life-long learning options for students wanting to advance their education.

In fiscal 2021, which ended on August 31, 2021, the domestic education division experienced substantial growth in leads year over year, increasing 12% and with a corresponding growth of registrations of 24.5%. This led to a 29.7% growth in student enrollment in fiscal 2021, with an equally strong 30% growth in tuition dollars received compared to the previous fiscal year. Sprott Shaw College ended fiscal 2021 with a domestic active student population 16.8% higher than the previous year and an overall student population comprising domestic and international students that was 5.2% higher than during the previous fiscal year. Moreover, this momentum has continued into Fiscal 2022, with the current active student population being 13.3% higher than the student population a year ago. The College has also experienced substantial growth in its Health Care offerings province-wide. The need and demand for Nursing and Health Care Assistants remain strong, with extensive support from both provincial and federal governments in the post-pandemic landscape.

The College will benefit from the return to normalcy of pre-pandemic registrations for international students in this fiscal year. With Canada's ongoing vaccine distribution and the lifting of restrictions, the international education divisions are receiving increasing inquiries while overseas agents have resumed their recruiting activities. The ESL sector is forecasting a surge of registrations and starts, resulting from the accumulation of postponed starts from the previous 18 months due to the border lockdown as well as an influx of new enrollments.

Sprott Shaw Language College ("SSLC"), the language subsidiary of the group, implemented a marketing strategy that focuses on the digital and social media sectors, which has led to significant progress for the ESL school in increasing exposure and brand awareness. SSLC has expanded to online and on-ground learning, with the new online division projecting steady growth from fiscal 2021 into fiscal 2022. The marketing efforts have created more interest from the Mexican and Latin American markets throughout the pandemic. With extensive vaccinations progressing rapidly in those countries, CIBT expects more students to be travelling to Canada in 2022. SSLC will continue to offer online options for students who choose to remain in their home country.

Sprott Shaw College's International Department ("SSCi") is also experiencing an increase in international students' interest in its diploma offerings. In the first quarter of fiscal 2022, SSCi is predicting strong growth in registrations and starts for students from several regions, most notably from Southeast Asia, Latin America and Japan. For SSCi, Japanese students contributed to considerable student growth for the ESL and diploma offerings during the pandemic.

Overall, our language subsidiary and the international department expect a return to pre-pandemic activity and interest due to increased registrations and future enrollments. These developments have led to recovery and growth in the group's international student population in fiscal 2022 and are expected to continue throughout the fiscal year.

Sprott Shaw College has increased its presence as a socially responsible organization, considering the pandemic has impacted many families. The $500,000 scholarship donated by CIBT and Sprott Shaw College to Covenant House Vancouver provides practical education to vulnerable youth. The goal is to create an educational experience that leads to a successful career for the scholarship recipients. The College has also taken a leading role with Truth and Reconciliation to create awareness, understanding, and support the goal of reconciliation for the Indigenous populations in Canada. The College has expanded diversity and inclusion training in its programs and for its faculty to foster a learning environment that embraces the beauty of diversity. Through fundraising, professional development, and expanded curriculum, Sprott Shaw College ensures its staff and students are educated, informed, and actively involved in different communities across the province.

"We are grateful for the efforts contributed by our staff, teachers, students and the community at large," commented Victor Tesan, President of Sprott Shaw College and Chief Operating Officer of CIBT's Education Services division. "We shall embrace our future with passion in educating our students, supporting our community and fulfilling our corporate social responsibilities."

CIBT Education Group:

CIBT is one of Canada's largest education services and academic real estate companies. With a global presence since 1994, CIBT employs nearly 600 staff at 45 business locations and operates a global network of 2,500 recruitment agents. In 2020, the group provided education, student recruitments and accommodation services to over 11,000 students. Its real estate portfolio, including operating assets and development budget, exceeds $1.5 billion.

CIBT's education subsidiaries include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College Career Campus, CIBT School of Business and Global Education Alliance. These subsidiaries offer over 150 accredited educational programs in healthcare, business, e-commerce, cyber-security, hotel management, language training and recruitment services at 29 locations in Canada and abroad.

CIBT's real estate subsidiary, Global Education City Holdings Inc. ("Global Holdings"), develops and manages academic assets such as student-centric rental apartments, corporate housing, and hotel and education super-centres. Since 2015, Global Holdings has provided B2B accommodation service to 90 schools in Metro Vancouver and B2C direct registration of 6,000 students from 71 countries. The GEC® branded portfolio comprises 10 projects and 15 buildings spanning nearly 1.5 million square feet, including operational, under-construction and development properties.

CIBT also owns Irix Design Group Inc. ("Irix Design"). Irix Design is a leading design and advertising company that services over one hundred corporate clients, including CIBT. Visit us online 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

FORWARD-LOOKING STATEMENTS:

Some statements in this news release contain forward-looking information (the "forward-looking statements") about CIBT and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include, without limitation, the statement that Sprott Shaw College will benefit from the return to normalcy of pre-pandemic registrations for international students in the current fiscal year. Forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the "Risks") that could cause CIBT's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements, including but not limited to Covid-19 continuing to hamper the desire or ability of international students to leave their home countries and come to Canada to begin or resume their studies, as well as other risks identified in the Company's annual information form for the fiscal year ended August 31, 2020 which is available under its profile on SEDAR at www.sedar.com. Forward-looking statements are based on the beliefs, opinions and expectations of CIBT's management at the time they are made, and CIBT does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law. If CIBT updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.

Disclaimer

CIBT Education Group Inc. published this content on 25 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2021 23:35:02 UTC.


© Publicnow 2021
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Financials
Sales 2021 60,9 M 47,4 M 47,4 M
Net income 2021 4,70 M 3,66 M 3,66 M
Net Debt 2021 242 M 188 M 188 M
P/E ratio 2021 -58,6x
Yield 2021 -
Capitalization 42,3 M 33,0 M 32,9 M
EV / Sales 2020 3,88x
EV / Sales 2021 4,77x
Nbr of Employees 518
Free-Float 64,6%
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Managers and Directors
Toby Chu Chairman, President & Chief Executive Officer
Hilbert Ng Chief Financial Officer
Victor Joseph Tesan COO & President-Education Services
Tony Haskell David Independent Director
Troy William Rice Independent Director
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