CIBT Comments on the Current State of Richmond Atmosphere Project
CIBT Education Group (TSX:MBA)(OTCQX:MBAIF) acknowledges delays in the Atmosphere Project in Richmond, B.C., which may face court proceedings due to halted funding. CEO Toby Chu stated the company will pursue all avenues to meet the project’s goals, citing positive opportunities in Vancouver's real estate market. CIBT, a significant education and academic real estate firm, has a portfolio exceeding $1.5 billion and assists over 11,000 students annually. Updates on the Atmosphere Project's status are expected in the coming weeks.
- CIBT has a strong educational and real estate portfolio valued over $1.5 billion.
- CIBT assists over 11,000 students each year, highlighting its market presence.
- The CEO emphasizes potential opportunities in Vancouver's real estate sector.
- Delays in the Atmosphere Project may lead to court proceedings due to funding issues.
- The first mortgagee has ceased funding and called its loan, risking the project's continuation.
VANCOUVER, BC / ACCESSWIRE / September 1, 2021 / Toby Chu, Chairman and CEO of CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) ("CIBT" or the "Company"), has issued a statement in response to a news article recently published about the ongoing development and delays of the Atmosphere Project in Richmond, B.C.
"In March 2018, CIBT's subsidiary, Global Education City (Richmond) Limited Partnership, purchased two of the seven buildings to be constructed at the Atmosphere Project," said Toby Chu. "Please refer to the Company's news release of April 3, 2019 for an overview of the Atmosphere Project: https://cibt.net/blog/2019/04/03/cibt-provides-update-global-education-city-richmond-2/.
"While it is unfortunate that the developer has been unable to meet its construction schedule, CIBT plans to take all actions open to it so that the Atmosphere Project can fulfill its original purpose," continued Mr. Chu. "We see excellent opportunities in Vancouver's booming real estate market and the Atmosphere Project has many positive attributes and could become another flagship project for CIBT's subsidiary, Global Education City Holdings Inc."
The Company expects to provide additional information about the status of the Atmosphere Project in the coming weeks.
About 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
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, 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, 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.
Toby Chu
Chairman, President & CEO
CIBT Education Group Inc.
Investor Relations Contact: 1-604-871-9909 extension 318 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 thatCIBT will take all actions open to it so that the Atmosphere Project can fulfill its original purpose. 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. The first mortgagee has ceased funding and called its loan, and it is likely that the Atmosphere Project will end up in court proceedings; accordingly, the Risks include, without limitation, the possibility that the court ultimately approves a sale of the project that results in prior mortgagees being repaid in whole or in part and Global Education City (Richmond) Limited Partnership being repaid in full or in part or not at all. 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 the Company will make additional updates with respect to those or other forward-looking statements.
SOURCE: CIBT Education Group Inc.
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FAQ
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