CIBT Education Subsidiaries Receive Approval from Government of Canada to Resume International Students Enrollment

Rhea-AI Summary

CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) announces the approval from the British Columbia Ministry of Education and the Government of Canada to accept international students at its subsidiaries, Sprott Shaw College and Sprott Shaw Language College. This approval comes after nearly nine months of border closures due to COVID-19. The company expects a steady influx of international students, contributing significantly to Canada's economy. In 2019, there were 642,480 international students in Canada, contributing $21.6 billion to the GDP.

Positive

• Approval to resume international student enrollment after COVID-19 border restrictions.
• Expected increase in international students, positively impacting revenue.
• CIBT contributes to Canadian economy by promoting international education.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 4, 2020 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) ("CIBT" or the "Company") is pleased to announce that its education subsidiaries, Sprott Shaw College and Sprott Shaw Language College, have received approval from the British Columbia Ministry of Education and the Government of Canada to resume accepting international students from selected countries. Such approval is only granted to schools with a COVID-19 readiness plan accepted by their home province as part of a partial border re-opening.

"We are pleased that Sprott Shaw College and Sprott Shaw Language College are two of the Canadian academic institutions permitted to start receiving international students after nearly nine months of border closures," said Toby Chu, Chairman, President and CEO of CIBT Education Group. "According to the Swedish-based Educations.com, Canada was ranked the best country for international education in the world in 2020 as a result of being one of the safest countries relating to COVID-19 cases, access to quality education, and ease of accessibility for international students. For this reason, we anticipate a steady increase in international students arriving in Canada, and more specifically, British Columbia, to continue their post-secondary studies.

"Based on a report from Immigration, Refugees and Citizenship Canada, 642,480 international students were living in Canada in 2019, and over 150,000 of them were living in British Columbia," continued Toby Chu. "Also, according to government websites, international students contributed over $21.6 billion to Canada's GDP in 2018 and created 170,000 jobs. These figures highlight the importance of international students for Canada. We are honoured to do our part in producing highly-skilled and well-educated international students that will contribute to the growth of the Canadian economy or their home countries. We look forward to re-opening our campuses for new and returning international students. We will also continue to provide a world-class education to over 4,500 Canadian students that are studying at various Sprott Shaw College campuses across the province of British Columbia."

The list of approved institutions is available at the Government of Canada website: https://www.canada.ca/en/immigration-refugees-citizenship/services/coronavirus-covid19/students/approved-dli.html#wb-auto-42

About CIBT Education Group:

CIBT Education Group Inc. is one of the largest education and student housing investment companies in Canada, focused on the domestic and the global education market since 1994. CIBT owns business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 45 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College and CIBT School of Business. CIBT offers over 150 educational programs in healthcare, business management, e-commerce, hotel management, and language training through these schools. The total annual enrollment for the group exceeds 12,000 students.

CIBT owns Global Education City Holdings Inc. ("Global Holdings"), an investment holding and development company focused on education-related real estate such as student-centric rental apartments, hotels and education super-centres. Under the GEC® brand, Global Holdings provides accommodation service to 72 schools in Metro Vancouver, serving 1,500 students from 77 countries. The total portfolio and development budget under the GEC® brand exceeds C$1.5 billion.

CIBT also owns Global Education Alliance ("GEA") and Irix Design Group ("Irix Design"). GEA recruits international students for 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.

Toby Chu
Chairman, President & CEO
CIBT Education Group, Inc.
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: info@cibt.net

SOURCE: CIBT Education Group Inc.

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FAQ

What recent approval did CIBT Education Group receive for its subsidiaries?

CIBT Education Group received approval to resume accepting international students at Sprott Shaw College and Sprott Shaw Language College from the British Columbia Ministry of Education and the Government of Canada.

How many international students were in Canada in 2019?

In 2019, there were 642,480 international students living in Canada.

What economic impact do international students have in Canada?

International students contributed over $21.6 billion to Canada's GDP in 2018.

What is the stock symbol for CIBT Education Group?

CIBT Education Group is traded on TSX under the symbol MBA and OTCQX under MBAIF.

What is the significance of Sprott Shaw College and Sprott Shaw Language College's reopening?

Their reopening signifies a positive shift for international education in Canada, allowing for further economic contributions and educational opportunities.