CIBT Subsidiary Commences Legal Action Against Romspen Investment Corporation
CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) has announced that its subsidiary, GEC Richmond, is initiating legal action against Romspen Investment Corporation. The lawsuit claims breach of contract for failing to advance funds for a development project named 'The Atmosphere' in Richmond, BC. CIBT, a major player in the education and student housing sector, operates numerous educational institutions and rental properties, servicing over 10,000 students in 2021. The company currently oversees a development budget exceeding $1.5 billion under its GEC brand.
- CIBT operates one of Canada's largest education and student housing portfolios.
- The company has a diverse range of educational programs across 45 locations.
- CIBT's subsidiaries serviced over 10,000 students in 2021.
- The total development budget under the GEC brand exceeds $1.5 billion.
- Legal action against Romspen Investment Corporation may result in financial uncertainty.
- Allegation of breach of contract could indicate potential delays in project funding.
VANCOUVER, BC / ACCESSWIRE / October 7, 2022 / CIBT Education Group Inc. (TSX:MBA)(OTCQX International:MBAIF) ("CIBT" or the "Company") reports that the Company's subsidiary, GEC (Richmond) GP Inc. ("GEC Richmond"), and the limited partnership of which it is the general partner, Global Education City (Richmond) Limited Partnership, have filed a notice of civil claim with the Supreme Court of BC commencing legal action against a mortgage lender, Romspen Investment Corporation, alleging breach of contract and other causes of action for the non-advancement of funds to a development project in Richmond known as "The Atmosphere".
About CIBT Education Group:
CIBT Education Group Inc. is one of Canada's largest education and student housing investment companies, focused on the domestic and 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 Corp. ("SSCC") (established in 1903), Sprott Shaw Language College ("SSLC"), Vancouver International College Career Campus ("VIC") and CIBT School of Business & Technology Corp. ("CIBT China"). CIBT offers over 150 educational programs in healthcare, business management, e-commerce, cyber-security, hotel management, and language training through these schools. In 2021, CIBT serviced over 10,000 domestic and international students through its educational and rental housing subsidiaries.
CIBT owns Global Education City Holdings Inc. ("GECH"), an investment holding and development Company focused on education-related real-estate such as student-centric rental apartments, hotel and education super-centres. Under the GEC® brand, GECH provides accommodation services to 90 schools in Metro Vancouver, serving 1,500 students from 71 countries. The total portfolio and development budget under the GEC® brand exceed
CIBT also owns Global Education Alliance Inc. ("GEA") and Irix Design Group Inc. ("IRIX"). 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.
View source version on accesswire.com:
https://www.accesswire.com/719532/CIBT-Subsidiary-Commences-Legal-Action-Against-Romspen-Investment-Corporation
FAQ
What legal action did CIBT's subsidiary take against Romspen Investment Corporation?
What is the significance of the Atmosphere project for CIBT?
How many students did CIBT service in 2021?
What is the total development budget under the GEC brand?
