CIBT Subsidiary Featured in Richmond News and DailyHive

Rhea-AI Summary

CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) has announced that its GEC^® CyberCity project in Richmond, BC has received planning committee approval for development. Featured in articles from Richmond News and Dailyhive, this project is set to move forward with the first council reading scheduled for February 13, 2023. Subsequent readings and public hearings are planned for March 20, 2023. CIBT's GEC^® brand represents a significant investment in student-centric housing, with a total development budget nearing $1.3 billion and a portfolio supporting over 3,000 students in Metro Vancouver.

Positive

• Approval for GEC CyberCity project enhances growth potential.
• Project development signifies confidence in Richmond real estate.
• Investment of nearly $1.3 billion supports student housing market.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / February 13, 2023 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) ("CIBT" or the "Company") is pleased to report that one of its flagship projects, GEC^® CyberCity in Richmond, British Columbia, has been featured in "Richmond News" and also "Dailyhive", two online news portals, in articles titled "Two towers proposed for Richmond riverfront" on February 8, 2023, and "Waterfront student housing and office complex planned near SkyTrain Aberdeen Station in Richmond" on January 31, 2023.

To view the Richmond News article, please visit: https://www.richmond-news.com/local-news/two-towers-proposed-for-richmond-riverfront-6501569

To view the Dailyhive article, please visit: https://dailyhive.com/vancouver/gec-cyber-city-richmond-7780-7840-river-road

"We are pleased to report that one of GEC's flagship projects called GEC^® CyberCity, located in Richmond, B.C. received approval by the Planning Committee of the City of Richmond to proceed with its development plan," commented Toby Chu, Chairman, President, and Chief Executive Officer of CIBT. "The development plan has been scheduled for the first Council Reading on February 13, 2023, followed by the second and third readings, including the public hearing, on March 20, 2023. Final rezoning requirements and final rezoning adoption consideration will take place in the following months. Further details will be provided in due course."

To view the rezoning application procedures, please visit: https://www.richmond.ca/__shared/assets/da_276184.pdf

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 41 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 2022, 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, a hotel and education super-centres. Under the GEC^® brand, GECH provides accommodation services to 90 schools in Metro Vancouver, serving 3,000 students from 71 countries. The total portfolio and development budget under the GEC^® brand is nearly $1.3 billion. CIBT also owns Global Education Alliance Inc. ("GEA") and Irix Design Group Inc. ("IRIX"). GEA recruits international students for 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 319 or | Email: info@cibt.net

SOURCE: CIBT Education Group Inc.

View source version on accesswire.com:
https://www.accesswire.com/739023/CIBT-Subsidiary-Featured-in-Richmond-News-and-DailyHive

FAQ

What is the latest update on the GEC CyberCity project by CIBT?

CIBT has received planning committee approval for the GEC CyberCity project, with the first council reading scheduled for February 13, 2023.

When will the public hearing for the GEC CyberCity project take place?

The public hearing for the GEC CyberCity project is scheduled for March 20, 2023.

What is the development budget for the GEC CyberCity project?

The total development budget for the GEC CyberCity project is nearly $1.3 billion.

How many students does CIBT support through its GEC brand?

CIBT's GEC brand supports over 3,000 students in Metro Vancouver.