MEDBRIGHT AI INVTS INC - MBAIF STOCK NEWS

CIBT Education Group reported a significant revenue increase to $73.235 million for Fiscal 2022, up 20% from $60.869 million in Fiscal 2021. Key drivers included a 210% rise in international education revenues and an 88% surge in rental revenues. Adjusted EBITDA also improved by 46%, reaching $18.652 million. Despite some setbacks in development projects, occupancy rates for GEC properties neared 100%. The company remains focused on expanding its portfolio to meet the growing demand for rental properties in Metro Vancouver.

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 Education Group Inc. (TSX:MBA, OTCQX:MBAIF) announced that its subsidiary, Global Education City Holdings Inc. (GECH), has been highlighted in a Dailyhive article about a new 200-bed student housing project at King Edward SkyTrain station in Vancouver, set to open by December 2022. As demand for student housing rises, GECH's existing properties are nearly full, with a construction budget of $45.4 million for the new project, expected to have a value of $70 million post-completion.

CIBT Education Group (TSX:MBA, OTCQX International:MBAIF) has reported a significant rise in enrollments at Sprott Shaw Language College and other colleges following the reopening of Canada’s borders. The total construction budget for the GEC Education Mega Center has reached $318 million, with permits expected by year-end. The GEC King Edward property is on track for a December 2022 completion, with a projected value of $70 million. Revenue for GEC Granville hit a record $1.265 million in July 2022, marking a significant recovery from the pandemic.

CIBT Education Group Inc. (TSX:MBA, OTCQX:MBAIF) announced that its subsidiary, Global Education City Holdings Inc., was featured in STOREYS for an article discussing the Vancouver rental market. The article noted vacancy rates below 1% and highlighted the challenges in meeting the demand from returning students and immigrants. CEO Toby Chu stated that the rental portfolio is fully booked for 2022, with expectations of even lower vacancy rates in 2023 due to increasing costs and limited supply. Government measures to attract international students are expected to further fuel demand.

CIBT Education Group has filed its Q3 financial results for fiscal 2022, reporting a total revenue of $52.67 million, up 18% from $44.80 million in Q3 2021. Educational revenues surged, especially in the international school segment, which increased 225%. Rental revenues rose 84% due to high occupancy rates. Despite these gains, net income dropped to $128,000, a 98% decrease from the previous year. Adjusted EBITDA saw a 39% increase to $14.96 million. The company’s total assets increased by 3% to $532.82 million.

CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) reported a 19% increase in total revenues for Q2 2022, totaling $33.792 million, compared to $28.343 million in Q2 2021. International educational revenues surged by 238% to $4.029 million, while rental revenues grew 90% to $7.646 million. Adjusted EBITDA rose 39% to $10.107 million year-to-date. However, net income decreased by 99% to $72,000, primarily due to a substantial drop in gains on investment properties. The company aims to expand its real estate portfolio amidst a recovering rental market in British Columbia.

CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) has provided an update on its Atmosphere Project in Richmond, B.C., where its subsidiary, Global Education City (Richmond) Limited Partnership, has encountered financial challenges. On April 1, 2022, the project developer initiated a Companies' Creditors Arrangement Act proceeding to reorganize financially. CIBT is exploring options to increase investment in the project and partner with a local developer for restructuring, citing opportunities in Vancouver's real estate market. The next hearing is scheduled for April 25, 2022.

CIBT Education Group Inc. (TSX:MBA)(OTCQX International:MBAIF) announced approval for a normal course issuer bid (NCIB) to repurchase up to 3,423,000 common shares, equating to about 5% of its outstanding shares. The maximum acquisition cost is approximately $3,000,000. The buyback is driven by the belief that recent market prices do not reflect the company's value and prospects. Purchases will occur over a 12-month period starting March 21, 2022. CIBT previously bought back 2,734,500 shares at an average price of $0.70685507.