CIBT Signs LOI To Acquire Linkman International Language Institute In China
CIBT Education Group Inc. (NYSE MKT: MBA and TSX: MBA) (“CIBT Group” or the “Company”) is pleased to announce that it has entered into a Letter of Intent with Linkman International Language Institute (“Linkman”) to acquire shares from treasury representing 95% of all issued and outstanding shares of Linkman at closing. Subject to due diligence, the receipt of all necessary approvals and the satisfaction of other conditions, this acquisition is expected to close within the next eight weeks. Details of the transaction will be announced after closing.
Linkman is a language training institution in China that operates two campuses in the province of Zhejiang, within the cities of Hangzhou and Xiaoshan. They specialize in English language training for students in elementary and middle school, but also train students in high school as well as adults.
“CIBT Group plans to utilize Linkman International Language Institute as a launching platform to expand our market from post secondary and career education to younger students enrolled in elementary and middle school English programs,” commented Toby Chu, Vice Chairman, President, and CEO of CIBT Education Group Inc. “Linkman International Language Institute will change its name to KGIC Linkman English School as part of our Chinese marketing brand strategy. They will serve as our base in our revised strategy for the China market, as we plan on adding more English training schools using the KGIC Linkman brand in China after the acquisition. KGIC has over 17 years of experience in providing adult and children’s English training programs, and has educated over 40,000 students since 1996. KGIC Linkman English School will offer KGIC’s proven and well accepted programs to the China market with a special focus on three major areas, namely the TESOL program for English teacher certifications, Children’s English for students from Grades 1 to 12 and the EPE program for improving post-secondary student’s English skills to meet and exceed the entry standard of North American colleges and universities. To differentiate ourselves from our competition, CIBT Group has established and will continue to expand its extensive network of partner schools and subsidiary schools around the world to receive our EPE graduates from China. The English training market for younger students in China has shown phenomenal growth over the past few years, which is expected to continue. CIBT Group is planning to expand the services it offers to this market and the acquisition of Linkman is the first step in this strategy that we plan to complete in 2013.”
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