CIBT Education Group Inc. (NYSE MKT: MBA and TSX: MBA) (“CIBT Group” or the “Company”) is pleased to announce that it has launched a new division called Global Education Alliance (“GEA”) and its website www.myGEA.ca.
GEA is a student referral service for a list of carefully selected schools in Canada and the U.S. GEA will leverage CIBT Group’s extensive international agent network and existing academic partnerships in various countries to increase international enrollments at its North American partner schools, which include high ranking primary and secondary schools, and public and private universities in Canada and the United States.
According to a report by NAFSA (an Association of International Educators), international students contributed $21.8 billion to the U.S economy in the 2011 academic year. Another research report, commissioned by the Ministry of Economic Development Canada, indicated that international students contributed over C$8.04 billion to the Canadian economy in 2010, and created 81,000 jobs.
Desire to recruit international students is growing rapidly among North American schools and universities due to the tightening of student loans and reduced education budgets. These factors have resulted in a steady decline in revenues and enrollment levels across the education sector. To overcome their reliance on student loans and other forms of government funding, North American schools are increasing their efforts to attract international students to study at their schools, as international students do not have access to the student loan system and government funding is typically not provided. Although increasing international enrollments is a common goal among North American schools, most are unable to pursue the opportunity due to the lack of international recruitment experience, inability to access infrastructure abroad, and the extensive capital and human resource requirements. We believe that GEA has the ability, experience and infrastructure to assist North American schools with overcoming these issues.