CIBT Subsidiary Adds New Location In Beijing
CIBT Education Group Inc. (NYSE MKT: MBA and TSX: MBA) is pleased to announce that King George International College (“KGIC”) has signed a licensing agreement with a Beijing based group (“Licensee”) to establish the first licensee location in the Beijing area under the brand “KGIC Education Center”. The agreement stipulates that a total of 10 locations will be established in Beijing within 5 years. The first location, to be located at the city center, is expected to commence operation by April 2013.
The agreement allows the Licensee to use KGIC’s copyright protected curriculums, teaching methodologies, and CIBT’s Global Learning Network to offer programs of KGIC and CIBT Education Group’s other subsidiaries (collectively, “CIBT Group”) within Beijing, in consideration for which KGIC will receive an initial set-up fee, an additional fee for each new location, as well as a monthly licensing fee. The programs offered by KGIC Education Centers will include overseas bridging programs to CIBT subsidiary schools and CIBT partner schools covering language related programs from kindergarten to career diploma and university degrees. KGIC Education Centers will also become the feeder system for CIBT’s new subsidiary, Global Education Alliance (“GEA”), by referring international students to GEA’s global academic partners.
“We welcome the first Beijing licensee and are pleased that it has become part of our KGIC English Center expansion plan. As part of the revised strategy for our international expansion plan, KGIC English Center is one of our vehicles to expand our English learning programs for the international market,” commented Toby Chu, Vice Chairman, President, and CEO of CIBT Education Group Inc. “According to the Beijing Overseas Study Association, the number of Chinese students studying abroad increased by 12% per year for the five years up to 2009, and is expected to reach 500,000 students during 2013. According to the Guardian Newspaper in the U.K., China’s English education market doubled in size in the past five years reaching $3.1 billion in market size.
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