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Gold/Mining/Energy : Capital Alliance Group - CPT (CDNX)

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To: keith massey who wrote (481)	7/30/2000 7:32:02 PM
From: keith massey	Read Replies (1) of 960

AGM – Part 2 First there was an update by Toby on CIBT. -We were told how CIBT was created from scratch in 1995 and has been growing rapidly every since. He didn't have to say this since the revenue numbers speak for themselves. -He mentioned that the growth rate has stabilized this past year at approximately 50% (not to shabby) and that there was over 1100 students currently enrolled in courses at their three campuses in China. -We were told that CIBT is on track to have revenue of approximately $3 million with net profits of $400-500,000 this year . -We were told that CPT now holds over 80% CIBT and that they continue to buy it back in preparation for the US listing. We were told that official details about the buyback would be announced in the future. -Toby mentioned that the company hopes to be the first group in China to offer academic degrees online when the Chinese government's Education Commission ruling to allow the granting of academic degrees on-line is passed. According to the company they expect the granting of academic degrees online before year end. One amazing tibit that he mentioned was that company directors have been invited as advisors in helping create the rules for online education in China (talk about a nice company advantage). Toby also went into detail about how the Education Commission will most likely make it compulsory that any Internet education company which intends to grant academic degrees will have to provide a portion of its instruction to its on-line students through traditional classroom teachings. He pointed out that the majority of existing Internet-based training/education companies do not have the on-site facilities in China to provide classroom training. He point out that CIBT has all the pieces in place to offer the on-site training in China giving it a big advantage over the competition. Side Note: About three weeks ago I talked with Derrick Kwok in Hong Kong who sits on the Chinese Government's Education Commission (note: I like to cross check all information). He had never heard of CIBT but he admitted that he did not know the names of any companies involved in the business and only knew the school names. I asked him what the progress was with online education. I was told that 95% of the regulations were already agreed upon and it was just a bunch of stupid bureaucrats that were slowing down the final passing. He said it was top priority to get this out before the passing of the WTO. In other words I should expect to see this cleared before year end. At this point in the AGM a question was asked on how they plan on further expanding CIBT. -Toby went into detail about how they plan to expand CIBT. First he mentioned that they were expanding the number of courses offered and would continue to expand the program base as CIBT grew. He mentioned that a new e-Commerce program had just been released. More exciting was their expansion plans using “satellite campuses”. They plan to partner with universities in most of the major cities in China and set up “satellite campuses” in each center. This will cost them 1/3 the price of setting up a regular campus and allow them to rapidly expand through China. He mentioned that many of these cities had population of 10-15 million people and housed some very large Western corporations. -He mentioned that they would be using this latest financing (I am assuming the PP from the US listing) to pay for this expansion. I was very pleased to hear about the financial projections for CIBT for this year but was far more excited about their expansion plans. 1.3 Billion people is a mighty big market and they might be one of the first offering online education to this crowd. The WTO for China is just around the corner and so is the passing of granting academic degrees online. In my opinion just CIBT by itself is worth more than the current market capitalization of the company. To be continued.......

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