Major News Release:
Capital Alliance's CIBT to teach ITT courses in Beijing
Capital Alliance Group Inc CPT
Shares issued 13,413,512 Mar 15 close $0.34
Mon 18 Mar 2002 News Release
Mr. Toby Chu reports
CIBT SIGNS AGREEMENT WITH ITT EDUCATIONAL SERVICES, INC.
CIBT Canadian Institute of Business & Technology Corp. (CIBT), a subsidiary
of Capital Alliance Group Inc. and a prominent business school providing
corporate training and academic degree programs in Beijing, China, has
entered into a licensing agreement with ITT Educational Services, Inc. and
ESI Services Corp. (NYSE:ESI) (collectively, ITT), which provides CIBT the
right to deliver ITT information technology courses on an exclusive basis
in Beijing.
According to China's state development plan committee, China's information
technology industry is expected to create 20 million jobs in the coming
five years. China expects to invest approximately $121-billion (U.S.) over
the next five years in its technology sector, which, over this period, is
expected to double in size to $242-billion (U.S.) in revenue. A recent
Lehman Brothers report indicated China's entry into the World Trade
Organization and opening of its service sector will increase foreign direct
investment to $65-billion (U.S.) in 2003, from $47-billion (U.S.) last
year.
"At a time when the Chinese government is committing sizeable resources and
accelerating its drive to become a worldwide information technology leader
and foreign companies are dramatically increasing investment in China, the
introduction of ITT courses will fill the corresponding urgent and rapidly
growing need for training solutions," said Toby Chu, CIBT president and
chief executive officer. "This agreement expands the exposure of CIBT to a
much broader segment of the marketplace and reaffirms our strategy of
forging partnerships with recognized and established international
education companies. Additionally, our partnership with ITT brings programs
into China that fulfill the needs of employers and assist Chinese students
pursuing jobs at international companies in China."
Under the terms of the agreement, CIBT will offer a variety of information
technology, software and hardware engineering, software development, and
e-commerce related courses in Beijing to employees of foreign and Chinese
corporations and individual students. Diploma-level information technology
programs offered by CIBT will be accredited and recognized by the Chinese
government, as compared with unaccredited technology certificate programs
offered by most Chinese competitors. An additional benefit to Chinese
students is the ability to transfer their course credits earned in China
toward requirements of associate and bachelor degree programs offered by
the ITT Technical Institutes in the United States or migrate credits to
CIBT's existing undergraduate and graduate programs in Beijing. To
accommodate anticipated demand for ITT courses, CIBT plans to expand its
facilities in Beijing from 30,000 to about 70,000 square feet.
"We are very pleased to enter into a relationship with CIBT to provide
information technology programs of study to students in China," said Rene
R. Champagne, chairman and chief executive officer of ITT. "A very
significant number of students need to be educated and trained in
information technology to meet the burgeoning employment demands in China.
We believe our curricula are well designed to assist students develop the
knowledge and skill sets required for a career in the information
technology sector."
"Clearly, our experience and established presence in the Chinese market
combined with ITT's industry-recognized curricula in North America
positions CIBT to meet the need in China for practical,
competitively-priced and market-driven information technology programs not
presently provided by existing Chinese academic programs," said Charles
Chen, CIBT school of business president.
About ITT Educational Services
ITT Educational Services, Inc. (ESI) is a leading provider of
technology-oriented postsecondary degree programs. Currently, ESI operates
70 ITT Technical Institutes in 28 states, which predominantly provide
career-focused degree programs of study in fields of technology to more
than 31,000 students. Headquartered in Indianapolis, Ind., ESI has been
actively involved in the higher education community in the United States
since 1969. The ITT Technical Institutes have graduated approximately
150,000 students, including 80,000 in the last decade. ESI shares are
traded on the New York Stock Exchange under the symbol ESI. For more
information, visit the ESI Web site at www.ittesi.com or the ITT Technical
Institute Web site at www.itt-tech.edu.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
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