Capital Alliance to increase ownership in CIBT to 80%
Mon 23 Sept 2002
News Release
Mr. Toby Chu reports
CAPITAL ALLIANCE GROUP TO INCREASE OWNERSHIP IN CIBT
Capital Alliance Group has elected to convert its $700,000 shareholder loan
to its China-based education subsidiary, CIBT Canadian Institute of
Business & Technology Corp. (CIBT), into equity, effectively increasing its
ownership stake to approximately 80 per cent. Capital Alliance has also
agreed to advance additional capital to finance CIBT's expansion. This
unsecured loan will bear interest at the rate of 15 per cent per year.
"Increasing our ownership in CIBT at this time is important for a variety
of reasons," said Toby Chu, president and chief executive officer of
Capital Alliance Group. "Due to the burgeoning interest in China's growing
economy, CIBT will be best able to take advantage of business opportunities
presented by multinational corporations and major for-profit education
providers by streamlining the decision making process while providing
better leverage to additional capital. We feel CIBT's strategic position as
a foreign-owned leader in China's professional education and training
market, with nearly a decade of proven growth, can be expanded and enhanced
through additional ownership and further injections of capital."
About CIBT
Through its subsidiary, CIBT School of Business, comprising three campuses
in Beijing, China, CIBT Canadian Institute of Business & Technology Corp.
delivers United States based academic and career training programs to
thousands of students and corporations in China. Rated as one of the top 10
foreign-owned master of business administration providers in China, CIBT is
among the first institutions in China to receive official approval from the
Academic Degrees Committee of the State Council to award foreign MBA
degrees. CIBT's Chinese joint venture partner, Beijing Polytechnic
University, is a distinguished member of China's Project 211, a project
representing China's top 100 institutions of higher education chosen to
play a leading role in training China's high-level manpower for the 21st
century. Through agreements with international universities in United
States, Australia, Canada, United Kingdom, Switzerland and Thailand, CIBT
provides Chinese students and business executives the opportunity to
enhance their education and business skills by studying in China or abroad.
Major sponsoring corporations of CIBT's training programs include KPMG,
Bank of China International and Nasdaq International. |
