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

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To: kidl who wrote (955)	9/20/2010 1:08:04 PM
From: Frankly Speaking	Read Replies (1) of 960

CIBT Education withdraws SEC statement 2010-09-20 09:11 ET - News Release Mr. Toby Chu reports CIBT WITHDRAWS SEC REGISTRANT FILING CIBT Education Group Inc. has withdrawn its registration statement filed with the SEC on a Form F-1 as a result of current market conditions. The withdrawal will become effective on the date of filing subject to any comments from the SEC within 15 days after filing. "Our strategy for pursuing the financing was for expansion purposes. However, we believe that we must balance the impact of dilution to existing shareholders against the future growth of the company. Current market conditions are such that we believe the level of dilution to shareholders from the financing outweighs the benefits to be gained from the completing a financing at this time. As the company continues to hold over $10-million in cash, we feel that it is prudent to raise new equity only if market conditions improve," commented Toby Chu, vice-chairman and chief executive officer of CIBT.

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