CIBT Education Group Inc. - Amendment of Share Buy Back
15 Maggio 2012 - 2:15AM
Business Wire
CIBT Education Group Inc. (NYSE AMEX: MBA) (TSX: MBA)
(“CIBT”) reports that the normal course issuer bid
(“NCIB”) announced in its news release dated February 15,
2012 has been amended with the approval of the Toronto Stock
Exchange. The maximum number of common shares that CIBT intends to
purchase under the NCIB has been increased to 3,000,000,
representing approximately 4.2% of the 71,571,844 common shares
which were outstanding as at the commencement of the NCIB, subject
to a maximum aggregate acquisition cost of $1,000,000. In addition,
the maximum number of common shares that CIBT may purchase per day
has been increased to 4,566 common shares, representing 25% of the
average daily trading volume of 18,264 common shares during the six
months ending on April 30, 2012. This limitation does not apply to
“block trade purchases”, which are purchases of (1) shares having a
purchase price of at least $200,000, (2) at least 5,000 shares
having a purchase price of at least $50,000, or (3) at least 27,396
shares.
As at April 30, 2012, 446,500 common shares have been purchased
under the NCIB. The NCIB expires on February 20, 2013.
About CIBT Education Group:
CIBT Education Group Inc. is an education management company
focused on the global education market. Listed on the Toronto Stock
Exchange and the NYSE Amex, CIBT Group owns and operates a network
of business, technical and language colleges and has cooperative
joint programmes in 18 countries. Its subsidiaries include
Sprott-Shaw Community College (established in 1903), Sprott-Shaw
Degree College, CIBT School of Business China, and King George
International College. Through these subsidiaries, CIBT Group
offers Western and Chinese accredited business and management
degrees, and programmes in college preparation, automotive
maintenance, information technology, hotel management and tourism,
English language training, English teacher certification, and other
career/vocational training. In addition to its wholly-owned
subsidiaries, CIBT Group is the exclusive licensee for the American
Hotel & Lodging Educational Institute (AHL-EI) in China and the
Philippines, and the WyoTech Automotive Institute for China. CIBT
Group also owns Irix Design Group, a leading design and advertising
company based in Vancouver, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
“Toby Chu”
Toby ChuVice-Chairman, President & CEO
FORWARD-LOOKING STATEMENTS:
Some statements in this news release contain forward-looking
information (the “forward-looking statements”) about CIBT Education
Group Inc. and its future plans. Forward-looking statements are
statements that are not historical facts. The forward-looking
statements in this news release are subject to various risks,
uncertainties and other factors that could cause the company's
actual results or achievements to differ materially from those
expressed in or implied by forward-looking statements. With respect
to the statement in this news release as to the intended number of
common shares to be repurchased under the NCIB, there is no
certainty that the full number of intended shares will be
purchased. Forward-looking statements are based on the beliefs,
opinions and expectations of the company's management at the time
they are made, and CIBT does not assume any obligation to update
its forward-looking statements if those beliefs, opinions or
expectations, or other circumstances, should change.
Neither the NYSE Amex nor the Toronto Stock Exchange accepts
responsibility for the adequacy or accuracy of this news
release.
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