CIBT Education Group Inc. (AMEX: MBA) (TSX-V: MBA)has entered a Letter of Intent with KGIC Education Group for the acquisition of all of KGIC's assets. While the formal purchase agreement is being prepared, the parties will conduct legal and accounting due diligence. The acquisition is expected to close in early 2010.
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KGIC Education Group is one of the largest private English language training schools and business colleges in Canada, having over 7 campuses in Canada and KGIC training centers and branch office internationally.
About CIBT Education Group Inc:
CIBT Education Group Inc. ("CIBT") is an education management and investment company with a special focus on the global education market. Its subsidiaries, CIBT School of Business, Tourism Training Institute (Beijing), and Sprott-Shaw Degree College Corp., which is comprised of Sprott-Shaw Degree College, Sprott-Shaw Community College (established in 1903) and Sprott-Shaw International Language College, possess a combined operating history of over 136 years in China and Canada's education sectors.
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