December 18, 2009 CNW: CIBT Education Group Inc. (NYSE Amex & TSXV symbol: MBA) is pleased to announce that it has entered into a Letter of Intent with KGIC Education Group (“KGIC”) of Vancouver, British Columbia to acquire all of the assets of KGIC. The parties will conduct legal and accounting due diligence reviews while the formal purchase agreement is being prepared. The acquisition is slated for closing in early 2010. Details of the transaction will be announced upon closing.
KGIC Education Group is one of the largest private English language training schools and business colleges in Canada with 7 campuses in Canada and KGIC training centers and branch offices in China, Brazil, Japan, Korea, Taiwan and Mexico. In 2008 and 2009, KGIC enrolled over 6,200 students and 6,400 respectively and generated nearly $15 million revenue per year.
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