Business
CIBT Announces Change of Name to Global Education Communities Corp
VANCOUVER, BC / ACCESSWIRE / April 17, 2023 / CIBT Education Group Inc. (the " Company " or " GE...
About this update from Global Education Communities Corp
[{"type":"text","content":"CIBT Announces Change of Name to Global Education Communities CorpVANCOUVER, BC / ACCESSWIRE / April 17, 2023 / CIBT Education Group Inc. (the \"Company\" or \"GEC Corp.\") (TSX:MBA)(OTCQX:MBAIF) is pleased to announce that it will change its name from CIBT Education Group Inc. to Global Education Communities Corp. It is expected that trading in the Company's shares on the Toronto Stock Exchange will commence under the new name and trading symbol ‘GEC' effective at the open of trading on April 20, 2023 and on the OTCQX International under the symbol ‘GECSF'. Until then, the Company's shares will continue to trade on the Toronto Stock Exchange and OTCQX International under the current symbol s, ‘MBA' and ‘MBAIF', respectively.\"After 29 years of being actively engaged in the domestic and international education sectors, the name change of our company intends to achieve the following objectives:highlight our commitment to scaling up our operations with a focus on growing our academic assets where we see high demand for student-centric rental accommodation amidst the low vacancy rate in Metro Vancouver;re-affirm our corporate direction with the investment community, our focus on academic real estate assets such as student-centric rental apartments and education super centres, supported by our 29 years of knowledge and experience in the education sector, and a substantial education infrastructure through our wholly owned schools, including Sprott Shaw College with 120 years of history, providing education services to 10,000 students per year; andprovide clarity and reduce corporate identity layers for the global investment communities at large.\"Mr. Toby Chu, Chairman, President and Chief Executive Officer of GEC Corp., commented further, \"As our real estate portfolio grows and more buildings enter the operational phase, GEC Corp. is creating a vast community of domestic and international students either studying or living with us, or both, hence the name Global Education Communities.\"In February 2023, an IRCC (Immigration Canada) report*1 shows that the number of international students who entered Canada as of December 2022 reached 807,750 students, a 30% growth compared to the previous year and the highest in history.We anticipate this growing trend will continue, prompting greater demand for GEC®...