Business
CIBT Education Group Provides Business Update Relating to the Coronavirus Outbreak
Vancouver, British Columbia--(Newsfile Corp. - March 5, 2020) - CIBT Education Group Inc. (TSX...
About this update from Global Education Communities Corp
[{"type":"text","content":"CIBT Education Group Provides Business Update Relating to the Coronavirus OutbreakVancouver, British Columbia--(Newsfile Corp. - March 5, 2020) - CIBT Education Group Inc. (TSX: MBA) (OTCQX: MBAIF) (\"CIBT\" or the \"Company\") provides the following update relating to the Coronavirus (COVID-19) outbreak and its current impact on the Company's various business units.Education Business:Sprott Shaw College enrols over 4,000 domestic students in British Columbia throughout the year. There is no impact on domestic student enrolment.Sprott Shaw College's international department and our recruitment division, Global Education Alliance, enrols over 1,200 international students per year. Overseas inquiries from parents and students have significantly increased because parents are eager to send their children to Canada, which is less susceptive to the epidemic at present. However, foreign measures to prevent the spread of the epidemic, such as delayed visa processing and limited services of transportation, may slow down this development.Sprott Shaw International College and VIC Vancouver International College enrol over 6,000 international students per year. Due to the virus outbreak, many students are extending their stay in Canada, generating extra revenue for the schools. The volume of new enrollment inquiries has remained steady, and the mode of inquiry has been switched from face-to-face to online interviews. New enrollment arriving in Canada may be delayed by several weeks as abovementioned. Student Housing Business:GEC® Granville hotel is experiencing no vacancy due to the unexpected US-bound visitors re-routed to Vancouver for quarantine purposes or a temporary visit.All other GEC® properties were pre-occupied by students before the coronavirus outbreak. Many occupants are extending their stay at GEC® properties rendering all of our properties near full capacity. As many students have been instructed by their parents to stay in Canada and not to return home this summer, we are expecting a higher occupancy rate this year.\"While the sudden global outbreak of coronavirus has left many businesses in crisis, we at CIBT are sympathetic to the infected populations around the world,\" said Toby Chu, Chairman, President, and CEO of CIBT Education Group Inc. \"As noted above in our summary, CIBT's operations have not been a...