CIBT Group Provides Answers to Frequently Asked COVID-19 Related Questions

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[{"type":"text","content":"CIBT Group Provides Answers to Frequently Asked COVID-19 Related QuestionsVANCOUVER, BC / ACCESSWIRE / May 26, 2020 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) (\"CIBT\" or the \"Company\") provides the following answers to questions frequently asked by our shareholders with respect to the impact of COVID-19 on the Company.Present situation:Q: Is the pandemic affecting rent collection at properties in the GEC® student apartment portfolio?A: In the traditional rental apartment scenario, some tenants are facing financial hardship and are under the pressure of unemployment. Some are unable to pay rent, which in turn affects the landlord's cashflow management and their ability to meet the mortgage payment for the property.CIBT Education Group is pleased to report that, thus far, the pandemic has caused only a limited and acceptable level of adverse business effects to most GEC® properties with long-term rental students for several reasons:Students usually budget a year in advance for their annual tuition fees and housing expense.Certain rents are bundled and pre-paid with the tuition.A number of students receive assistance from their parents or government student loan programs.For international students, a majority of their overseas-study costs are paid by or with the assistance of their parents.Breaching a contract and defaulting on a relatively small sum may cause consequences to a student's study permit and their ability to stay in Canada.Q: Is the pandemic affecting the occupancy rate at various GEC® long term stay properties?A: GEC® provides students with reliable and secure rental apartment-style housing. The units are marketed by the GEC® marketing team, through reservation platforms, and through a large network of schools associated with GEC®.At the beginning of the virus outbreak, some students were rushing to go back to their home countries, while many chose to stay in Canada. In early April, the country of residence for many international students started to face a more difficult situation than in Vancouver, and the exodus of students quickly subsided. By late April, many students had changed their minds and elected to stay in Vancouver instead. Furthermore, many students who were planning to return home during the summer holiday period have decided to extend their stay in Canada at GE...

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