CIBT Provides Update on Student Housing Operations

Vancouver, B.C., April 01, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) ("CIBT" or the "Company"), is pleased to provide a corporate update to investors regarding the operational status of its GEC student housing portfolio and the impact of the outbreak of COVID-19 on the student housing operations.

MANAGEMENT COMMENTARY

With COVID-19 numbers continuing to rise across the globe and in Canada, CIBT Education Group is pleased to report that, to date, most GEC properties for long-term stay students have experienced minimal adverse business effects from the virus.  However, since the implementation of travel bans around the world and the suspension or reduction of flights, our short-term-stay hotel has experienced cancellations from visitors and tourists.  Fortunately, leveraging the strategically designed business model of its student housing operations, the Company has managed to switch its short-term stay facility into student accommodation, immediately replacing cancellations with new bookings.

The last few weeks have been difficult for domestic and international students that live in dormitory-style residences across the globe.  The traditional dormitory-style facilities incorporate a co-living design with a large number of students sharing a communal kitchen, shower stalls, and a shared lounge area.  Students face a high-risk of COVID-19 community transmission in such an environment.  For safety reasons, universities are requesting their students to vacate their dormitory and return after the summer, while many countries are imposing travel restrictions and self-isolation upon arrival.  As a result, students are facing early termination of their school residences while many of them are unable to return home.

In comparison to the traditional dormitory-style design, all GEC properties are either rental apartments or hotels. GEC long-term stay properties are demised units with a self-contained kitchen, living room and bedrooms, much like what one would find in a traditional apartment.  Our hotel property has both single and twin rooms, and certain rooms come equipped with a kitchenette.  Therefore, unlike traditional dormitories, the design of GEC properties aids in reducing the chances of community transmission.