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Capital
Alliance Group Inc. (TSX.V: CPT) reports that its subsidiary,
CIBT School of Business & Technology Corp. ("CIBT") has entered
into a formal agreement with Weifang University to acquire
60% of Beihai College, a subsidiary of Weifang University
located in Weifang city, Shandong province, China.
Beihai
College ("Beihai") is a wholly owned college of Weifang University
and specializes in business and technology degree programs
in the undergraduate level. Under the supervision of Weifang
University, Beihai College is a recognized degree granting
college with licenses to accept international students and
recruit local Chinese students across China. Weifang University
will retain 40% of Beihai College which will change its name
to CIBT Beihai International Management School ("CIBT Beihai")
upon receipt of government approval.
Weifang
University is one of the largest state owned universities
located in Weifang City, with a population of 8.5 million
people. It has government granted campus lands of 822 acres,
fully constructed campus of 329 acres with 8.6 million square
feet of facilities. Weifang University has 25,000 full time
and 12,000 part time students.
Weifang
University has over 50 laboratories and classrooms, 4 experiment
centers, over 40 multimedia classrooms, Internet centers,
drafting centers, academic halls and over 1,600 employees
and 800 faculty members. It has 16 teaching departments, 53
specialties, and 9 scientific branches including Science,
Engineering, Economics, Law, History, Education, Literature,
Management and Agriculture. Weifang University's dormitories
and two cafeterias can accommodate over 20,000 students and
it is continuing to expand and construct new facilities.
In addition
to its own programs, Weifang University also has academic
exchange programs with prestigious Chinese universities such
as Tsinghua University, Beijing University, Nankai University
and several universities and colleges in the United States,
Great Britain, Austria, Japan, Thailand and Korea.
Under
the terms of the agreement, CIBT will acquire 60% of Beihai
College with approximately 550 students currently enrolled
in its undergraduate programs. CIBT will assume all management
and operations of Beihai and deliver internationally recognized
programs from CIBT's academic partners such as Western International
University, ITT Technical Institute and City University. Capital
Alliance Group will use available funds for the operations
of CIBT Beihai.
As part
of the agreement, CIBT Beihai is entitled to use, rent free,
20,000 square feet of classroom facilities capable to seat
over 3,000 students, with an option to expand up to 80,000
square feet, also rent free. These facilities are located
within the Weifang University campus ground. CIBT Beihai faculty
members and staff will enjoy full access of Weifang University's
enormous facilities including students and faculty dormitory,
library and dining halls. CIBT Beijing, a subsidiary of CIBT,
plans to establish its China on-line headquarters at this
strategic and modern facility.
At the
agreement signing ceremony, CIBT President and CEO, Mr. Toby
Chu was officially appointed Honorary President of Weifang
University, an honor rarely awarded to foreign nationals.
Mr. Chu will provide strategic advice to Chinese state owned
universities.
"This
is a significant step for CIBT in its China expansion initiatives,"
quoted Toby Chu, President of CIBT, "With this strategic relationship
with Weifang University, CIBT has established itself as a
fully accredited college university with a degree granting
ability at the college and undergraduate level under the guidance
of Weifang University. Furthermore, as China's economy continues
to flourish in the 21st century and fast becoming the dominant
force in Asia, this strategic positioning allows CIBT to expand
its education ambitions using modern technology such as on-line
delivery and video conferencing toward the entire Asia region."
About
Weifang City:
Weifang
City is located at the center of Shandong Province and has
a population of about 8.5 million people. Its major industries
include electronics, machinery, chemical and building materials,
marine chemistry and paper. In 2002, the city's GDP was approximately
RMB 89.5 billion (approximately US$10.8 billion). Within a
2 hour driving distance from Weifang city in all four directions
resides approximately 110 million people.
About
CIBT:
Founded
in 1994, CIBT School of Business is a recognized business
school in Beijing, China. CIBT operates two campuses in Beijing
and three learning centers in other cities in China. CIBT
has an academic partnership with Beijing University of Technology
and delivers postsecondary business and technology education
to students and corporations in China. By cooperating with
leading education providers in North America, Europe and Asia,
CIBT continually develops advanced curricula to meet the needs
of China's growing economy.
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