|
CIBT Canadian Institute of Business & Technology Corp. (CIBT),
a subsidiary of Capital Alliance Group Inc. and a prominent
business school providing corporate training and academic
degree programs in Beijing, China, has entered into a licensing
agreement with ITT Educational Services, Inc. and ESI Services
Corp. (NYSE:ESI) (collectively, ITT), which provides CIBT
the right to deliver ITT information technology courses on
an exclusive basis in Beijing.
According to China's state development plan committee, China's
information technology industry is expected to create 20 million
jobs in the coming five years. China expects to invest approximately
$121-billion (U.S.) over the next five years in its technology
sector, which, over this period, is expected to double in
size to $242-billion (U.S.) in revenue. A recent Lehman Brothers
report indicated China's entry into the World Trade Organization
and opening of its service sector will increase foreign direct
investment to $65-billion (U.S.) in 2003, from $47-billion
(U.S.) last year.
"At a time when the Chinese government is committing sizeable
resources and accelerating its drive to become a worldwide
information technology leader and foreign companies are dramatically
increasing investment in China, the introduction of ITT courses
will fill the corresponding urgent and rapidly growing need
for training solutions," said Toby Chu, CIBT president and
chief executive officer. "This agreement expands the exposure
of CIBT to a much broader segment of the marketplace and reaffirms
our strategy of forging partnerships with recognized and established
international education companies. Additionally, our partnership
with ITT brings programs into China that fulfill the needs
of employers and assist Chinese students pursuing jobs at
international companies in China."
Under the terms of the agreement, CIBT will offer a variety
of information technology, software and hardware engineering,
software development, and e-commerce related courses in Beijing
to employees of foreign and Chinese corporations and individual
students. Diploma-level information technology programs offered
by CIBT will be accredited and recognized by the Chinese government,
as compared with unaccredited technology certificate programs
offered by most Chinese competitors. An additional benefit
to Chinese students is the ability to transfer their course
credits earned in China toward requirements of associate and
bachelor degree programs offered by the ITT Technical Institutes
in the United States or migrate credits to CIBT's existing
undergraduate and graduate programs in Beijing. To accommodate
anticipated demand for ITT courses, CIBT plans to expand its
facilities in Beijing from 30,000 to about 70,000 square feet.
"We are very pleased to enter into a relationship with CIBT
to provide information technology programs of study to students
in China," said Rene R. Champagne, chairman and chief executive
officer of ITT. "A very significant number of students need
to be educated and trained in information technology to meet
the burgeoning employment demands in China. We believe our
curricula are well designed to assist students develop the
knowledge and skill sets required for a career in the information
technology sector."
"Clearly, our experience and established presence in the
Chinese market combined with ITT's industry-recognized curricula
in North America positions CIBT to meet the need in China
for practical, competitively-priced and market-driven information
technology programs not presently provided by existing Chinese
academic programs," said Charles Chen, CIBT school of business
president.
About ITT Educational Services
ITT Educational Services, Inc. (ESI) is a leading provider
of technology-oriented postsecondary degree programs. Currently,
ESI operates 70 ITT Technical Institutes in 28 states, which
predominantly provide career-focused degree programs of study
in fields of technology to more than 31,000 students. Headquartered
in Indianapolis, Ind., ESI has been actively involved in the
higher education community in the United States since 1969.
The ITT Technical Institutes have graduated approximately
150,000 students, including 80,000 in the last decade. ESI
shares are traded on the New York Stock Exchange under the
symbol ESI. For more information, visit the ESI Web site at
www.ittesi.com or the ITT Technical Institute Web site at
www.itt-tech.edu.
|
