Medbright AI Stock Price, News & Analysis

Global Education Communities Corp. (formerly CIBT Education Group Inc.) is set to change its name and trading symbol on April 20, 2023. The new symbol will be GEC on the Toronto Stock Exchange and GECSF on OTCQX. The rebranding aims to highlight the company's focus on growth in student-centric rental accommodation and academic assets, capitalizing on the increasing demand for housing in Metro Vancouver.

The company has reported an unprecedented 30% growth in the number of international students entering Canada, reaching 807,750 in December 2022. This trend is expected to continue, boosting the demand for GEC's services, which include education and accommodation for over 13,000 students per year.

CIBT Education Group (TSX:MBA, OTCQX:MBAIF) reported its consolidated financial results for the second quarter of fiscal 2023 ending February 28, 2023, reflecting a 5% increase in total revenues to $35.459 million compared to the same period in 2022. The international education services division saw a remarkable 40% revenue growth. Total student-housing rental revenue also grew by 18% to $9.048 million. However, the company reported a net loss of $(2.171 million, a decrease from a net income of $72,000 last year. EBITDA decreased by 20% to $7.569 million. The company reduced its current liabilities by 14% and increased total assets by 3%.

VANCOUVER, BC / ACCESSWIRE / March 21, 2023 / CIBT Education Group Inc. (TSX:MBA)(OTCQX International:MBAIF) announces that CEO Toby Chu will participate in an exclusive interview at the CAPRE's North American Investment for Student Housing & University Real Estate (SHURE) Conference on April 20, 2023. The event will focus on investment opportunities in Canada's student rental market, addressing challenges like government rent control, inflation, and a shortage of rental inventory. CIBT, a leading education and student housing company, aims to provide affordable housing for domestic and international students.

CIBT Education Group has received approval from the Toronto Stock Exchange to initiate a normal course issuer bid (NCIB), allowing the purchase of up to 3,374,877 common shares for about $2 million. This bid reflects management's view that current market prices do not accurately represent the company's value and prospects. The NCIB period will last from March 22, 2023, to March 21, 2024. CIBT plans to buy back shares through the TSX and may purchase up to 1,259 shares per day, based on defined limitations. CIBT previously bought 963,200 shares under its last NCIB at an average price of $0.5819.

CIBT Education Group announced that its GEC^® King Edward project in Vancouver is nearing completion, with occupancy inspections set to begin in March 2023. The project will add 48,000 gross buildable square feet to CIBT's portfolio, featuring 44 family-size apartments for approximately 190 tenants. Initial demand has resulted in a near-zero vacancy rate and a growing waitlist. The project is expected to generate $3.2 million in annual revenue. This comes as the vacancy rate for purpose-built rentals in Vancouver has decreased to 0.9%, while rental rates have surged by 24.2% year-over-year, making Vancouver the most expensive rental city in Canada.