Capital Alliance's CIBT to acquire 60% of China college
2004-08-19 14:49 ET - News Release
Mr. Toby Chu reports
CIBT ACQUIRES COLLEGE IN CHINA
Capital Alliance Group Inc. subsidiary, CIBT School of Business & Technology Corp., has entered into a formal agreement with Weifang University to acquire 60 per cent of Beihai College, a subsidiary of Weifang University located in Weifang city, Shandong province, China.
Beihai College 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 licences to accept international students and recruit local Chinese students across China. Weifang University will retain 40 per cent of Beihai College, which will change its name to CIBT Beihai International Management School 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, four experiment centres, over 40 multimedia classrooms, Internet centres, drafting centres, academic halls, and over 1,600 employees and 800 faculty members. It has 16 teaching departments, 53 specialties and nine 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 per cent 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 chief executive officer, Toby Chu, was officially appointed honorary president of Weifang University, an honour 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 Mr. 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 centre 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 gross domestic product (GDP) was approximately 89.5 billion renminbi (approximately $10.8-billion (U.S.)). Within a two-hour driving distance from Weifang city in all four directions reside approximately 110 million people.
