December 21, 2009 (FinancialWire) — CIBT Education Group Inc. (AMEX: MBA) said it has entered into a letter of intent with KGIC Education Group of Vancouver, British Columbia to acquire all of the assets of KGIC.

The parties said they will conduct legal and accounting due diligence reviews while the formal purchase agreement is being prepared. The acquisition is slated for closing in early 2010. Details of the transaction will be announced upon closing.

KGIC Education Group is a private English language training school and business college in Canada with seven campuses in Canada and KGIC training centers and branch offices in China, Brazil, Japan, Korea, Taiwan and Mexico. In 2008 and 2009, KGIC enrolled over 6,200 students and 6,400 respectively and posted nearly $15 million revenue per year.

Vancouver-based CIBT Education Group is an education management and investment company with a special focus on the global education market.

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