03:03 PM EST - CIBT Education Group Inc. : has signed a formal Purchase and Sale Agreement with a global education services provider to sell one of CIBT’s education subsidiaries. This transaction is subject to certain regulatory approvals, receipt of which is expected to take approximately three months. Transaction funds are being held in escrow. Details of this transaction will be disclosed upon the formal closing which will follow receipt of the required regulatory approvals. During fiscal 2015, this subsidiary generated approximately $2.8 million revenue and $290,000 EBITDA, and had approximately 160 students. CIBT Education Group Inc.
shares T.MBA are trading unchanged at $0.28.
