03:21 PM EST - CIBT Education Group Inc. : Announced the signing of a letter of intent for the purchase by one of its real estate investment limited partnerships of two parcels of land to develop a serviced apartment high-rise along the Cambie Street corridor designed for students and a growing population of technology workers in Metro Vancouver. The project is expected to have a gross building area of approximately 63,000 square feet. The total development budget for this Project, including land, construction, FFE (furniture, fixture & equipment) and financing costs, will be approximately $60 million, assuming the Project proceeds. CIBT Education Group Inc.
shares T.MBA are trading unchanged at $0.81.