NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / December 1, 2020 / Tracesafe Inc. ("TraceSafe") (CSE:TSF) today commented on the announcement of a significant corporate development by Airbeam Wireless Technologies Inc. ("Airbeam"). TraceSafe is one of Airbeam's largest shareholders holding approximately 9.9 million Airbeam shares, representing approximately 16% of Airbeam's outstanding shares.

Airbeam announced today that it entered into a letter of intent with Canadian Securities Exchange (CSE: WPN) listed First Responder Technologies Inc. ("First Responder"). Pursuant to the letter of intent, First Responder agreed to acquire all of the outstanding Airbeam shares for a number of First Responder shares to be determined. The transaction is expected to constitute a reverse takeover of First Responder by Airbeam and a "fundamental change" of First Responder pursuant to Canadian Securities Exchange policies.

Tracesafe will monitor further developments regarding the potential Airbeam transaction. If the transaction is completed, which is not guaranteed and remains subject to a number of conditions, including the execution of a definitive agreement, TraceSafe will explore options to monetize its investment in the resulting issuer for the direct benefit of Tracesafe shareholders, which could include a special dividend of any shares received by Tracesafe pursuant to the transaction.

Airbeam was valued at approximately $97 million in a private funding round completed roughly one year ago, confirmed by company sources. TraceSafe believes that the market and competitive landscape for Airbeam's business has improved since Airbeam's last funding round, and that Airbeam's reverse take-over of First Responder could accelerate the deployment of 5G small cell, edge compute, wireless backhaul and AI capabilities.

Executive Quote

James Passin, the Chairman of the Board of TraceSafe, stated, "We congratulate the management of Airbeam for announcing this potentially value-unlocking corporate development. We will continue to follow for developments on the transaction and any ensuing opportunities to maximize value for the benefit of TraceSafe shareholders."

Additional details on the proposed transaction are available under First Responder's SEDAR profile at www.sedar.com.

About TraceSafe

TraceSafe is a full suite of real-time location management services and contact tracing solutions enabled through advanced low power bluetooth beacons and enterprise cloud management. TraceSafe's leading cloud management solution ensures both user privacy and comprehensive administrative control. TraceSafe's patented contact tracing bracelet has already been deployed in mission critical quarantine applications around the world in partnership with leading governments. In addition to their government work, TraceSafe is developing leading edge solutions for Enterprise, Healthcare, Education, Government and large-scale venue management.

For further information, please contact:

Wayne Lloyd, CEO
+1 (604) 629-9975
wayne@tracesafe.io

Alan Tam, CFO
+1 (604) 377‐7575
alan@tracesafe.io

John Costigan
+1 (604) 620-8589
jcostigan@ecmbcapital.com

The Canadian Securities Exchange has in no way approved or disapproved the contents of this news release.

Statements in this news release may contain forward-looking statements that are based on TraceSafe's expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to expectations regarding the TraceSafe assets and their application, future business plans and relationships, future developments in respect of COVID-19 and solutions adopted in response to the virus, and the deployment and acceptance of the TraceSafe technology. Although TraceSafe believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict, including the suitability of our products to help businesses and governments reopen, competition, the spread or containment of COVID-19 and government responses thereto and general economic and market conditions. Therefore, outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and TraceSafe undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law.

SOURCE: Tracesafe Inc.

ReleaseID: 618977

BISHOPSGATE, LONDON / ACCESSWIRE / December 1, 2020 / The Board of Directors of SolGold (LSE & TSX: SOLG) wishes to provide an update regarding the completion of the Pre-Feasibility Study ("PFS") at the Alpala Project on the Cascabel concession in northern Ecuador.

As reported on 30 September 2020, SolGold initially planned delivery of the PFS at the end of Q3 2020. However, as a result of COVID-19 restrictions, SolGold had limited physical access to site in Ecuador for a number of months. Additionally, there were restrictions and limited staff at laboratories in Chile. These limitations resulted in delays in gathering and processing critical geotechnical data required to meet the original study plan and schedule.

The 30 September 2020 update also provided a summary of the status of the geotechnical evaluations and modelling as well as other critical activities required for completion of the PFS. While this work program is now nearing completion, various aspects will, however, continue to be further optimised following publication of the PFS.

Assessment of the new geotechnical information has necessitated a redesign of certain underground infrastructure to a location outside of the cave footprint, changes to the mine design and development, and mining production schedules. This work is nearing completion with preliminary financial modelling expected to be undertaken in December this year and be subject to reiterative optimisation.

In parallel, the project team is also assessing aspects of the Alpala Project which can be further investigated to improve the modelled financial performance of the proposed mine development.

It is expected that consideration of this additional optimisation work will be reported in an updated PFS prior to the final Feasibility Study.

As part of this additional optimisation work, the PFS team is also investigating:

· Improvements to metallurgy and the quality of metallurgical assumptions;

· Seismicity studies to refine design of the tailings dam and processing plant sites; and

· Sustainability improvements, including the option for hydroelectric power supply to Alpala.

This additional optimisation work is expected to increase the accuracy of current assumptions and deliver further value over the PFS outcomes.

The recently formed Alpala Project Committee, chaired by Non-executive Director Keith Marshall, is currently undertaking a review of the PFS work input components and the report drafting progress. The key objectives of this committee are to actively participate in setting the development strategy, provide advice, support effective decision making and monitor the staged development to achieve agreed outcomes relating to the Alpala Project.

The Apala Project Committee review is expected to be completed by the end of January 2021, followed by a recommendation to the Board. The Company plans to update the market on the PFS shortly thereafter.

This review by the Alpala Project Committee is leading practice and a key building block to further advance Alpala and transition the project to the next development phase.

By order of the Board
Karl Schlobohm
Company Secretary

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 until the release of this announcement.

Qualified Person:

Information in this report relating to the exploration results is based on data reviewed by Mr Jason Ward ((CP) B.Sc. Geol.), the Chief Geologist of the Company. Mr Ward is a Fellow of the Australasian Institute of Mining and Metallurgy, holds the designation FAusIMM (CP), and has in excess of 20 years' experience in mineral exploration and is a Qualified Person for the purposes of the relevant LSE and TSX Rules. Mr Ward consents to the inclusion of the information in the form and context in which it appears.

CONTACTS

Nicholas Mather

SolGold Plc (Chief Executive Officer) nmather@solgold.com.au

Tel: +61 (0) 7 3303 0665

Karl Schlobohm

SolGold Plc (Company Secretary)

kschlobohm@solgold.com.au

Tel: +61 (0) 7 3303 0661

Ingo Hofmaier

SolGold Plc (GM – Project & Corporate Finance) ihofmaier@solgold.com.au

Tel: +44 (0) 20 3823 2131

Eliza Michael / Fawzi Hanano

SolGold Plc (PR / IR)

emichael@solgold.com.au fhanano@solgold.com.au

Tel: +44 (0) 20 3823 2131

Follow us on twitter @SolGold_plc

ABOUT SOLGOLD

SolGold is a leading resources company focussed on the discovery, definition and development of world-class copper and gold deposits. In 2018, SolGold's management team was recognised by the "Mines and Money" Forum as an example of excellence in the industry and continues to strive to deliver objectives efficiently and in the interests of shareholders. SolGold is the largest and most active concession holder in Ecuador and is aggressively exploring the length and breadth of this highly prospective and gold-rich section of the Andean Copper Belt.

The Company operates with transparency and in accordance with international best practices. SolGold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact.

Dedicated stakeholders

SolGold employs a staff of over 700 employees of whom 98% are Ecuadorean. This is expected to grow as the operations expand at Alpala, and in Ecuador generally. SolGold focusses its operations to be safe, reliable and environmentally responsible and maintains close relationships with its local communities. SolGold has engaged an increasingly skilled, refined and experienced team of geoscientists using state of the art geophysical and geochemical modelling applied to an extensive database to enable the delivery of ore grade intersections from nearly every drill hole at Alpala. SolGold has over 80 geologists on the ground in Ecuador exploring for economic copper and gold deposits.

About Cascabel and Alpala

The Alpala deposit is the main target in the Cascabel concession, located on the northern section of the heavily endowed Andean Copper Belt, the entirety of which is renowned as the base for nearly half of the world's copper production. The project area hosts mineralisation of Eocene age, the same age as numerous Tier 1 deposits along the Andean Copper Belt in Chile and Peru to the south. The project base is located at Rocafuerte within the Cascabel concession in northern Ecuador, an approximately three-hour drive on sealed highway north of the capital Quito, close to water, power supply and Pacific ports.

Having fulfilled its earn-in requirements, SolGold is a registered shareholder with an unencumbered legal and beneficial 85% interest in ENSA (Exploraciones Novomining S.A.) which holds 100% of the Cascabel concession covering approximately 50km2. The junior equity owner in ENSA is required to repay 15% of costs since SolGold's earn in was completed, from 90% of its share of distribution of earnings or dividends from ENSA or the Cascabel concession. It is also required to contribute to development or be diluted, and if its interest falls below 10%, it shall reduce to a 0.5% NSR royalty which SolGold may acquire for US$3.5million.

Advancing Alpala towards development

The resource at the Alpala deposit contains a high-grade core which will be targeted to facilitate early cashflows and an accelerated payback of initial capital. SolGold is currently progressing its Pre-Feasibility Study and is fully funded through to development decision following the Net Smelter Royalty Financing with Franco-Nevada Corporation for US$100million. Franco-Nevada will receive a perpetual 1% NSR interest from the Cascabel licence area.

SolGold is currently assessing financing options available to the Company for the development of the Alpala mine following completion of the Definitive Feasibility Study.

SolGold's Regional Exploration Drive

SolGold is using its successful and cost-efficient blueprint established at Alpala, and Cascabel generally, to explore for additional world class copper and gold projects across Ecuador. SolGold is the largest and most active concessionaire in Ecuador.

The Company wholly owns four other subsidiaries active throughout the country that are now focussed on thirteen high priority gold and copper resource targets, several of which the Company believes have the potential, subject to resource definition and feasibility, to be developed in close succession or even on a more accelerated basis compared to Alpala.

SolGold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE/TSX: SOLG). The Company has on issue a total of 2,084,113,494 fully-paid ordinary shares and 112,275,000 share options.

Quality Assurance / Quality Control on Sample Collection, Security and Assaying

SolGold operates according to its rigorous Quality Assurance and Quality Control (QA/QC) protocol, which is consistent with industry best practices.

Primary sample collection involves secure transport from SolGold's concessions in Ecuador, to the ALS certified sample preparation facility in Quito, Ecuador. Samples are then air freighted from Quito to the ALS certified laboratory in Lima, Peru where the assaying of drill core, channel samples, rock chips and soil samples is undertaken. SolGold utilises ALS certified laboratories in Canada and Australia for the analysis of metallurgical samples.

Samples are prepared and analysed using 100g 4-Acid digest ICP with MS finish for 48 elements on a 0.25g aliquot (ME-MS61). Laboratory performance is routinely monitored using umpire assays, check batches and inter-laboratory comparisons between ALS certified laboratory in Lima and the ACME certified laboratory in Cuenca, Ecuador.

In order to monitor the ongoing quality of its analytical database, SolGold's QA/QC protocol encompasses standard sampling methodologies, including the insertion of certified powder blanks, coarse chip blanks, standards, pulp duplicates and field duplicates. The blanks and standards are Certified Reference Materials supplied by Ore Research and Exploration, Australia.

SolGold's QA/QC protocol also monitors the ongoing quality of its analytical database. The Company's protocol involves Independent data validation of the digital analytical database including search for sample overlaps, duplicate or absent samples as well as anomalous assay and survey results. These are routinely performed ahead of Mineral Resource Estimates and Feasibility Studies. No material QA/QC issues have been identified with respect to sample collection, security and assaying.

Reviews of the sample preparation, chain of custody, data security procedures and assaying methods used by SolGold confirm that they are consistent with industry best practices and all results stated in this announcement have passed SolGold's QA/QC protocol.

The data aggregation method for calculating Copper Equivalent (CuEq) for down-hole drilling intercepts and rock-saw channel sampling intervals are reported using copper equivalent (CuEq) cut-off grades with up to 10m internal dilution, excluding bridging to a single sample and with minimum intersection length of 50m.

Copper Equivalent is currently calculated (assuming 100% recovery of copper and gold) using a Gold Conversion Factor of 0.751 (CuEq = Cu + Au x 0.751), calculated from a current nominal copper price of US$3.30/lb and a gold price of US$1700/oz.

True widths of downhole intersections are not well constrained. Drill hole one was inclined -55degrees towards the east, and the interpreted trend of the Cacharposa Intrusive Complex and its associated porphyry copper-gold mineralisation is subvertical, dipping approximately 85-90 degrees to the west. The true width of down-hole intersections reported are therefore expected to be approximately 55-60% of the down-hole lengths.

See www.solgold.com.au for more information. Follow us on twitter @SolGold plc

CAUTIONARY NOTICE

News releases, presentations and public commentary made by SolGold plc (the "Company") and its Officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements.

Accordingly, the reader should not rely on any interpretations or forward-looking statements; and save as required by the exchange rules of the TSX and LSE or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may reinterpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances.

This release may contain "forward‑looking information" within the meaning of applicable Canadian securities legislation. Forward‑looking information includes, but is not limited to, statements regarding the Company's plans for developing its properties. Generally, forward‑looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".

Forward‑looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward‑looking information, including but not limited to: transaction risks; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks relating to the ability of exploration activities (including assay results) to accurately predict mineralization; errors in management's geological modelling; capital and operating costs varying significantly from estimates; the preliminary nature of visual assessments; delays in obtaining or failures to obtain required governmental, environmental or other required approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further exploration activities, including drilling; delays in the development of projects; environmental risks; community and non-governmental actions; other risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and those risks set out in the Company's public documents filed on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward‑looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

The Company and its officers do not endorse, or reject or otherwise comment on the conclusions, interpretations or views expressed in press articles or third-party analysis, and where possible aims to circulate all available material on its website.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: SolGold PLC

ReleaseID: 618945

VALEURA ANNOUNCES PDMR SHARE DEALING

CALGARY, AB / ACCESSWIRE / December 1, 2020 / Valeura Energy Inc. (TSX:VLE, LSE:VLU) (the "Company"), an upstream oil and gas company with assets in the Thrace Basin of Turkey, announces that its Vice President, Exploration, Rob Sadownyk, purchased a total of 200,000 common shares of no par value in the capital of the Company at an average price of C$0.473 per share (approximately £0.272 per share) on the Toronto Stock Exchange between November 26th and November 30th, 2020.

For further information please contact:

Valeura Energy Inc. (General and Investor Enquiries) +1 403 237 7102
Sean Guest, President and CEO
Heather Campbell, CFO
Robin Martin, Investor Relations Manager
Contact@valeuraenergy.com, IR@valeuraenergy.com

Canaccord Genuity Limited (Corporate Broker) +44 (0) 20 7523 8000
Henry Fitzgerald-O'Connor, James Asensio

CAMARCO (Public Relations, Media Adviser) +44 (0) 20 3757 4980
Owen Roberts, Billy Clegg, Monique Perks, Hugo Liddy
Valeura@camarco.co.uk

This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company's obligations under Article 17 of that Regulation.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This announcement is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Valeura Energy Inc.

ReleaseID: 618937

TIMMINS, ON / ACCESSWIRE / November 30, 2020 / Golden Birch Resources Inc. (CSE:GBRX) ("Golden Birch" or the "Company") announces that further to its announcement on September 16, 2020,it has been informed that the parties to the action (the "PMPL Action") in the Western Australia Supreme Court have entered into a settlement agreement. The parties to the PMPL Action were a certain shareholder of Papuan Minerals Pty Ltd ("PMPL"), the Directors of PMPL, and PMPL itself. The Company is not a party to the PMPL Action and neither PMPL nor Papuan Minerals Ltd ("PML") is an affiliate of Golden Birch.

Golden Birch is a party to an option agreement dated March 20, 2020 (the "Option Agreement") among PMPL and PML, a wholly‐owned subsidiary of PMPL and the holder of the exploration licences that make up the Keveri project ("Keveri Project"). Pursuant to the Option Agreement, Golden Birch holds the option to earn up to an 85% interest in PML.

Golden Birch is continuing to seek further information and take legal advice on the matter and it will update the market on any relevant developments as required. The Company does not expect these legal proceedings will have a material impact on its exploration plans or commitment at the Keveri Project.

About Golden Birch Resources Inc.

Golden Birch Resources Inc. is a mineral exploration company focused on acquiring, exploring, and developing quality mineral properties in Papua New Guinea. Core values for the Company are respect for the community, the landowners, the environment and operating a safe workplace for its employees. The Company is also committed to best practise standards of corporate governance.

For further information please visit the Company's website at www.goldenbirchresources.ca or contact:

Golden Birch Resources
Iain Martin, Chief Administrative Officer (CAO)
& Executive Director

Yellow Jersey PR Limited
Sarah Hollins
Henry Wilkinson
Emma Becirovic

Tel: +1 (0) 705 288 0249
martiniainr@gmail.com

Tel: +44 (0) 20 3004 9512
goldenbirch@yellowjerseypr.com

Forward-Looking Statements

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. Such statements reflect the Company's present views, future plans, objective or goals, including words to the effect that the Company or management expects a stated condition or result to occur. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Many risks, uncertainties, and other factors involved with forward-looking information could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities.

Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, such actual results of current exploration programs, the general risks associated with the mining industry, the price of copper, gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, , uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, the inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company's public documents filed on SEDAR.

Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

SOURCE: Golden Birch Resources Inc.

ReleaseID: 618926

VANCOUVER, BC / ACCESSWIRE / December 1, 2020 / CIBT Education Group Inc. ("CIBT" or the "Company") (TSX:MBA)(OTCQX:MBAIF) reports that it has filed on SEDAR its annual audited consolidated financial statements (the "Annual Financial Statements") and related Management's Discussion & Analysis (the "MD&A") (collectively, the "2020 Financial Report") for the fiscal year ended August 31, 2020 ("Fiscal 2020"). This news release should be read in conjunction with the 2020 Financial Report in its entirety. To review the 2020 Financial Report, please visit CIBT's profile at www.sedar.com.

The following table presents selected financial data from the 2020 Financial Report with comparisons. All figures are in thousands of Canadian dollars, except share and per share data, unless otherwise noted.

For the years ended August 31,

2020

2019

% Change

Total revenues

$

62,548

$

70,997

-12%

Cost of operations

$

25,639

$

30,723

-17%

Gross margin

$

36,909

$

40,274

-8%

Other operating expenses

$

32,769

$

36,496

-10%

Finance costs

$

8,168

$

6,594

24%

Gain (loss) on change in fair value of investment properties

$

(5,730)

$

20,116

-128%

Other income (expense), net

$

5,317

$

(1,213)

-538%

Income (loss) before income taxes

$

(4,441)

$

16,087

-128%

Income tax expense

$

310

$

1,155

-73%

Net income (loss)

$

(4,751)

$

14,932

-132%

Net income attributable to CIBT shareholders

$

1,229

$

2,614

-53%

Income (loss) per share – CIBT shareholders

Basic

$

0.02

$

0.03

-33%

Diluted

$

(0.01)

$

0.03

-133%

Total assets

$

452,767

$

389,670

16%

Total non-current liabilities

$

111,273

$

113,824

-2%

The following reconciles net income (loss) to EBITDA and Adjusted EBITDA (non IFRS):

Fiscal 2020

Fiscal 2019

($)

($) (2)

Net income (loss) – Continuing operations

(4,751)

14,932

Deduct: interest income

(2,863)

(471)

Add: interest expense

8,496

7,011

Add: income tax provision

310

1,155

Add: depreciation and amortization

7,927

3,667

EBITDA [non-IFRS] (1)(2)

9,119

26,294

Add loss/deduct (gain) on changes in fair value of investment properties

5,730

(20,116)

Add loss/deduct (gain) on derivatives, net

(381)

(336)

Adjusted EBITDA [non-IFRS] (1)(2)

14,468

5,842

See the "Non-IFRS Financial Measurements" cautionary note at the end of this news release.
For the year ended August 31, 2019, previously reported EBITDA and Adjusted EBITDA were $23,752 and $3,636, respectively. Previous presentation of interest expense did not include accretion of deferred finance fees. Previous presentation of depreciation and amortization did not include amortization of agency fee intangibles.

"Fiscal 2020 displayed strong growth for our domestic education business at Sprott Shaw College as our revenue from those operations increased from $35.43 million to $37.04 million," commented Toby Chu, Chairman, President and Chief Executive Officer of CIBT. "The on-going pandemic ("COVID-19") and resulting border closures that were imposed during Fiscal 2020 had an impact on our overall business including our subsidiaries serving international students, which resulted in a 12% decline in total revenue. It is important to note that while the Company reported a net loss for Fiscal 2020, EBITDA was $9.19M and Adjusted EBITDA was $14.468M, respectively, in Fiscal 2020. Other highlights are:

Non-cash adjustments in Fiscal 2020 totaled $10.156 million associated with write-down of intangible assets and goodwill of $3.556 million, decrease of $5.73 million on fair value changes in our investment properties, and allowances against deferred tax assets
Net income attributable to CIBT shareholders was $1.229 million
Income per share (basic) declined to $0.02 per share for Fiscal 2020 however was still positive
Total asset value grew from $389.67 million to $452.767 million compared to the same period of last year, which does not include the $48.5 million purchase price for our 11th project, GEC® Marine Gateway, completed following our year-end
Cash on hand was $23 million as of August 31, 2020

CIBT management undertook significant efforts during Fiscal 2020 to address the new business landscape:

Transitioned all education platforms from an on-campus learning model to a virtual classroom model within ten days after lock-down measures were imposed
Provided 24/7 services to students residing in Canada and abroad throughout the pandemic period
Accommodated new students that vacated public university dormitories by relocating them to GEC® rental apartments while managing early cancellations for certain tenants
Provided Vancouver Coastal Health staff and frontline health workers with temporary housing at reduced costs at GEC® properties near hospitals
Increased the diversity of the GEC® rental tenant base to not only include students but also working professionals
Expanded GEC® Granville's tenant base, a twelve-story hotel operation, to accept international students seeking short-term accommodations who were unable to leave the country
Reduced the number of occupants per unit in GEC® properties to comply with quarantine requirements and social distancing, but most importantly, to protect the health of CIBT's tenants from the spread of COVID-19

"During the year, we took necessary steps to ensure that our tenants and students were less vulnerable to contracting COVID-19 within the premises of our schools and rental properties," continued Toby Chu. "We will continue to uphold CIBT's reputation by prioritizing the health of our tenants and students as their well-being is highly integral to our business."

Despite COVID-19's effect on the global economy, CIBT has continued its successful track record by achieving the following milestones:

Completed the land acquisition of GEC® Oakridge for $30.3 million in Fiscal 2020
Successfully raised $28.7 million, directly and through its subsidiary limited partnerships, during the 14 months from the beginning of Fiscal 2020 to October 30, 2020
Completed $203 million in mortgage financing, re-financing, and construction loans during the 15 months from the beginning of Fiscal 2020 to November 30, 2020, and took advantage of the lower interest rates where applicable
Completed the acquisition of GEC® Marine Gateway for a purchase price of $48.5 million on October 27, 2020
Expanded the real estate portfolio from ten projects to eleven projects, consisting of sixteen buildings which includes seven buildings that are operational, four buildings under construction, and five proposed buildings on land in the rezoning and construction phase. Refer to the Company's news release dated November 3, 2020 for a complete update of CIBT's real estate development progress1
All entities under CIBT's education and real estate subsidiaries have remained fully operational throughout the global pandemic
Continued construction and rezoning of various properties that are under development with public hearing dates confirmed for GEC Education Mega Center®, which occurred on November 19, 2020, and for GEC® Oakridge on January 19, 2021
Reduced dilution by cancelling 9.1288 million shares as of November 2, 2020, purchased through its normal course issuer bids from January 2015 to November 2020

Recent developments in the education and real estate market in Vancouver and Canada that have impacted the Company are as follows:

As of October 20, 2020, Canada re-opened its borders to international students from most countries attending eligible schools, and international student enrollments in CIBT's education subsidiaries have resumed
Occupancy rates for GEC® Granville Hotel and GEC® rental apartments are gradually returning to pre-pandemic levels
Real estate transactions in Metro Vancouver experienced a growth of 56.2% and 29% during the months of September and October 2020 compared to the same period in 2019 respectively, according to the Greater Vancouver Real Estate Board(*2)
Rental apartments have garnered strong interest from institutional investors seeking acquisition opportunities according to analyst reports from CBRE, Cushman and Associates, Colliers and Goodman Commercial
Canada was ranked #1 in ‘Top 10 Places to Study Abroad' by Educations.com(*3) and ranked #3 in ‘Best Country for Education' by U.S News(*4),encouraging international students to return to Canada
According to a Canada Mortgage and Housing report(*5), the vacancy rate for rental accommodations in Vancouver remains approximately 1%

(*1) http://www.cibt.net/cibt-group-provides-update-gec-branded-real-estate-portfolio/

(*2) https://www.rebgv.org/market-watch/monthly-market-report/october-2020.html

(*3) https://www.educations.com/top-10-lists/top-10-places-to-study-abroad-global-18096

(*4) https://www.usnews.com/news/best-countries/best-education

(*5) https://goodmanreport.com/app/uploads/2020/01/rental-market-reports-vancouver-64467-2020-a01-en.pdf

"We view the above recent developments, together with the recent news of the progress of several COVID-19 vaccines, as positive signs that the international education and real estate market will start to pick up again in the next few months," stated Toby Chu. "Moreover, the on-going shortage of rental properties is expected to cause rental prices to rise, which will increase our real estate portfolio value. Fair value changes in our investment properties is subject to recovery when the real estate market returns to a normal state. As a result, we expect this will enable us to realize fair value gains in the future. We are grateful for receiving tremendous support from the investment community and we are very proud of our 600 employees for their relentless effort in dealing with the current business environment amid COVID-19. Moving forward, we plan to expand our education footprints, acquire new properties to grow our student housing portfolio, increase the scale of future GEC® projects, and repeat our business model to produce strong financial results."

About CIBT Education Group:

CIBT Education Group Inc. is one of the largest education, and student housing investment companies in Canada, focused on the domestic and the global education market since 1994. CIBT owns business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 47 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College and CIBT School of Business. CIBT offers over 150 educational programs in healthcare, business management, e-commerce, hotel management, and language training through these schools. The total annual enrollment for the group in 2019 exceeds 12,000 students.

CIBT owns Global Education City Holdings Inc. ("Global Holdings"), an investment holding, and development company focused on education-related real-estate such as student-centric rental apartments, hotel and education super-centres. Under the GEC® brand, Global Holdings provides accommodation service to 72 schools in Metro Vancouver, serving 1,500 students from 77 countries. The total portfolio and development budget under the GEC® brand exceed $1.5 billion.

CIBT also owns Global Education Alliance ("GEA") and Irix Design Group ("Irix Design"). GEA recruits international students for many elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix Design is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at www.cibt.net.

For more information contact:

Toby Chu
Chairman, President & CEO
CIBT Education Group Inc.
investor Relations Contact: 1-604-871-9909 extension 310 or | Email: info@cibt.net

NON-IFRS FINANCIAL MEASUREMENTS

The Company has included non-IFRS performance measures throughout this press release, including Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and "Adjusted EBITDA" which is EBITDA adjusted for the gain (loss) on change in fair value of the Company's investment property and the gain (loss) on change in derivative liabilities, net. These non-IFRS financial measurements do not have any standardized meaning as prescribed by International Financial Reporting Standards ("IFRS") and are therefore unlikely to be comparable to similar measures presented by other issuers. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management uses EBITDA metrics to measure the profit trends of the business units and segments in the consolidated group since it eliminates the effects of financing decisions and Adjusted EBITDA as a measure of net income (loss) without the impact of gain (loss) on the change in the fair value measurements which are not realized. Certain investors, analysts and others utilize these non-IFRS financial metrics in assessing the Company's financial performance. These non-IFRS financial measurements have not been presented as an alternative to net income (loss) or any other financial measure of performance prescribed by IFRS. Reconciliation of the non-IFRS measures has been provided throughout the Company's MD&A filed under the Company's profile at www.sedar.com.

FORWARD-LOOKING STATEMENTS:

Some statements in this news release contain forward-looking information (the "forward-looking statements") about CIBT Education Group Inc. and its future plans. Forward-looking statements are statements that are not historical facts. The forward-looking statements in this news release include, without limitation, statements as to: (i) the expectation that the real estate market will start to pick up again in the next few months and that property values will return to pre-COVID-19 values; (ii) that rental prices will rise due to the on-going shortage of rental properties, increasing CIBT's real estate portfolio value; and (iii) that the Company's limited partnership subsidiaries will be able to acquire new properties leading to strong financial results. The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the "Risks") that could cause CIBT's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. The Risks include, without limitation: (a) that restrictions arising as a result of COVID-19 will continue for a period of time beyond management's current expectations, continuing to adversely affect the economy and real estate values; (b) the ability of CIBT's subsidiary limited partnerships to arrange equity investment and secure other required funding to acquire and build GEC® projects, usual construction risks, the ability to obtain all required municipal approvals, the ability to continue to attract students to reside in GEC® branded accommodations, and the level of competition faced by the Company. Forward-looking statements are based on the beliefs, opinions and expectations of CIBT's management at the time they are made, and CIBT does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.

SOURCE: CIBT Education Group Inc.

ReleaseID: 619067