Geoffrey Smith, chairman of KGIC
, said, 'These arrangements, once completed, will represent a significant step in the restructuring of the company and will be, in the belief of new management and the directors of the company, a building block towards financial stability for the company and its stakeholders.
We welcome the first Beijing licensee and are pleased that it has become part of our KGIC
English Center expansion plan.
The MOU further provides for the transfer of students to CIBT Group's schools in Canada, including KGIC
and Sprott-Shaw Degree College.
business has demonstrated a higher value than we had originally forecast upon its acquisition, having consistent growth and profitability since it was acquired compared to negative profitability prior to its acquisition;
Going forward, direct premiums written are projected to remain stable as non-core lines of business from KGIC
are run off.