After years of financial turmoil for Canada-based education provider, KGIC, CIBT Education Group has announced it has acquired the company’s remaining operating assets.

Nearly 100 students from three Toronto-based schools - Cornerstone Academic College, UCCBT Toronto and KGIBC Toronto - are in the process of bring transferred to alternative schools in the area. More closures and consolidations are expected in the future as KGIC restructures.

Canada-based KGIC (formerly Loyalist Group) has said a statement issued last year declaring the sale of Korean education agency Uhak.com “may have been premature”, as the sale of the asset had not been consummated.

KGIC, formerly Loyalist Group, has secured the investment it needs to stay in operation, has new management and has already announced a strategic partnership with two Indian institutions to build student recruitment channels.

KGIC has said that unless it secures further investment by December 31, it may not be able to continue operating. However, its CEO has assured The PIE News that it has no plans to close any schools.

Canada-based education provider KGIC – formerly Loyalist Group – has sold its two recently-acquired agency divisions, Uhak.com and Kim Okran, marking its exit from the agency space.

Loyalist Group, owner of a number of ESL schools in Canada, announced last week that it has changed its name to KGIC Inc., which came into effect on October 1, soon after announcing the closure of three of its school campuses.

Loyalist Group in Canada has announced it is closing three of its school campuses, saying that a "consolidation of real estate strengthens not just the individual school brands, but also the company as a whole".