Entering Fast-Growing Kids' English Training Market in China
SHENZHEN, China, July 6 /PRNewswire-Asia-FirstCall/ -- Noah Education
Holdings Ltd. (NYSE: NED), a leading provider of interactive education content
in China, today announced the completion of its acquisition of 100% interest
in Little New Star Education Group ("Little New Star"), a Changsha-based
private education service provider that specializes in providing English
language training for kids, pursuant to the terms of definitive agreements
entered into on May 22, 2009.
The total consideration of the acquisition is RMB113 million, comprised of
a combination of cash and stock. Noah expects the newly acquired business to
contribute between RMB 13-15 million to net profit in fiscal year 2010.
"We are extremely pleased to have finalized this transaction that will
transform our company into a more comprehensive supplemental education
services provider for children aged 3-19 in China," said Mr. Dong Xu, Noah's
Chairman and Chief Executive Officer. "With the acquisition of Little New
Star,
Noah gains a well-known brand name in English training for children, a
nationwide network of Little New Star learning centers, a well-respected
professional teaching team and an industry-leading teaching and training
system that is highly scalable. We expect the combination of Noah's nationwide
distribution channel and sales and marketing expertise in China with Little
New Star's reputable teaching methodology, outstanding content development
capabilities, and well-established teacher training program to provide Noah
with greater growth potential, synergies and a stable recurring revenue
stream.
We are confident that this transaction will further strengthen Noah's
competitive position in China's education market."
Conference Call
Noah has scheduled an investor conference call at 5:00 a.m. (Pacific) /
8:00 a.m. (Eastern) / 8:00 p.m. (Beijing/Hong Kong) on Tuesday, July 7, 2009
to discuss its acquisition of Little New Star. Individuals interested in
participating in the call may do so by dialing:
Toll Free Toll
United States +1-800-561-2601 +1-617-614-3518
China 10-800-130-0399
Hong Kong 800-96-3844
United Kingdom 00-800-2800-2002
Passcode Noah Education
Please dial in 10 minutes before the call is scheduled to begin.
A telephone replay will be available shortly after the call until July 14,
2009 by dialing the following numbers:
Toll Free Toll
United States +1-888-286-8010
International Dial In +1-617-801-6888
Passcode 68575240
A live webcast of the conference call and replay will be available on the
investor relations page of Noah's website at http://ir.noahedu.com.cn .
About Little New Star
Little New Star, founded in 1992, is a leading provider of kids' English
language training in China, based in Changsha, Hunan province. The company
provides English learning services through its direct-owned schools, as well
as develops and markets English teaching materials through its franchised
learning centers. It has 10 direct-owned learning centers in Changsha, Datong
and Xiangtan, and over 600 franchises across China, except in Tibet. The
company was recently named as one of the Top Ten Foreign Language Training
Organizations by sina.com .
About Noah
Noah Education Holdings Limited is a leading provider of supplementary
education services to China's elementary and middle school students. Noah's
core offering includes the development and marketing of electronic learning
products (ELPs), interactive educational courseware content, software, online
and offline delivery platforms and after-school education services. Noah
combines standardized education content with innovative digital and multimedia
technologies to create a dynamic learning experience and improve academic
performance for students throughout China. Noah has developed a nationwide
sales network, powerful brand image, and accessible and diverse delivery
platforms to bring its innovative content to the growing student population.
The interactive and comprehensive services Noah offers will enable students
and teachers to engage in knowledge-sharing communities, all centered around
the Noah brand. Noah was founded in 2004 and is listed on the New York Stock
Exchange under the ticker symbol NED.
For more information about Noah, please visit http://www.noahedu.com.cn .
Safe Harbor Statement
This press release contains forward-looking statements that reflect Noah's
current expectations and views of future events that involve known and unknown
risks, uncertainties and other factors that may cause our actual results,
performance or achievements to be materially different from any future
results,
performance or achievements expressed or implied by the forward-looking
statements. Noah has based these forward-looking statements largely on its
current expectations and projections about future events and financial trends
that it believes may affect its financial condition, results of operations,
business strategy and financial needs. You should understand that our actual
future results may be materially different from and worse than what Noah
expects. Information regarding these risks, uncertainties and other factors is
included in Noah's most recent Annual Report on Form 20-F and other filings
with the SEC.
For more information, please contact:
Investor Contact:
Rick Chen
Executive Vice President
Noah Education Holdings Ltd.
Tel: +86-755-8204-3465
Email: rick_chen@noahedu.com
Investor Relations (US):
Jessica McCormick
Taylor Rafferty
Tel: +1-212-889-4350
Email: noahedu@taylor-rafferty.com
Investor Relations (HK):
Ruby Yim
Taylor Rafferty
Tel: +852-3196-3712
Email: noahedu@taylor-rafferty.com
SOURCE Noah Education Holdings Ltd.
Noah Education Holdings Ltd., Rick Chen, Executive Vice President,
+86-755-8204-3456, rick_chen@noahedu.com or Taylor Rafferty, Jessica
McCormick, +1-212-889-4350, noahedu@taylor-rafferty.com and Ruby Yim,
+852-3196-3712, noahedu@taylor-rafferty.com, both for Noah Education Holdings
Limited
