BEIJING, Feb. 5, 2019
/PRNewswire/ -- RYB Education, Inc. ("RYB" or the
"Company") (NYSE: RYB), a leading early childhood education service
provider in China, announced today
that it has entered into a definitive agreement to acquire
approximately 70% of a leading Singapore-based private childhood
education group for approximately RMB125
million in cash.
Ms. Yanlai Shi, the Company's Co-founder, Director and Chief
Executive Officer, said, "We are excited to add this portfolio of
childhood education assets to our platform. This acquisition
expands our brands and service offerings to a wider audience and
additional jurisdictions. Moreover, the international English and
bilingual curriculum, along with the high-quality education
management team we are acquiring, will generate great synergy with
our China-based operations and
enhance our competitive edge in our core China early childhood education market."
"This annoucement, together with our prior acquisitions and
alliances, exemplifies our strategic and measured diversification
across multiple business lines, products and geographies. It
broadens our educational platform while allowing us to remain
primarily focused on providing educational services to children
from infancy to 6 years old. In addition, this
acquisition demonstrates our commitment to constantly
improving the quality of our educational offerings, and we firmly
believe that this initiative will deliver long-term value for our
shareholders," Ms. Shi concluded.
In conjunction with the above purchase, the Company intends to
change its name from RYB Education to GEH Education to better
reflect its growing platform of multiple brands, products and
services in multiple markets and geographies. The Company's board
of directors has approved the name change and it will be submitted
to the Company's general meeting for further approval by the
shareholders. The proposed new Company name is intended to
strengthen the core RYB brand for kindergarten and Play-and-Learn
services as well as other brands on the platform while providing a
mechanism for continued brand, product and service expansion.
About RYB Education, Inc.
Founded on the core values of ''Care'' and ''Responsibility'',
"Inspire" and "Innovate," RYB Education, Inc. is a leading early
childhood education service provider in China. Since opening
its first play-and-learn center in 1998, the Company has grown and
flourished with the mission to provide high-quality, individualized
and age-appropriate care and education to nurture and inspire each
child for his or her betterment in life. During its more than two
decades of operating history, the Company has built "RYB" into a
well-recognized education brand and helped bring about many new
educational practices in China's early childhood
education industry. RYB's comprehensive early childhood education
solutions meet the needs of children from infancy to 6 years old
through structured courses at kindergartens and play-and-learn
centers, as well as at-home educational products and services.
For more information, please visit http://ir.rybbaby.com
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: the
Company's brand recognition and market reputation; student
enrollment in the Company's teaching facilities; the Company's
growth strategies; its future business development, results of
operations and financial condition; trends and competition in
China's early childhood education
market; changes in its revenues and certain cost or expense items;
the expected growth of the Chinese early education market; Chinese
governmental policies relating to the Company's industry and
general economic conditions in China. Further information regarding these and
other risks is included in the Company's filings with the SEC. All
information provided in this press release and in the attachments
is as of the date of this press release, and the Company undertakes
no obligation to update any forward-looking statement, except as
required under applicable law.
For investor and media inquiries, please contact:
In China:
RYB
Education, Inc.
Investor Relations
Tel: +86-10-8767-5752
E-mail: ir@rybbaby.com
The Piacente Group, Inc.
Ross Warner
Tel: +86 (10) 5730-6200
E-mail: ryb@tpg-ir.com
In the United
States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: ryb@tpg-ir.com
View original
content:http://www.prnewswire.com/news-releases/ryb-announces-strategic-acquisition-300789978.html
SOURCE RYB Education, Inc.