SHENZHEN, China, October 12, 2011 /PRNewswire-Asia/ -- Noah Education Holdings Ltd. (NYSE: NED) ("Noah" or "the Company"), a leading provider of education services in China, today announced that it has received the final installment of RMB30 million, representing 30% of the total purchase price of RMB100 million, net of certain price adjustments pursuant to the acquisition agreement, for the sale of its Electronic Learning Products ("ELP") business and operating assets to First Win Technologies Ltd. ("First Win"), a company wholly owned by Noah co-founder, former President and Chief Operating Officer Mr. Benguo Tang. The Company completed the sale of its ELP business on June 9, 2011.
Chief Executive Officer Jerry He said, "The completion of the sale of the ELP business heralds the start of an exciting new chapter in Noah's history, as we can now focus exclusively on extending our track record of profitable growth within the education services space. China's rapidly growing, fragmented and underpenetrated education services market provides a wealth of opportunities for Noah to leverage its extensive industry expertise and healthy cash balance to continue to achieve organic and acquisitive growth within this stable, high-margin and high-visibility segment."
About Noah Education Holdings Ltd.
Noah is a leading provider of education services in China. The Company's brands include Wentai Education, which operates and manages high-end kindergartens, primary and secondary schools, Little New Star, which provides English language training for children aged 3-12 in its directly owned and franchised kindergartens and training centers, and Yuanbo Education operates premium kindergartens under the Qingan 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://ir.noahedu.com.cn.
Contact:
Noah Education Holdings Ltd.
Lea Wu
T: +86 (755) 82889128
E: ir@noaheducation.com
Fleishman-Hillard
T: +852 2530 0228
E: ir@noaheducation.com