TAIYUAN CITY, China, October 31, 2011 /PRNewswire-Asia-FirstCall/ -- China Bilingual Technology & Education Group Inc. (OTCBB: CBLY) ("China Bilingual" or the "Company"), an education company that owns and operates high-quality, K-12 private boarding schools in China, announced today that its board of directors unanimously approved a change of the Company's fiscal year end from December 31 to August 31, effective as of August 31, 2011.
Michael Toups, CFO of China Bilingual, stated, "By changing our fiscal year to August 31, our financial reporting will more accurately reflect the academic school year which typically begins September 1. We expect to file an audited transition report for the eight month period of January 1, 2011 to August 31, 2011 on Form 10-K by the end of November."
The change in fiscal year end also allows the Company to incorporate a full year of operational results for fiscal year 2012 of its newly acquired school. Founded in 2002, the newly acquired school is a K-12 private boarding school with approximately 3,000 students currently enrolled and a total capacity for approximately 10,000 students. The campus, located in Jinzhong City, near the Company's headquarters in Taiyuan City, spans 82 acres and is comprised of over 2.3 million square feet of facilities, including 18 dormitories, academic classrooms, gymnasium, theater, natatorium, cafeteria, and other administrative and academic buildings.
"We are very pleased to have closed on this transaction to begin the 2011-2012 academic school year," stated Dr. Ren Zhiqing, Chairman and CEO of China Bilingual. "The addition of the new school to our portfolio of educational institutions strengthens our position in the fast-growing private education sector in China. With our long history of operational success and track record of academic excellence, we believe we will be able to drive substantial growth in the years ahead. We began with just nine students enrolled in our original school in 1998, and we now have the capacity for 20,000 students. We remain dedicated to becoming an education leader in China and increasing long-term value for our shareholders."
About China Bilingual Technology & Education Group Inc.
China Bilingual Technology & Education Group Inc. is an education company that owns and operates high-quality, K-12 private boarding schools in China. Founded in 1998, the Company currently operates three schools encompassing the kindergarten, elementary, middle and high school levels with approximately 12,600 students and 2,000 faculty and staff.
The Company's schools are located in Shanxi and Sichuan Provinces and provide students with an innovative and high-quality education with a focus on fluency and cultural skills in both Chinese and English. The schools regularly rank among the top schools in their respective regions for college entrance rates and national college entrance exam scores. The Company's schools have earned excellent teaching reputations and are recognized for the success of their students and strong faculty.
As China experiences rapid industrialization and economic growth, the government is focused on education as a means to increase worker productivity and raise the standard of living. Parents in China's new middle and upper classes are sending their children to receive private school education to give them an advantage in China's increasingly competitive workforce. The Company's sector in education is not subject to corporate income tax, and the Company anticipates its growth will come from both organic growth through increased enrollment and expansion of its business model and teaching methods into new schools to be acquired by the Company.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. For additional information, readers should carefully review reports or documents the Company files periodically with the Securities and Exchange Commission.
Contact:
At the Company:
Michael Toups, Chief Financial Officer
U.S. Office +1 727-641-1357
miketoups@gmail.com
Investor Relations:
Mike Bowdoin
RedChip Companies, Inc.
Tel: +1-800-733-2447, Ext. 110
Email: info@redchip.com
