SHENZHEN, China, May 13 /PRNewswire-Asia/ -- Noah Education Holdings Ltd. ("Noah") (NYSE: NED), a leading provider of interactive educational content and education services in China, announced today that its Board of Directors has authorized a new program to repurchase American Depositary Shares, each representing one Noah ordinary share. The Board approved the repurchase of up to US$10 million of ADSs over a period of one year.
The size, scope and timing of any purchases under the new program will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, and capital availability. The share repurchase program is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions, or by any combination of such methods, in compliance with applicable insider trading and other securities laws and regulations. This plan does not obligate Noah to acquire any particular number of ADSs. The plan may be suspended, modified or discontinued at any time at Noah's discretion without prior notice. The American Depositary Shares repurchased under the program will be canceled.
The share repurchase program will be funded with the Company's available working capital. As of March 31, 2010, the Company had cash and cash equivalents, short-term bank deposit and short-term investments of RMB714.0 million (US$105.4 million), representing cash per ADS of US$2.72.
Dong Xu, Noah's Chairman and Chief Executive Officer, said, "The Board's authorization of the share repurchase program reflects our continued confidence in Noah's growth opportunities and our strong commitment to enhancing shareholder value. We believe current share price levels do not fully reflect the fundamental strength of our business. Our strong balance sheet and solid cash position enables us to engage in a share repurchase program while continuing to strategically invest in our business to drive long-term growth."
About Noah
Noah Education Holdings Limited is a leading provider of interactive educational content and education services in China. Noah's core offering includes the development and marketing of interactive educational courseware content, electronic learning products (ELPs), software, kids' English training 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 kids in China aged 3-19. Noah has developed a nationwide sales network, powerful brand image, and accessible and diverse delivery platforms to bring its innovative content to the student population. Noah also provides a kids' English training service under the brand Little New Star in its direct-owned schools and approximately 724 franchise schools throughout China. Noah was founded in 2004 and is listed on the New York Stock Exchange under the ticker symbol NED.
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.
