SHENZHEN, China, March 27 /Xinhua-PRNewswire/ -- Noah Education Holdings Ltd. ("Noah") (NYSE: NED), a leading provider of interactive education content in China, today announced that its board of directors has authorized a program to repurchase Noah American Depositary Shares, each representing one Noah ordinary share. The board has approved the repurchase of up to US $10 million worth of ADSs over a period of one year.
The repurchases will be made on the open market or in privately negotiated transactions from time to time in compliance with SEC’s Rule 10b-18, subject to market conditions, applicable legal requirements and other factors. This plan does not obligate Noah to acquire any particular number of ADSs and the plan may be suspended at any time at Noah’s discretion.
Dong Xu, Noah’s chairman and chief executive officer, said, "The board of directors believes that Noah’s ADSs are presently undervalued in the marketplace and represent a sound investment decision at recent trading prices. Management is confident in the future of Noah and we believe that this repurchase program is in the best interest of Noah and its shareholders."
About Noah
Noah Education Holdings Limited ("Noah") (NYSE: NED) is a leading provider of interactive education content in China. Noah develops and markets interactive multimedia learning materials mainly to complement prescribed textbooks used in China’s primary and secondary school curricula. Noah delivers content primarily through handheld digital learning devices, or DLDs. In 2007, Noah opened nine after-school tutoring centers in Chengdu, Chongqing and Beijing as part of its strategy to become China’s leading brand in supplemental education content and service.
For more information about Noah, please visit http://www.noahtech.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 filings with the SEC.
For investor and media inquiries, please contact:
In China:
Mr. Rick Chen
Noah Education Holdings Limited
Tel: +86-755-8204-3465
Email: rick_chen@noah21cn.com
Mrs. Helen Plummer
Ogilvy Public Relations Worldwide (Beijing)
Tel: +86-10-8520-3090
Email: helen.plummer@ogilvy.com
In the United States:
Jessica Cohen
Ogilvy Public Relations Worldwide (New York)
Tel: +1-646-460-9989
Email: jessica.cohen@ogilvy.com
