omniture

Noah Education Receives Second Installment for ELP Business

2011-07-13 18:05 671

SHENZHEN, China, July 13, 2011 /PRNewswire-Asia-FirstCall/ -- Noah Education Holdings Ltd. (NYSE: NED) ("Noah" or the "Company"), a leading provider of education services in China, today announced it has received the second installment of RMB17.5 million, representing 30% of the total purchase price of RMB100 million, net of certain price adjustments pursuant to the acquisition agreement, for the recently disposed Electronic Learning Products ("ELP") business and operating assets. The payment was received from First Win Technologies Ltd. ("First Win"), a company wholly owned by Noah co-founder, former President and Chief Operating Officer Mr. Benguo Tang, in accordance with the acquisition agreement between Noah, First Win and Mr. Tang.

The final installment of RMB30 million, in the amount of 30% of the total purchase price, will be paid by October 12, 2011. The final installment will not be subject to any price adjustment and Mr. Tang has also pledged his shares in the Company as security for his payment obligations under the acquisition agreement. First Win has assumed responsibility for the operation of the ELP business since April 1, 2011, including earnings or losses of the ELP business during the interim period between signing and closing.

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, and Little New Star, which provides English language training for children aged 3-12 in its directly owned and franchised training centers. 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.

Contacts:





Noah Education Holdings Ltd.

Lea Wu

Tel: +86 (755) 8204 3194

Email: wuzy@noahedu.com


Investor Relations (US)

Kelly Gawlik

Taylor Rafferty

Tel: +1 (212) 889-4350

Email: noahedu@taylor-rafferty.com



Investor Relations (Hong Kong)

Mahmoud Siddig

Taylor Rafferty

Tel: +852 3196 3712

Email: noahedu@taylor-rafferty.com





Source: Noah Education Holdings Ltd.
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Keywords: Education
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