ATA Announces Share Repurchase Program
November 13 2008 - 4:15PM
PR Newswire (US)
BEIJING, Nov. 13 /Xinhua-PRNewswire-FirstCall/ -- ATA Inc. ("ATA"
or the 'Company') (NASDAQ:ATAI), the leading provider of
computer-based testing and testing-related services in China, today
announced that its board of directors has approved a share
repurchase program effective November 13, 2008. Under the approved
program, ATA is authorized to repurchase up to US$5 million worth
of its issued and outstanding American Depositary Shares ('ADSs')
from time to time in open-market transactions on the Nasdaq Global
Market. The repurchases will be made at prevailing market prices,
in negotiated transactions off the market, in block trades,
pursuant to a 10b5-1 plan (which if adopted, will allow ATA to
repurchase its ADSs during periods in which it may be in possession
of material non-public information) or otherwise. The purchases
will be made subject to restrictions relating to volume, price and
timing. The timing and extent of any purchases will depend upon
market conditions, the trading price of its ADSs and other factors.
ATA expects to implement this share repurchase program over the
next 12 months, in a manner consistent with market conditions and
the interest of its shareholders. ATA's board of directors will
review the share repurchase program periodically, and may authorize
adjustment of its terms and size accordingly. The program may be
suspended or discontinued at any time. 'Our board of directors'
approval of this share repurchase program is a testament to the
confidence we have in the long-term value of our company, and
reiterates our commitment to creating lasting value to our
shareholders,' said Kevin Ma, ATA's Chairman and Chief Executive
Officer. 'Furthermore, we believe our current cash position gives
us the flexibility to implement this program while at the same time
continuing to pursue our strategies and growth opportunities.' ATA
plans to fund repurchases made under this program from available
cash balance. As of September 30, 2008, ATA's cash and cash
equivalents totaled approximately US$51 million, and the Company
had 22.6 million outstanding ADSs representing 45.7 million
ordinary shares. About ATA Inc. ATA is the leading provider of
computer-based testing services in China. The Company offers
comprehensive services for the creation and delivery of
computer-based tests based on its proprietary testing technologies
and test delivery platform. The Company's computer-based testing
services are used for professional licensure and certification
tests in various industries, including information technology, or
IT, services, banking, teaching, securities, insurance and
accounting. ATA's test center network comprised 1,895 authorized
test centers located throughout China as of September 30, 2008,
which the Company believes is the largest test center network of
any commercial testing service provider in China. Combined with its
test delivery technologies, this network allows ATA's clients to
administer large-scale nationwide tests in a consistent, secure and
cost-effective manner. ATA has delivered over 26 million tests
including 16 million billable tests since it commenced operations
in 1999, and in June 2008 delivered tests to approximately 470,000
test takers over a single weekend for the China Banking Association
through its test delivery platform. For further information, please
visit: http://www.ata.net.cn/ . Cautionary Note Regarding
Forward-looking Statements This announcement contains
'forward-looking statements," including, among other things, ATA's
anticipated repurchase of its ADSs and the expected duration of the
repurchase program. ATA may repurchase all US$5 million of its
ADSs, or no ADSs, or any amount in between, and lengthen or shorten
the repurchase period, depending on the trading price of its ADSs,
which may be positively or negatively impacted by the repurchase
program, market conditions, determinations following the date of
this announcement to use such funds for other purposes, or for
other reasons. These forward-looking statements are not historical
facts but instead represent only our belief regarding future
events, many of which, by their nature, are inherently uncertain
and outside of our control. For a discussion of important factors
that could adversely affect our business, financial condition,
results of operations and prospects, see 'Risk Factors' beginning
on page 7 of our annual report on Form 20-F filed with the
Securities and Exchange Commission on August 28, 2008. We undertake
no obligation to update or revise these forward-looking statements,
whether as a result of new information, future events or otherwise,
after the date of this press release. Such information speaks only
as of the date of this release. For further information, please
contact: ATA Inc. Carl Yeung, CFO Tel: +86-10-6518-1122 ext 5107
Email: CCG Elite Investor Relations Crocker Coulson, President Tel:
+1-646-213-1915 Email: Ed Job, CFA Tel: +1-646-213-1914 Email:
DATASOURCE: ATA Inc. CONTACT: ATA Inc., Carl Yeung, CFO,
+86-10-6518-1122 ext 5107, or CCG Elite Investor Relations, Crocker
Coulson, President, +1- 646-213-1915, and Ed Job, CFA,
+1-646-213-1914, for ATA Inc. Web site: http://www.ata.net.cn/
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