Green Star Mining Corporation Successfully Completes Reverse Merger With Fast Growing Provider of Customized Vocational Educatio
February 12 2010 - 8:00AM
Marketwired
Green Star Mining Corp. (OTCBB: GSTR)
-- Mr. Guangwen He, a Leader in China's Vocational Education Industry,
Named Chairman and CEO
-- Five New Directors Appointed
-- Strong Growth Outlook for Customized Education Buttressed by China's
Skilled Blue Collar Personnel Shortage and Close Cooperation With Local
Enterprises Resulting in 100% Employment Rate of All Graduates
Green Star Mining Corp. ("The Company") (OTCBB: GSTR) announced
today that it has successfully completed a reverse merger with
Risetime Group Limited ("Risetime") on February 11, 2010. Risetime
consolidates the operation of one of China's leading providers of
customized or "order-oriented" vocational education under the
widely known "HQ" brand. Risetime and its subsidiaries control and
operate eight HQ schools through a series of certain exclusive
contractual agreements. In cooperation with 120 participating
employers, HQ schools provide the skilled workers these enterprises
require which results in a 100% employment rate for all of its
graduates.
The reverse merger is described in detail in an 8-K filed by the
Company with the U.S. Securities and Exchange Commission.
HQ Global Education Inc. ("HQ")
As of the first semester of 2010, a faculty and support staff of
nearly 2800 served a total of approximately 32,238 HQ students from
21 provinces throughout China. They are taught a wide range of
vocational skills in approximately 60 programs in 17 technical
career categories at eight vocational schools in the Sichuan and
Hunan Provinces. These operations now constitute the primary
operations of the Company, which anticipates changing its name to
HQ Global Education Inc., upon obtaining the necessary approvals.
Following the reverse merger, the Company has 33 million shares
outstanding and will continue to trade on the US OTC Bulletin Board
with the same symbol until the Company formally changes its
name.
Strategy For Continuing Growth
Mr. Guangwen He, the newly named Chairman and CEO of the
Company, and founder of the vocational school in 1994, is widely
recognized in China as a leader in technical education to help meet
the shortage of skilled workers in the country's rapidly growing
economy as well as to provide employment opportunities to poor
students coming from China's western countryside. Long a leading
proponent and innovator in "order-oriented" education, Mr. He has
guided the growth of HQ and sees a continuing significant growth
opportunity ahead in helping to meet the severe shortages of
skilled blue collar workers in a variety of industries throughout
China. For his outstanding contributions to the advancement of
Chinese vocational education, Mr. He has been awarded the high
honor of Special Government Allowance by the State Council of
China.
"Entering 2010," Mr. He said, "we anticipate continuing strong
growth as we expand our student enrollment capacity with the
planned physical expansion of several of our existing teaching
facilities, and we also focus in particular on obtaining agreements
for new mariner training facilities in several coastal cities to
meet the very strong demand in the popular maritime field for
skilled personnel."
Mr. He added, "We also will be building a program for
distributing throughout China our proprietary teaching materials
which we believe will become another source of revenue over time.
It is important that we also continue to enhance awareness of our
HQ brand to attract new students and industry partners. HQ has
become increasingly synonymous throughout China with superior
training to meet employer needs and for producing outstanding
technical specialists with immediate jobs and fulfilling career
opportunities."
Strong Increases in 2009 Revenues and Net Income
In 2009, the Company reported that revenues generated mainly by
tuition, as well as fees from students and their prospective
employers, climbed 25.4% to $36.1 million as compared with revenues
of $28.8 million for the year ended December 31, 2008. As margins
grew, net income for the year ended December 31, 2009 was $10.67
million, up $2.87 million or 36.8% from the same period in 2008. At
year end 2009, the Company's cash and cash equivalents were
approximately $5.6 million.
New Directors and Officers
In addition to Mr. He, who was named Chairman and Chief
Executive Officer of the Company, the new five-member Board
includes three outside directors -- Mr. Erik Vonk, Mr. Junming Peng
and Mr. Shaozeng Wang. Also named to the Board is Ms. Yabin Zhong,
Vice-principal of Changsha Huanqui Vocational Secondary School.
Additionally, Mr. Yunjie Fang has been appointed Chief Financial
Officer and Treasurer of the Company.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the
statements in this press release are forward-looking statements
that are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties, which
may cause our actual results in future periods to differ materially
from forecasted results. These risks and uncertainties include,
among other things, product demand, market competition, and risks
inherent in our operations. These and other risks are described in
our filings with the U.S. Securities and Exchange Commission.
Contacts: Mr. Guangwen He Chairman and Chief Executive Officer
Tel: (86 731) 87828601 Fax: (86 731) 87828601 In the U.S. Ken
Donenfeld DGI Investor Relations donfgroup@aol.com
kdonenfeld@dgiir.com Tel: 212-425-5700 Fax: 646-381-9727