SHANGHAI, April 15, 2019 /PRNewswire/ -- Four Seasons
Education (Cayman) Inc. ("Four Seasons Education" or the
"Company") (NYSE: FEDU), a leading after-school math education
service provider for elementary school students in Shanghai, today announced that effective
April 15, 2019, the board of
directors of the Company (the "Board") approved a share repurchase
program whereby Four Seasons Education is authorized to repurchase
its own ordinary shares in the form of American depositary shares
("ADS") with an aggregate value of up to US$15 million during the next twelve-month
period. The Company plans to fund the repurchase program out of its
available working capital, existing cash balance or future cash
provided by operating activities.
Mr. Peiqing Tian, Chairman and
Chief Executive Officer of Four Seasons Education, commented, "As
we continue to cultivate the after-school education market in
Shanghai and nationwide, we remain
committed to delivering value to our shareholders. With our newly
approved share repurchase program, we expect to capitalize on
our current valuation to repurchase shares at attractive prices.
The proposed program also demonstrates our firm conviction in the
value and long-term outlook of the Company."
The share repurchases under the 2019 program may be made from
time to time through various means, including open market and
privately negotiated transactions. The per share price cap will be
determined from time to time by the discretion of the Chief
Executive Officer or the Chief Financial Officer, as authorized by
the Board. The proposed share repurchase may be effected on the
open market at prevailing market prices, depending on a number of
factors, including, but not limited to, share price, trading volume
and general market conditions, along with the Company's working
capital requirements, general business conditions and other
factors, as well as subject to applicable rules of Rule 10b5-1
and/or Rule 10b-18 under the
Securities Exchange Act of 1934, as amended.
Safe Harbor Statement
This press release contains statements of a forward-looking
nature. These statements, including the statements relating to the
Company's future financial and operating results, are made under
the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. You can identify these
forward-looking statements by terminology such as "will,"
"expects," "believes," "anticipates," "intends," "estimates" and
similar statements. Among other things, management's quotations and
the Business Outlook section contain forward-looking statements.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about the Company and the
industry. Potential risks and uncertainties include, but are not
limited to, those relating to its ability to attract new students
and retain existing students, its ability to deliver a satisfactory
learning experience and improving their academic performance, PRC
regulations and policies relating to the education industry in
China, general economic conditions
in China, and the Company's
ability to meet the standards necessary to maintain listing of its
ADSs on the NYSE or other stock exchange, including its ability to
cure any non-compliance with the NYSE's continued listing criteria.
All information provided in this press release is as
of the date hereof, and the Company undertakes no
obligation to update any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that its expectations will turn out to be correct, and investors
are cautioned that actual results may differ materially from the
anticipated results. Further information regarding risks and
uncertainties faced by the Company is included in the Company's
filings with the U.S. Securities and Exchange Commission, including
its registration statement on Form F-1 filed in connection with its
initial public offering.
About Four Seasons Education (Cayman) Inc.
Four Seasons Education (Cayman) Inc. is a leading after-school
math education service provider for elementary school students in
Shanghai. The Company's vision is
to unlock students' intellectual potential through high quality and
effective math education that can profoundly benefit students'
academic, career and life prospects. The Company provides
educational programs that are primarily focused on elementary-level
math, and have expanded in recent years to also include other
subjects, including physics, chemistry, and languages, and other
grade levels, including kindergarten-level and middle school-level
programs. The Company's proprietary educational content is designed
to cultivate students' interests and enhance their cognitive and
logic abilities. The Company develops its educational content
through a systematic development process and updates it regularly
based on student performance and feedback. Such process allows the
Company to effectively drive better learning outcomes and serve
students of different ages, aptitude levels and learning
objectives. The Company's faculty is led by a group of experienced
senior educators, including recognized scholars, award-winning
teachers, world-class competition champions and top mathematics
Olympiad coaches in China. Over
the years, the quality of the Company's education services has been
demonstrated by its students' outstanding academic performance.
For more information, please visit http://ir.sijiedu.com.
For investor and media inquiries, please contact:
In China:
Four Seasons Education (Cayman) Inc.
Olivia Li
Tel: +86 (21) 6317-6678
E-mail: IR@fsesa.com
The Piacente Group, Inc.
Xi Zhang
Tel: +86 (10) 5730-6200
E-mail: fourseasons@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: fourseasons@tpg-ir.com
View original
content:http://www.prnewswire.com/news-releases/four-seasons-education-announces-board-authorization-to-repurchase-up-to-us15-million-of-its-adss-300831879.html
SOURCE Four Seasons Education Inc.