CUPERTINO, Calif., Jan. 19,
2023 /PRNewswire/ -- Ambow Education Holding
Ltd. ("Ambow" or the "Company") (NYSE
American: AMBO) today announced that The New England
Commission of Higher Education (NECHE) has informed Bay State College (Boston, Mass.) of its intent to withdraw
Bay State College's accreditation as of
August 30, 2023. The College's Board
of Trustees has voted to appeal the decision.
NECHE's determination was based on the Commission's opinion that
the College could not come into compliance with Institutional
Resources (Accreditation Standard 7) within three years. The
decision has no bearing on the quality of the Bay State's
educational programs or outcomes.
Since Ambow's acquisition of the College at the end of 2017, the
Company has invested multiple millions of dollars in accordance
with its 3-5 year turn-around plan for the College. The College's
leadership team believes the school is turning the corner. In
particular, new enrollments increased dramatically for the Spring
semester, the highest in four years. The College's board believes
there are solid grounds for the appeal and is making every effort
to ensure students and faculty are supported during this time.
If such appeal is unsuccessful, based on Ambow's best estimates
at this time, the Company anticipates the annualized impact to its
topline will be approximately $6
million with no negative impact on its bottom line.
Regardless of the appeal status, the College will remain open
through August 2023. Students on
track to graduate and receive degrees in May or August of this year
will not be affected. Nursing graduates for May and August 2023 will remain eligible to take the
NCLEX and become licensed registered nurses.
The College is working diligently to ensure a seamless
transition for students and faculty by facilitating transfers to
other institutions, in the event the that the appeal is denied.
About Ambow
Ambow Education Holding Ltd. is a technology driven education
company with primary operations in the
United States. Through the operation of its for-profit
colleges and dynamic patented open platform technology, Ambow
offers high-quality, individualized, and dynamic career education
services and products.
Follow us on Twitter: @Ambow_Education
Safe Harbor Statement
This press release contains statements of a forward-looking
nature. These statements 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. These forward-
looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about Ambow and the industry. All
information provided in this press release is as of the date
hereof, and Ambow 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 Ambow 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.
For more information, please contact:
Ambow Education Holding Ltd.
Email: ir@ambow.com
Rasky Partners | Media
jgriffin@rasky.com
Piacente Financial Communications | Investor Relations
Tel: +1 212-481-2050 or +86 10-6508-0677
Email: ambow@tpg-ir.com
View original
content:https://www.prnewswire.com/news-releases/update-on-bay-state-college-accreditation-status-301726378.html
SOURCE Ambow Education Holding Ltd.