ATA Announces Termination of Acquisition of Beijing Biztour International Travel Service Co., Ltd. and Intention to Develop i...
March 06 2019 - 8:00AM
ATA Inc. ("ATA" or the "Company", Nasdaq: ATAI), a
company focused on providing students with quality educational
experiences and services in China and abroad, today announced that
the Company has terminated the acquisition of Beijing Biztour
International Travel Service Co., Ltd. and its affiliates (“Beijing
Biztour”) because Beijing Biztour and the shareholders of Beijing
Biztour (the “Sellers”) did not satisfy certain closing conditions
for such acquisition. As previously disclosed, the original
deadline for closing had been extended to afford the Sellers
opportunity to satisfy the conditions.
While the acquisition is terminated, both
parties have agreed to form a strategic partnership utilizing
mutual strengths and resources, in particularly ATA’s new product
vision of adopting PBL (Project Based Learning) concepts coupled
with tailored online learning courses to transform conventional
study tour experiences to allow students to experience, discover,
learn and achieve through ATA’s new product offerings. Both parties
have agreed that ATA shall not be restricted to conduct any
international study tour business and that ATA may subsequently
employ many of the employees of Beijing Biztour. ATA will not
owe any cash or stock to Beijing Biztour and the Sellers.
ATA to Proceed with Developing
International Education Service Business:Over the past
year, the Company has dedicated its resources to creating a Project
Based Learning educational experience complementary to
classroom-based learning for students in China. ATA had
worked with the team at Beijing Biztour, which served as a provider
of international educational study tour and travel services for
students in China who were interested in overseas study tours
primarily in the U.S., United Kingdom, and Australia. ATA
appointed Ms. Nan Sun as Chief Executive Officer of the educational
experience business, utilizing her 18 years of experience in the
international education space and US market while working with the
team.
The Company expects to launch a fully integrated
subject based PBL driven program for students by the end of 2019.
This new program will be split into three stages, including: 1) a
preparatory stage offering online learning courses designed to
prepare students in necessary skills in an area of their choosing;
2) an overseas stage which integrates classroom-based learning, and
out of school guided-learning tours that allow students to discover
and be “hands on” within the specific subject area either as a
group and individually; and3) a final presentation stage designed
to encourage students to showcase their learning and achievement in
various forms.
Mr. Jack Huang, ATA’s President, stated, “We are
very pleased to continue moving forward with our strategy of
building a fully integrated educational experience for students
throughout China. Over the last few months, we have worked to
integrate all facets of the business into our current operations as
well as formulate the strategy for growth. While we had hoped to
close the Beijing Biztour acquisition, ultimately it did not make
sense to continue to delay moving forward with our strategy any
longer. We are pleased to have retained many of the staff from
Beijing Biztour and expect to begin enrollment through our program
by the end of 2019. We have identified a large market of potential
students in China looking to take part in a total educational
experience, where they can learn and receive training while also
visiting schools abroad.”
The Company is also exploring other potential
mergers and acquisitions targets in the international education
sector.
About ATA Inc.
ATA is focused on providing quality educational
experiences and services for students throughout China and abroad.
ATA aims to offer online, on-campus, and other education programs
through a network of global education partners. For more
information, please visit ATA’s website at www.atai.net.cn.
Cautionary Note Regarding
Forward-looking StatementsThis announcement contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and as defined in the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terms such as
"believe," "could," "expect," "future," "look forward to," "plan,"
"should," "will," and similar terms. Examples of forward-looking
statements in this press release include statements about ATA’s
cooperation with Beijing Biztour; the impact of the termination of
the acquisition of Beijing Biztour; ATA’s plans for mergers and
acquisitions generally; ATA’s plan to develop international
education services, carry out new business, and launch new
programs; the anticipated benefits to ATA’s expansion efforts into
the international education services market; and subsequent
business activities. These forward-looking statements involve known
and unknown risks and uncertainties, are based on current
expectations, assumptions, estimates, and projections by ATA, and
are subject to governmental approvals and other conditions. The
Company undertakes no obligation to update forward-looking
statements, except as may be required by law. The Company cannot
assure you that its expectations and assumptions will turn out to
be correct, and investors are cautioned that actual results may
differ materially from the anticipated results.
For more information on our
company, please contact the following individuals: |
At the Company |
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Investor Relations |
ATA Inc. |
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The Equity Group Inc. |
Amy Tung, Chief Financial Officer |
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Adam Prior, Senior Vice President |
+86 10 6518 1122 x5518 |
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212-836-9606 |
amytung@atai.net.cn |
|
aprior@equityny.com |
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|
|
|
Katherine Yao, Senior Associate |
|
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+86 10 6587 6435 |
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kyao@equityny.com |
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