Meten EdtechX to Resume Full Operation of its Learning Centers in March 2021
March 03 2021 - 8:00AM
Meten EdtechX Education Group Ltd. (Nasdaq: METX)
(“Meten EdtechX” or the “Company”), a leading omnichannel
English language training (“ELT”) service provider in China, today
announced that the Company plans to reopen all of its learning
centers in 2021 after a temporary shutdown due to COVID-19.
To reduce the negative impacts of the COVID-19
pandemic, Chinese government implemented multiple control and
prevention measures to avoid residents being infected. In response
to such measures, the Company decided to permanently close its 30
physical learning centers severely affected by the epidemic with
the worst performance in high-risk areas after the Chinese New Year
holiday in 2020. This strategy helped the Company maintain positive
working capital in order to maintain operations of its key
learnings centers. As a result, the Company operated a total of 118
learning centers nationwide by the end of 2020, compared to 148 in
2019.
The Company’s top priority is to ensure health
and safety of its students, employees and their families. Since
March 2020, with proper precautionary measures taken, the Company
started to gradually reopen its learning centers, and by the end of
June 2020, the Company had reopened a majority of its learning
centers in low-risk areas of China. By the end of September 2020,
the Company basically resumed operation in high-risk areas of
China. Although there were resurgence of sporadic COVID-19 cases
recently, the Company still expects to resume full operation of all
learning centers across China in March 2021.
After reopening all its learning centers, the
Company expects its market share in the Chinese ELT industry to
increase. As March is the peak season for English learning, the
Company plans to execute its business strategies, aiming to achieve
strong results of operations and financial performance.
About Meten EdtechX
Meten EdtechX is a leading ELT service provider
in China, delivering English language and future skills training
for Chinese students and professionals. Through a sophisticated
digital platform and a nationwide network of learning centers, the
Company provides its services under three industry-leading brands:
Meten (adult and junior ELT services), ABC (primarily junior ELT
services) and Likeshuo (online ELT). It offers superior teaching
quality and student satisfaction, which are underpinned by cutting
edge technology deployed across its business, including AI-driven
centralized teaching and management systems that record and analyze
learning processes in real time.
The Company is committed to improving the
overall English language competence and competitiveness of the
Chinese population to keep abreast of the rapid development of
globalization. Its experienced management is focused on further
developing its digital platform and expanding its network of
learning centers to deliver a continually evolving service
offerings to a growing number of students across China.
For more information, please
visit: https://investor.metenedu-edtechx.com.
Safe Harbor Statement
This announcement contains forward-looking
statements that involve risks and uncertainties. These statements
are made under the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as “will,”
“expects,” “anticipates,” “future,” “intends,” “plans,” “believes,”
“estimates” and similar statements. Statements that are not
historical facts, including statements about the Company’s beliefs
and expectations, are forward-looking statements. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the impact of the COVID-19 outbreak, our
ability to attract students without a significant decrease in
course fees; our ability to continue to hire, train and retain
qualified teachers; our ability to maintain and enhance our brands;
our ability to effectively and efficiently manage the expansion of
our school network and successfully execute our growth strategy;
the outcome of ongoing, or any future, litigation or arbitration,
including those relating to copyright and other intellectual
property rights; competition in the English language training
sector in China; changes in our revenues and certain cost or
expense items as a percentage of our revenues; the expected growth
of the Chinese English language training and private education
market; Chinese governmental policies relating to private
educational services and providers of such services; health
epidemics and other outbreaks in China; and general economic
conditions in China. Further information regarding these and other
risks is included in our annual report on Form 20-F and other
documents filed with the Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable law.
All information provided in this press release and in the
attachments is as of the date of this press release, and the
Company undertakes no duty to update such information, except as
required under applicable law.
For investor and media inquiries, please
contact:
Ascent Investor Relations LLCTina Xiao+1
917-609-0333tina.xiao@ascent-ir.com
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