SHANGHAI, Dec. 3, 2021 /PRNewswire/ — 4 Seasons Education and learning (Cayman) Inc. (“Four Seasons Schooling” or the “Corporation”) (NYSE: FEDU), a primary Shanghai-based mostly training enterprise, currently introduced that the Business appointed Marcum Bernstein & Pinchuk LLP (“MBP”) as the Company’s independent registered public accounting company for its fiscal 12 months ending February 28, 2022. At the identical time, the Business and Deloitte Touche Tohmatsu Accredited Public Accountants LLP (“Deloitte”) have mutually agreed to terminate Deloitte’s appointment as the Firm’s impartial registered general public accounting company, efficient immediately.
The Company’s selection to switch Deloitte with MBP was accredited by the Audit Committee and the Board of Directors of the Business.
Deloitte was engaged as the Firm’s independent registered community accounting organization due to the fact 2017. Deloitte’s report on the Company’s consolidated monetary statements as of February 29, 2020 and February 28, 2021 and for each individual of the two decades in a period finished February 28, 2021 contained no adverse belief or disclaimer of view and have been not qualified or modified as to uncertainty, audit scope or accounting theory. In the course of the two most modern fiscal a long time ended February 28, 2021, and up to the interim period of time before Deloitte’s dismissal, there were being (i) no disagreements (as described in Merchandise 16F(a)(1)(iv) of Sort 20-F and the similar guidelines thereto) involving the Enterprise and Deloitte on any make a difference of accounting principles or methods, fiscal assertion disclosure, or auditing scope or procedure, and (ii) no “reportable events” (as defined in Merchandise 16F(a)(1)(v) of Type 20-F) other than the product weakness reported in Merchandise 15 of the Firm’s Variety 20-F submitted with the U.S. Securities and Exchange Fee on July 2, 2021.
In the course of the Firm’s two most the latest fiscal years finished February 28, 2021, and any subsequent interim interval prior to the engagement of MBP on December 3, 2021, neither the Enterprise nor any one acting on its behalf consulted with MBP on either (a) the software of accounting principles to a specified transaction, both done or proposed, or the style of audit belief that could be rendered on the Firm’s money statements, and neither a composed report nor oral guidance was presented to the Firm by MBP that MBP concluded was an essential issue viewed as by the Business in achieving a decision as to any accounting, auditing or economical reporting issue, or (b) any make any difference that was the issue of a disagreement, as that phrase is defined in Product 16F(a)(1)(iv) of Form 20-F (and the connected instructions thereto) or a reportable celebration as set forth in Product 16F(a)(1)(v)(A) via (D) of Sort 20-F.
The Enterprise is performing intently with each Deloitte and MBP to make sure a seamless changeover.
The Audit Committee and the Board of Administrators of the Business would like to express their sincere gratitude to Deloitte for its substantial quality products and services rendered to the Business over the previous yrs.
Protected Harbor Statement
This push release is made up of statements of a ahead-wanting character. These statements, which include the statements relating to the Company’s long term fiscal and functioning effects, are made under the “secure harbor” provisions of the U.S. Personal Securities Litigation Reform Act of 1995. You can determine these forward-on the lookout statements by terminology this sort of as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. Between other items, management’s quotations and the Business Outlook part comprise ahead-searching statements. These forward-searching statements require recognized and unknown pitfalls and uncertainties and are based mostly on present-day expectations, assumptions, estimates and projections about the Organization and the industry. Prospective threats and uncertainties include, but are not minimal to, all those relating to its ability to entice new college students and keep present college students, its capability to produce a satisfactory discovering practical experience and strengthening their educational overall performance, PRC laws and procedures relating to the instruction business in China, basic financial disorders in China, and the Firm’s means to meet up with the standards necessary to maintain listing of its ADSs on the NYSE or other inventory trade, including its ability to remedy any non-compliance with the NYSE’s continued listing standards. All information delivered in this press release is as of the day hereof, and the Business undertakes no obligation to update any forward-on the lookout statements to replicate subsequent occurring events or situation, or modifications in its expectations, other than as may perhaps be expected by law. Although the Business thinks that the expectations expressed in these forward-hunting statements are sensible, it can not assure you that its expectations will flip out to be appropriate, and buyers are cautioned that genuine benefits may well vary materially from the anticipated benefits. Even more information about dangers and uncertainties confronted by the Business is integrated in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Kind 20-F.
About Four Seasons Education and learning (Cayman) Inc.
Four Seasons Education (Cayman) Inc. is a top Shanghai-primarily based education and learning firm dedicated to offering in depth academic solutions. The Firm’s eyesight is to unlock students’ mental potential as a result of significant high quality and efficient education that can profoundly gain learners. The Firm’s proprietary academic provider choices are developed to cultivate students’ passions and enrich their cognitive and rational contemplating qualities. The Firm’s college is led by a group of professional senior educators, which includes recognized students and award-successful instructors. More than the yrs, the quality of the Firm’s academic providers has been shown by its college student fantastic efficiency.
For trader and media inquiries, be sure to speak to:
In China: 4 Seasons Education and learning (Cayman) Inc. Olivia Li Tel: +86 (21) 6317-6678 E-mail: IR@fsesa.com
The Piacente Team, Inc. Jenny Cai Tel: +86-10-6508-0677 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
Global Education ERP Market to Reach $22.2 Billion by 2026
Global market for Education ERP estimated at US$10 Billion in the year 2020, is projected to reach a revised size of US$22.2 Billion by 2026, growing at a CAGR of 13.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} over the analysis period.
Solutions, one of the segments analyzed in the report, is projected to grow at a 13{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} CAGR to reach US$16.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 15.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} CAGR for the next 7-year period. This segment currently accounts for a 28.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} share of the global Education ERP market.
Recent advancements in information technology have equipped educational institutions with new innovative tools for handling their operations. Academic institutions are increasingly adopting ERP solutions for improving their operational effectiveness, which in turn is providing them with a competitive edge.
Traditional data management processes and techniques are being replaced with cost-effective cloud-based ERP solutions, which offer enhanced data control, security, and storage capacity, bringing quantifiable and quick improvements in various administration processes.
In addition, these solutions provide administrators with real-time access to information, thereby enabling them to make well-informed and quick decisions. Rapid changes in business models and rising operational complexity have been posing challenges for academic institutions. The implementation of ERP solutions in academic institutions can help in alleviating the work burden of administrators, owing to the benefits of these solutions in effectively synchronizing and managing multiple business processes.
However, the high cost involved in the implementation of ERP solutions and the easy availability of open-source applications are hampering the widespread adoption of ERP solutions by academic institutions.
The market is poised to witness robust growth over the next few years, driven primarily by an increase in the number of private colleges, rising demand for operational transparency and efficiency in the education sector, and high competition among academic institutions to gain grants for improving the educational quality.
The education ERP market is currently in early development stages, presenting lucrative opportunities for all market participants in the coming years. While quality and innovation of ERP solutions are expected to be key differentiators for larger players, costs and service quality would remain major driving factors for smaller market participants.
At present, the educational system globally has been hit hard by the COVID-19 pandemic that resulted in significant challenges for educational institutions and students. The crisis encouraged a large number of schools and colleges to consider remote learning platforms for uninterrupted education for students along with online management systems for smooth administrative functions.
Online learning platforms enabled teachers to easily reach students and adjust with the work-from-home culture. The technology ensures connectivity between students and faculty for course materials and schedules along with virtual classes.
The pandemic set a perfect landscape for education ERP solutions in various regional markets, where government restrictions resulted in temporarily closure of schools and higher education institutions. The situation prompted a large number of institutions to embrace online or remote education for uninterrupted learning for students.
In addition, various institutions have invested in automated institution management systems including education ERP, learning management tools and student information systems. On the other hand, education institutions have also reduced spending on new services and infrastructure development. Moreover, nationwide lockdowns across several countries created the requirement for institutes to conduct administrative and academic processes virtually, offering a strong boost to the education ERP market in the region.
The service segment holds the largest share of the education ERP market and is expected to maintain its dominance over the next few years. The growth in the services segment is primarily attributed to the rising adoption of technological modules and solutions in academic institutions.
Service providers are increasingly focusing on delivering dedicated services based on specific requirements of educational institutions. The services provide comprehensive functionalities for facilitating the institutions in timely implementing and managing the ERP system. Higher education is projected to maintain a larger share of the market, owing to the rapid changes in the nature of learning and teaching within the higher education sector.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Changing Face of Education amid COVID-19
How COVID-19 Sabbatical is Charting Path for Strong Foundation of Digital Learning in Education Space
How Educational ERP Pushes Operational Efficiency
Automation of Routine Tasks
Ensuring Effective Communication
Automated Workflows
Enhanced Data Security
Educational ERP: An Introduction
Select ‘Modules of Education ERP
Market Dynamics
Market Outlook
Key Factors Inhibiting Widespread Adoption of ERP Systems
BEIJING, Dec. 3, 2021 /PRNewswire/ — China Liberal Education Holdings Limited (Nasdaq: CLEU) (“China Liberal”, or the “Company”, or “we”), a China-based company that provides smart campus solutions and other educational services, today announced its financial results for the first six months of fiscal year 2021.
Ms. Ngai Ngai Lam, Chairwoman and CEO of China Liberal, commented, “We still delivered respectable results in the first half of the fiscal year 2021, although the ongoing uncertainties associated with the COVID-19 pandemic caused many Chinese universities and colleges to hold off on their ‘smart campus’ project plans. Through our efforts and dedication, we achieved highly resilient financial results while prioritizing our customers during the pandemic. For the first half of fiscal year 2021, our revenue decreased by 18.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year to $1.85 million from $2.27 million for the same period last year. However, our gross profit reached $1.37 million, an increase of 74.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} from $0.79 million for the same period of last year, and our gross margin was 74.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, a year-over-year increase of 39.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} from 34.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the same period of last year. We are also excited about our business progress of integration of enterprises and vocational education business(tailored job readiness training services). To address the actual needs of regional economic development and industrial upgrading and transformation, we provided colleges and universities with school-enterprise integrated education solutions. We strived to establish a talent training system and a comprehensive platform, providing talent trainings and co-op opportunities for students. In addition, our self-developed and patented all-in-one teaching machine, AI-Space machine, has been recognized by the market and the industry and installed in several colleges and universities across China, including Beijing Foreign Studies University, Beijing Language and Culture University, and Straits Institute of Minjiang University, laying a solid foundation for our future potential revenue growth. We believe that we are well-positioned for the future with our brand awareness, innovative technologies, and loyal customer base.”
First Six Months of Fiscal Year 2021 Financial Highlights
Revenue decreased by 18.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year to $1.85 million for the six months ended June 30, 2021 from $2.27 million for the same period last year.
Gross profit increased by 74.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $1.37 million for the six months ended June 30, 2021 from $0.79 million for the same period last year.
Gross margins were 74.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and 34.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the six months ended June 30, 2021 and 2020, respectively.
Income from operations was $0.30 million for the six months ended June 30, 2021, compared to loss from operations of $0.11 million for the same period last year. Operating profit margin was 16.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the six months ended June 30, 2021, compared to operating loss margin of 5.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the same period last year.
Net income was $0.23 million for the six months ended June 30, 2021, compared to net loss of $0.08 million for the same period last year.
Basic and diluted earnings per share were $0.03 for the six months ended June 30, 2021, compared to basic and diluted loss per share of $0.02 for the same period last year.
First Six Months of Fiscal Year 2021 Financial Results
Revenue
Revenue decreased by 18.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year to $1.85 million for the six months ended June 30, 2021 from $2.27 million for the same period last year. The decrease in revenue was mainly driven by decreased revenue from technological consulting services for smart campus solutions as the Company did not enter into new large “smart campus” project contract with Chinese universities/ colleges during the six months ended June 30, 2021 since continued uncertainties associated with the COVID-19 pandemic caused many Chinese universities/colleges to hold off on their “smart campus” project plans.
For the six months ended June 30, 2021, revenue from sino-foreign jointly managed academic programs increased by $0.16 million, or 12.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $1.42 million, from $1.26 million for the same period last year. This increase was primarily attributed to an increase in the number of students by 173 or 6.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 2,841 students in six months ended June 30, 2021, from 2,668 students in six months ended June 30, 2020. Furthermore, the increase is also attributable to an approximately 9.03{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} positive impact from foreign currency fluctuation when the average exchange rate used in converting RMB into USD increased from $1 to RMB 7.0416 in the six months ended June 30, 2020 to $1 to RMB 6.4587 in the six months ended June 30, 2021. The increase is partially offset by a 3.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} decrease in average tuition fees. The decrease in average tuition fee was mainly caused by change in student mix enrolled in different academic programs with the universities/ colleges.
Revenue from technological consulting services for smart campus solutions decreased by $0.59 million, or 63.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $0.34 million for the six months ended June 30, 2021, from $0.93 million for the same period last year. The decrease was primarily because the Company did not obtain smart campus projects of large size during the six months ended June 30, 2021. In addition, the continued uncertainties associated with COVID-19 caused many Chinese universities/colleges to hold their “smart campus” project plans.
Revenue from overseas study consulting services decreased by $0.04 million, or 64.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $0.03 million for the six months ended June 30, 2021, from $0.07 million for the same period last year. The decrease was mainly due to the impact of the COVID-19 pandemic which caused certain countries closed its borders and imposed travel restrictions. As a result, the number of students interested in seeking overseas education reduced significantly. A portion of our revenue from overseas study consulting services was recognized when the students received offers and obtained appropriate visas. For the six months ended June 30, 2021, none of the students who participated in overseas consulting services received offers or visas as they have not yet completed their trainings and studies compared to 11 students who received school offers and obtained visas in the same period in 2020.
Revenue from tailored job readiness training services was $0.07 million for the six months ended June 30, 2021, compared with nil for the same period last year. The Company provided tailored job readiness training services to more than 130 students for the six months ended June 30, 2021.
Cost of Revenue
Cost of revenue decreased by $1.00 million, or 67.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $0.48 million for the six months ended June 30, 2021, from $1.48 million for the same period last year, primarily due to the decreased hardware costs of $1.02 million associated with the smart campus projects.
Gross Profit
Gross profit increased by $0.58 million, or 74.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $1.37 million for the six months ended June 30, 2021, from $0.79 million for the same period last year, while gross profit margin increased by 39.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 74.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the six months ended June 30, 2020, from 34.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the same period last year. The increase in gross profit and gross margin was primarily due to decreased hardware costs associated with the Company’s technological consulting service projects.
Operating Expenses
Selling expenses decreased by $53,872, or 41.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $76,593 for the six months ended June 30, 2021, from $130,465 for the same period last year. The decrease in selling expenses was primarily attributable to the decrease in the rental and office expenses and depreciation expenses by $54,679 when the Company relocated to a smaller office space.
General and administrative expenses increased by $224,833, or 29.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $995,451 for the six months ended June 30, 2021, from $770,618 for the same period last year, primarily due to an increase in salaries and welfares expenses of $74,630 resulting from increased number of administrative employees, an increase in professional services fees of $57,300, an increase in share-based compensation to independent directors of $53,250 and an increase in independent director compensation of $28,419.
Interest Income
Interest income decreased by $22,797 or 27.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $59,973 for the six months ended June 30, 2021, from $82,770 for the same period last year. In connection with the Company’s technological consulting services for smart campus projects, the Company recognized financing component resulted from a timing difference between when control is transferred and when the Company collected cash consideration from the customer. For the six months ended June 30, 2021 and 2020, the Company recognized $56,511 and $79,907 interest income in connection with the aforementioned financing component, respectively.
Other Expense
Other expense was $7,249 and $907 for the six months ended June 30, 2021 and 2020, respectively, the increase was due to increased bank charges.
Income Tax Provision
Income tax provision was $0.12 million for the six months ended June 30, 2021, increased from $0.05 million for the same period of last year due to higher taxable income.
Net Income (Loss)
Net income was $0.23 million for the six months ended June 30, 2021, compared to a net loss of $0.08 million for the same period last year. Basic and diluted earnings per share were $0.03 for the six months ended June 30, 2021, compared to basic and diluted loss per share of $0.02 for the same period last year.
Financial Condition
During the six months ended June 30, 2021, the Company had negative cash flow from operations. As of June 30, 2021, the Company had cash of approximately $33.7 million and had positive working capital of approximately $40.8 million. The Company’s liquidity is influenced by the level of its operations, the numerical volume and dollar value of its sales contracts, the progress of execution on its customer contracts, and the timing of accounts receivable collections. Management believes that the Company’s current cash as of June 30, 2021 will be sufficient to meet its working capital needs for at least the next 12 months from the date of the Company’s interim financial statements are issued.
As of June 30, 2021, the Company had cash of $33.70 million, compared to $5.01 million as of December 31, 2020.
Net cash used in operating activities was $1.89 million for the six months ended June 30, 2021, compared to $0.94 million for the same period last year.
Net cash provided by investing activities was $1.45 million for the six months ended June 30, 2021, compared net cash used in investing activities of $0.01 million for the same period last year.
Net cash provided by financing activities was $29.06 million for the six months ended June 30, 2021, compared to $5.50 million for the same period last year.
The Company intends to finance its future working capital requirements and capital expenditures from cash generated from operating activities. However, the Company may seek additional financings, to the extent required, and there can be no assurances that such financing will be available on favorable terms or at all.
COVID-19
The Company’s operations may be further affected by the ongoing COVID-19 pandemic. For the six months ended June 30, 2021, the Company’s revenue from sino-foreign jointly managed academic programs was not significantly impacted because Chinese universities/colleges have resumed on-site instruction since May 2020 and the number of students enrolled in the Company’s sino-foreign jointly managed education programs with two colleges increased during the 2021 academic school year. The total enrolled number of students increased by 14{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} as compared to the same period of last year. The teaching services that the Company has been providing to students have returned to normal, and no dropout has been reported to the Company during the six months ended June 30, 2021. However, due the impact of COVID-19, the internal payment processes of the partnering schools were temporarily delayed. As a result, the Company and these partnering schools mutually agreed to extend the tuition payment term by three to six months. The Company does not believe such delay will result in any collectability risk and the entire tuition receivable balance is expected to be fully received but only slightly later than a typical operating year. Furthermore, this temporary delay in tuition payment does not represent a change in the Company’s cooperation model with these partnering schools and the Company does not expect to incur further tuition payment delays in the future.
The continued uncertainties associated with the COVID-19 have caused many Chinese universities/ colleges to temporarily hold off on their “smart campus” project construction plans and accordingly the Company did not obtain new large “smart campus” project contract during the six months ended June 30, 2021, which led to a decrease in the Company’s revenue from technological consulting and supporting services during current period. Additionally, the COVID-19 pandemic continues to have a negative impact over the Company’s study abroad consulting services. A portion of the Company’s revenue from overseas study consulting services were recognized when students received offers and obtained appropriate visas. However, due to the COVID-19 pandemic, certain countries closed their borders and imposed travel restrictions. For the six months ended June 30, 2021, none of the students receiving overseas consulting services received offers or visas, compared to 11 students who received school offers and obtained visas in the same period in 2020. Due to the uncertainties around international travels, it is expected that the COVID-19 pandemic may continue to result in students being restricted from pursuing their overseas education in the near terms and may have further negative impact over the oversea study consulting service revenue stream.
About China Liberal Education Holdings Limited
China Liberal, headquartered in Beijing, is an educational services provider in China. It provides a wide range of services, including those under sino-foreign jointly managed academic programs; overseas study consulting services; technological consulting services for Chinese universities to improve their campus information and data management system and to optimize their teaching, operating and management environment, creating a “smart campus”; and tailored job readiness training to graduating students. For more information, please visit the company’s website at ir.chinaliberal.com.
Forward-Looking Statements
This document contains forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s expectations and projections about future events, which the Company derives from the information currently available to the Company. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. The Company undertakes no obligation to update 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 such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review risk factors that may affect its future results in the Company’s registration statement and in its other filings with the U.S. Securities and Exchange Commission.
Investor Relations Contact
China Liberal Education Holdings Limited Email:ir@chinaliberal.com
Las Vegas, Nevada, Dec. 02, 2021 (World NEWSWIRE) — ICOA, Inc. (OTC PINK: ICOA) (“ICOA” or the “Company”) a publicly traded Nevada corporation and a countrywide service provider of wireless and wired broadband World-wide-web networks in high-targeted visitors community destinations, now coming into the DeFi, Blockchain, Crypto and NFT house by numerous acquisitions, announces the start of an initiative with the Reworking Schooling Donor Fund and Scholas Occurrentes which will function to assistance their mission of fostering education and learning across the world.
ICOA has signed an settlement to tokenize and distribute two paintings from Scholas Occurrentes, with the participation of His Holiness Pope Francis and renowned artists Mr. Brainwash, Domingo Zapata, and Martha Saenz as non-fungible tokens (NFTs) on the blockchain.
Scholas Occurrentes, an international business present in 190 nations around the world on 5 continents through its in depth instructional network, was made by His Holiness, Pope Francis. Its mission is to develop the Tradition of Come upon by bringing youthful folks jointly from varied backgrounds in an academic practical experience that generates knowing across the world.
With the rising attractiveness of non-fungible tokens (NFTs), ICOA will be seeking to the blockchain to convey the NFT project to fruition via its most modern acquisition, iBG, whose vision is to enable consumers to navigate the complexities typically associated with Decentralized Finance and blockchain with relieve.
iBG brings its knowledge in blockchain and the iBG token will empower the distribution of the NFTs that will be created from this partnership with Scholas.
“Everyone at ICOA is honored to lover with these an essential system and business this sort of as the Reworking Education and learning Donor Fund and the Scholas Occurentes to enable them increase income to more their mission of promoting education around the planet. This partnership will kickstart the launch of our NFT system, and we are thrilled to enter this booming area as we see great price in building this knowledge inside of our business” stated Hadria Wong, CEO of ICOA Inc.
This collaboration in between ICOA, Transforming Schooling Donor Fund and Scholas Occurentes is a way to make art far more available to a global audience as a result of digital technologies.
We invite shareholders and traders to adhere to our social media tackle on Twitter for each day updates on the most current developments.
ICOA, Inc. is a national supplier of wi-fi and wired broadband Net networks in significant-website traffic community places. ICOA gives layout, set up, operation, routine maintenance, and management of WI-FI warm-place and incredibly hot-zone World wide web obtain. ICOA owns or operates broadband entry installations in higher-targeted traffic locations throughout 40 states, found in airports, speedy-services dining establishments, inns and motels, journey plazas, marinas and many others. ICOA networks are compatible with greatly applied 802.11x technological innovation and with pretty much all Internet services vendors. ICOA is at the moment moving into the DeFi, Blockchain and Crypto House via multiple acquisitions.
About iBG Finance
iBG is a Decentralized Finance (DeFi) wealth management platform designed to bring simplicity to customers intrigued in moving into the cryptocurrency and the DeFi market place. iBG is equipped with the most recent Robo Advisory technological innovation to offer algorithm-driven suggestions.
About Reworking Schooling Donor Fund: The Reworking Education Donor Fund (TEDF) aims to blend artwork, sports activities and technologies in order to promote culture by education and learning, bringing together worldwide agendas and empathy between individuals to develop a better tomorrow, starting with our youth. TEDF was developed as a partnership involving Scholas Occurrentes and PVBLIC Basis with a mission to convey investments to obtain the integration of learners with the assist and the commitment from a variety of social actors, bringing with each other universities and academic networks all-around the planet with diverse technological, athletic and creative proposals.
The Reworking Instruction Donor Fund is a Donor Recommended Fund (DAF) that can be supported with any asset contribution – money, stock, or other assets.
For further info about Reworking Education and learning Donor Fund, check out the formal internet site: www.transforming.org
About Scholas Occurrentes: Given that its inception, Pope Francis dreamed of Scholas as the chance of offering a concrete reaction to the connect with of this era, conferring on him the undertaking of educating in the openness to the other, upon hearing that collecting the pieces of an atomized and vacant of this means environment, and start building a new culture: the Culture of Experience. Now, a lot more than 20 decades right after his very first practical experience in Argentina, dreamed up by the then archbishop Jorge Bergoglio -currently Pope Francis- Scholas is constituted as an Intercontinental Corporation of Pontifical Law, with places of work in Argentina, Vatican Metropolis, Chile, Colombia, Spain, Haiti, Italy, Japan, Mexico, Mozambique, Panama, Paraguay, Portugal, Romania and the United States current with its community in 190 nations around the world, integrating extra than 400 thousand educational facilities and achieving much more than just one million small children and young men and women all over the earth.
This press release incorporates forward-hunting statements that can be recognized by terminology such as “thinks,” “expects,” “possible,” “ideas,” “suggests,” “might,” “should really,” “could,” “intends,” or similar expressions. Several ahead-seeking statements include recognized and not known pitfalls, uncertainties and other variables that may well bring about real benefits to be materially distinctive from any long run effects implied by such statements. These aspects contain, but are not restricted to, our potential to keep on to increase our products and solutions and programs to handle market variations, our skill to increase our shopper base and keep current shoppers, our ability to proficiently contend in our sector phase, the deficiency of general public information on our firm, our potential to increase ample money to fund our enterprise, functions, our skill to carry on as a likely problem, and a constrained public current market for our popular inventory, among the other dangers. Quite a few components are tough to forecast precisely and are typically beyond the firm’s manage. Forward-searching statements discuss only as to the date they are built, and we do not undertake to update forward-wanting statements to replicate conditions or events that come about immediately after the date the ahead-wanting statements are made.
FOR Far more Data, Make sure you Get hold of: Call: Kim Halvorson facts@icoamail.com
BEIJING, Dec. 02, 2021 (Globe NEWSWIRE) — 17 Education & Engineering Team Inc. (Nasdaq: YQ) (“17EdTech” or the “Company”), a major education and learning know-how company in China with an “in-school + just after-school” built-in design, declared nowadays that Mr. Minghui Wu has been appointed as a new independent director to the Company’s board of directors (the “Board”), successful on December 2, 2021. Just after the modifications, the Board will consist of 7 directors, 3 of whom are impartial directors.
Concurrent with the appointment of Mr. Wu, the Board has authorised to even more update the composition of the Board’s committees in furtherance of very good company governance. The Board’s a few committees will be totally independent with composition set forth underneath:
Chair: Jiawei Gan Associates: Bing Yuan, Minghui Wu
Payment Committee
Chair: Minghui Wu Users: Bing Yuan, Jiawei Gan
Mr. Wu is chairman and CEO of MiningLamp Know-how Co Ltd. (“Mining Lamp”), a foremost artificial intelligence (“AI”) and information analytics firm he established in 2014 that allows community service organizations and organizations with digital transformation. Prior to founding MiningLamp, Mr. Wu established Miaozhen Methods in 2006, a platform for internet consumer conduct and promoting analytics, and served as its chairman until finally it was obtained by Mining Lamp in 2019.
Mr. Wu is also a joint creator of the HAO AI theoretical framework. Mr. Wu has 20 years of encounter in program engineering and investigation, and retains a lot more than 130 patents in China and internationally.
Mr. Wu acquired a B.S. degree in elementary mathematics and a M.S. degree in personal computer application and idea from Peking College. Mr. Wu is currently a PhD applicant at the Faculty of Software program & Microelectronics at Peking University.
About 17 Education and learning & Technological know-how Group Inc.
17 Instruction & Technological know-how Team Inc. is a foremost instruction technological know-how firm in China with an “in-faculty + soon after-school” built-in product. The Enterprise gives a sensible in-university classroom option that provides info-pushed instructing, learning and assessment solutions to instructors, college students and mothers and fathers, covering more than 70,000 K-12 educational institutions in 2020.
Leveraging the Company’s in-school management, 17EdTech presents on line K-12 substantial-course following-faculty tutoring providers that complement students’ in-college understanding. Run by its integrated product and technologies, 17EdTech’s on-line K-12 huge-course immediately after-school tutoring courses stand out in terms of its exclusive approach to personalization, realized as a result of a information-driven knowing of particular person students’ in-college effectiveness, as very well as district-level localized insights.
Harmless Harbor Assertion
This announcement is made up of forward-on the lookout statements. These statements are produced less than the “safe harbor” provisions of the United States Non-public Securities Litigation Reform Act of 1995. These ahead-seeking statements can be recognized by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical points, which includes statements about 17EdTech’s beliefs and anticipations, are ahead-searching statements. 17EdTech may well also make prepared or oral forward-on the lookout statements in its periodic stories to the SEC, in its once-a-year report to shareholders, in press releases and other published products and in oral statements built by its officers, administrators or staff members to 3rd events. Ahead-searching statements entail inherent challenges and uncertainties. A range of factors could lead to actual results to vary materially from all those contained in any forward-searching statement, which include but not constrained to the adhering to: 17EdTech’s growth methods its potential business advancement, fiscal situation and results of operations its ability to carry on to bring in and retain people, change non-spending users into spending users and raise the paying out of shelling out people, the traits in, size of, and suitable authorities insurance policies and laws relating to China’s on the web education market place its anticipations pertaining to need for, and sector acceptance of, its merchandise and companies its anticipations regarding its relationships with company partners common economic and company problems and assumptions underlying or connected to any of the foregoing. Further more facts about these and other threats is provided in 17EdTech’s filings with the SEC. All information delivered in this push release is as of the day of this push release, and 17EdTech does not undertake any obligation to update any ahead-wanting assertion, besides as needed underneath applicable legislation.
For investor and media inquiries, make sure you contact:
17 Schooling & Technological know-how Team Inc. Mr. Raymond Huang E-mail: ir@17zuoye.com
Christensen In China Mr. Eric Yuan Cellphone: +86-138-0111-0739 E-mail: Eyuan@christensenir.com
In US Ms. Linda Bergkamp Cell phone: +1-480-614-3004 E-mail: lbergkamp@christensenir.com
NEW YORK, December 01, 2021–(Enterprise WIRE)–The law organization of Kirby McInerney LLP reminds buyers that a class motion lawsuit has been filed in the U.S. District Court docket for the Southern District of New York on behalf of people who acquired Zhangmen Education and learning Inc. (“Zhangmen Education” or the “Corporation”) (NYSE: ZME) American Depositary Shares (“ADSs”) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in link with the Company’s June 2021 initial community featuring (“IPO”). Traders have right up until January 18, 2022 to utilize to the Courtroom to be appointed as guide plaintiff in the lawsuit.
Zhangmen Education and learning, centered in Shanghai, People’s Republic of China (“PRC”), is an education and learning firm concentrated on giving customized on line programs to K-12 pupils in China.
On July 23, 2021, significantly less than two months following the IPO, PRC unveiled a sweeping overhaul of its education sector, banning corporations that train the school curriculum from building revenue, raising funds, or likely community. These drastic steps properly ended any potential expansion in the for-revenue tutoring sector in PRC. On this information, Zhangmen Education’s Advertisements value declined by $3.36 per Ads, or close to 35.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, from $9.54 for every Advertisements to shut at $6.18 for every Adverts on July 23, 2021.
On July 26, 2021, Zhangmen Training issued a launch providing an update on the new PRC policies, admitting amid other issues that Zhangmen Training predicted “the Pointers to have material impacts on our present company operations, fiscal condition and company construction.” On this news, Zhangmen Education’s Advertisements price declined by $1.21 per Advertisements, or about 19.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, from $6.18 for each Adverts to shut at $4.97 for every Ads on July 26, 2021.
On August 25, 2021, Zhangmen Instruction issued a push launch supplying a further more update on equivalent procedures applied by the Shanghai government and the implications for Zhangmen Education’s business enterprise, stating for case in point that: (a) “No new provider of after-university tutoring providers on academic topics in China’s compulsory education and learning technique (‘Academic AST’) will be authorized, whilst existing Tutorial AST providers shall be subject matter to review and re-registration as non-gain companies” (b) “Tuition charges for Educational AST shall adhere to the guidelines from the govt to avert any too much charging or too much gain-trying to get functions” and (c) “AST promoting shall be subject matter to enhanced oversight.” On this news, Zhangmen Education’s Ads selling price declined by $.14 for each Adverts, or close to 4.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, from $3.37 for each Ads to close at $3.23 per Ads on August 25, 2021.
On November 19, 2021, Zhangmen Education and learning announced that its auditor, Deloitte Touche Tohmatsu Certified Community Accountants LLP, had voluntarily resigned. On this information, Zhangmen Education’s Adverts value declined by $.09 for every Ads, or about 5.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, from $1.56 per Advertisements to close at $1.47 per Ads on November 19, 2021.
The lawsuit alleges that the IPO Registration Assertion unsuccessful to disclose that: (a) PRC authorities have been in the system of implementing sweeping new regulatory reforms on the personal training field in China together with, between many others, prohibitions on: (i) revenue-making by non-public training corporations, (ii) participating in core-curriculum tutoring on weekends and holidays, and (iii) funds-raising by organizations like Zhangmen Schooling (b) the acknowledged pitfalls, gatherings, and uncertainties mentioned in the Registration Assertion ended up fairly very likely to have a materials adverse effect on Zhangmen Education’s business enterprise and (c) based mostly on the foregoing, the statements in the Registration Assertion regarding Zhangmen Education’s historical economical efficiency, current market demand, and industry traits have been materially incomplete, inaccurate, and deceptive.
If you obtained or in any other case obtained Zhangmen Instruction ADSs, have details, or would like to understand a lot more about these claims, remember to make contact with Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by e mail at investigations@kmllp.com, or by filling out this call type, to go over your legal rights or interests with respect to these issues with no any value to you.
Kirby McInerney LLP is a New York-based mostly plaintiffs’ law organization concentrating in securities, antitrust, whistleblower, and customer litigation. The firm’s endeavours on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of bucks. More information about the organization can be located at Kirby McInerney LLP’s website: http://www.kmllp.com.
This press launch may be regarded as Legal professional Advertising and marketing in some jurisdictions below the applicable law and moral procedures.
