TAIYUAN CITY, China, Nov. 10, 2010 (GLOBE NEWSWIRE) -- China Bilingual Technology & Education Group, Inc. (OTCBB:CBLY) ("China Bilingual" or the "Company"), an education company that owns and operates high-quality, K-12 private boarding schools in China, announced today that the Company has applied for a listing on the NASDAQ Capital Market exchange.
NASDAQ OMX is the world's largest exchange company, delivering trading, exchange technology, and public company services across six continents, with more than 3,600 listed companies representing $5.2 trillion in total market value. NASDAQ offers the highest listing standards in the world and has attracted more IPOs than any other U.S. exchange over the last 40 years. NASDAQ currently lists 145 companies headquartered in Greater China, more than any other U.S. exchange.
China Bilingual is a fast-growing Chinese education provider that has made $23.3 million in revenues and $11.6 million in net income during the trailing twelve months ended June 30, 2010. The Company currently has over 9,000 students enrolled in its schools, and it plans to continue growing by expanding its current model and teaching methods into new schools and by branching out from basic education into training services and international exchange programs.
Mr. Ren Zhiqing, Chairman and CEO of China Bilingual, commented, "We eagerly look forward to a potential listing on NASDAQ, which is the recognized leader in terms of listing Chinese companies. The Company and our shareholders alike would greatly benefit from a move to this senior exchange, as it would offer a substantial increase in both liquidity and our visibility in the market."
About China Bilingual Technology & Education Group, Inc.
China Bilingual Technology and Education Group, Inc. is an education company that owns and operates high-quality, K-12 private boarding schools in China. Founded in 1998, the Company currently operates two schools encompassing the kindergarten, elementary, middle and high school levels with over 9,000 students and 1,300 faculty and staff.
The Company's schools are located in Shanxi and Sichuan Provinces and provide students with an innovative and high-quality education with a focus on fluency and cultural skills in both Chinese and English. The schools regularly rank among the top schools in their respective regions for college entrance rates and national college entrance exam scores. The Company's schools have earned excellent teaching reputations and are recognized for the success of their students and strong faculty.
As China experiences rapid industrialization and economic growth, the government is focused on education as a means to increase worker productivity and raise the standard of living. Parents in China's new middle and upper classes are sending their children to receive private school education to give them an advantage in China's increasingly competitive workforce. The Company's sector in education is not subject to corporate income tax, and the Company anticipates its growth will come from both organic growth through increased enrollment and expansion of its business model and teaching methods into new schools to be acquired by the Company.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. For additional information, readers should carefully review reports or documents the Company files periodically with the Securities and Exchange Commission.
CONTACT: China Bilingual Technology & Education Group, Inc. Michael Toups, Chief Financial Officer U.S. Office +1 727-641-1357 miketoups@gmail.com RedChip Companies, Inc. Investor Relations: Dave Gentry, U.S. +1-800-733-2447, Ext. 104 info@redchip.com RedChip Beijing Representative Office Jing Zhang, China +86 10-8591-0635 http://www.RedChip.com