updated 3/7/2011 6:46:39 PM ET 2011-03-07T23:46:39

BEIJING, March 7, 2011 (GLOBE NEWSWIRE) -- In a press release issued earlier today by Global Education & Technology Group Ltd. (Nasdaq:GEDU) under the same headline, please note that Franchise fees, study abroad consulting services and sales of books and course materials for the year ended December 31, 2010 should have read 23,727. The corrected table follows:

GLOBAL EDUCATION & TECHNOLOGY GROUP LIMITED
Unaudited Condensed Consolidated Statements of Operations
  For the year ended December 31,
  2010 2009 2010
  RMB RMB USD
Revenues      
Educational programs and services 321,848 229,491 48,765
Franchise fees, study abroad consulting services and sales of books and course materials 23,727 16,739 3,595
Total revenues 345,575 246,230 52,360
       
Operating costs and expenses      
Cost of revenues (152,612) (101,976) (23,123)
Selling and marketing expenses (92,204) (64,590) (13,970)
General and administrative expenses (40,431) (28,968) (6,126)
       
Total operating costs and expenses (285,247) (195,534) (43,219)
Operating income 60,328 50,696 9,141
       
Interest income 7,507 5,510 1,137
Investment income -- 3,833 --
Foreign exchange losses, net (64) (119) (10)
Consideration payable fair value change (3,887) -- (589)
Other income, net 561 461 85
       
Income before income taxes 64,445 60,381 9,764
       
Income tax expense (7,801) (4,778) (1,182)
       
Net income 56,644 55,603 8,582
       
Accretion of convertible redeemable preferred shares 2,038 (22,083) 309
Income allocated to participating preferred shareholder (14,441) (18,699) (2,188)
       
Net income attributable to ordinary shareholders 44,241 14,821 6,703
       
Net income per share:      
Basic 0.72 0.30 0.11
Diluted 0.70 0.30 0.11
       
Weighted average number of shares outstanding:      
Basic 61,629,049 49,030,191 61,629,049
Diluted 81,222,352 49,030,191 81,222,352
CONTACT: Global Education & Technology Group Ltd.
         Jessica Wang
         IR Senior Officer
         Phone: +86 10 6212 5800 ext 302
         E-mail: ir@globaleducation.cn
         jessicawang@globaleducation.cn
         
         ICR LLC.
         Michael Tieu
         Phone: +86-10-6583-7509
         or +1-646-328-2550
         E-mail: michael.tieu@icrinc.com

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