BEIJING, Dec. 30, 2021 /PRNewswire/ -- RISE Education
Cayman Ltd ("RISE" or the "Company") (NASDAQ: REDU), today
announced that it has closed its previously announced sale (the
"Sale"), in which, the Company has sold (i) all of the equity
interests in Rise (Tianjin)
Education Information Consulting Co., Ltd. to Wuhan Xinsili Culture
Development Co., Ltd. on December 28,
2021; and (ii) all of the equity interests in RISE
Education International Limited and Rise IP (Cayman) Limited to
Bain Capital Rise Education IV Cayman Limited on December 30, 2021. Upon completion of the
Sale, the Company has, through its subsidiaries, sold substantially
all of its assets.
In connection with the Sale, on December
30, 2021, the settlement ("Settlement") with the lenders
("Lenders") of the facilities agreement dated March 18, 2021 relating to the term and revolving
facilities of up to an aggregate amount of US$80,000,000 has also been completed. As part of
the Settlement, all interest in the Edge business that offers
admission consulting, academic tutoring and test preparation
services in Hong Kong and
Singapore for students who intend
to study abroad has been transferred to a person nominated by the
Lenders.
For further details of the Sale and the Settlement, please
review the Form 6-K furnished by the Company to the SEC on
December 1, 2021.
Safe Harbor Statement
The Company's press release may contain statements of a
forward-looking nature. These statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. You can identify these forward-looking statements by
terminology such as "will," "expects," "believes," "anticipates,"
"intends," "estimates" and similar statements. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about RISE and the industry. All
information provided in this press release is as of the date
hereof, and RISE undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although RISE believes that the expectations
expressed in these forward-looking statements are reasonable, it
cannot assure you that its expectations will turn out to be
correct, and investors are cautioned that actual results may differ
materially from the anticipated results.
For investor and media inquiries, please contact:
Luna Xing
RISE Education
Email: riseir@rdchina.net
Tel: +86 (10) 8559-9191
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SOURCE RISE Education Cayman Ltd