BEIJING, Nov. 24, 2017 /PRNewswire/ -- RYB Education, Inc.
("RYB" or the "Company") (NYSE: RYB), a leading early childhood
education service provider in China, provided an update on allegations of
improper conduct toward children enrolled in a class at an
RYB-operated kindergarten in Beijing. Two days ago, local police started an
investigation following reports from some parents of children
enrolled in a class at an RYB-branded kindergarten in Beijing, claiming that their children had
experienced seriously improper conduct at the kindergarten. RYB
immediately provided the security monitoring content and
surveillance devices to police authorities, suspended the staff who
allegedly were involved, and will continue to take all other
necessary measures to promptly cooperate with police and other
authorities on the investigation. To date, the investigation
has not been concluded. RYB has established a special task
force under the leadership of independent directors of the Company
to conduct a thorough self-inspection across all teaching
facilities.
RYB is fully committed to the safety of each and every child who
is enrolled in RYB kindergartens and will continue to execute on
its best practices commensurate with its status as a leading early
childhood education service provider in China.
RYB also announced that the board of directors of the Company
has approved a share repurchase program whereby the Company is
authorized to repurchase its own ordinary shares in the form of
American depositary shares with an aggregate value of up to
US$50 million during the next 12
months. The Company expects to fund the repurchase out of its
existing cash balance. The proposed share repurchase may be
effected on the open market at prevailing market prices and/or in
negotiated transactions off the market from time to time as market
conditions warrant in accordance with applicable requirements of
Rule 10b-18 and Rule 10b-5 under the U.S. Securities Exchange Act
of 1934, as amended.
Management will hold a conference call today at 7:30 a.m. U.S. ET Eastern Time (8:30 p.m. Beijing Time November 24, 2017) to provide an update on the
case and answer questions from investors and analysts. Listeners
may access the call by dialing:
International:
|
+65-6713-5381
|
China
Domestic:
|
4001200657
|
Hong Kong:
|
+852-3018-6779 /
+852-3018-6765
|
United
States:
|
+1-347-549-4095
|
United
Kingdom:
|
+44-203-713-5083
|
|
|
Please ask to be
connected to the call for "RYB".
|
A telephone replay will be available two hours after the call
until November 29, 2017, by
dialing:
International:
|
+61-290034211
|
China
Domestic:
|
4006322162
|
Hong Kong:
|
+852-3051-2780
|
United
States:
|
+1-646-254-3697
|
United
Kingdom:
|
+44-203-7014269
|
Replay Access
Code:
|
3597407
|
Safe Harbor Statement
This announcement contains forward-looking statements. 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," "confident" and similar statements.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. 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
Company's growth strategies; its future business development,
results of operations and financial condition; trends and
competition in China's early
childhood education market; changes in its revenues and certain
cost or expense items; the expected growth of the Chinese early
education market; Chinese governmental policies relating to the
Company's industry and general economic conditions in China. Further information regarding these and
other risks is included in the Company's filings with the SEC. 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 obligation to update any forward-looking statement, except as
required under applicable law.
About RYB Education, Inc.
Founded on the core values of ''Care'' and ''Responsibility,''
RYB Education, Inc. is a leading early childhood education service
provider in China. Since opening
its first play-and-learn center in 1998, the Company has grown and
flourished with the mission to provide individualized
age-appropriate education to stimulate and nurture children so they
can realize their full potential. During its nearly two decades of
operating history, the Company has built "RYB" into a
well-recognized education brand and helped bring about many new
educational practices in China's
early childhood education industry. RYB's comprehensive early
childhood education solutions meet the needs of children from
infancy to 6 years old through structured courses at kindergartens
and play-and-learn centers, as well as at-home educational products
and services.
For investor and media inquiries, please contact:
In China:
RYB Education, Inc.
Serena Xue
Tel: 86-10-8767-5752
E-mail: ir@rybbaby.com
The Piacente Group, Inc.
Ross Warner
Tel: +86 (10) 5730-6200
E-mail: ryb@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Alan Wang
Tel: +1-212-481-2050
E-mail: ryb@tpg-ir.com
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SOURCE RYB Education, Inc.