BEIJING, Nov. 26, 2018 /PRNewswire/ -- Puxin Limited (NEW) ("Puxin" or the "Company"), a successful consolidator of the after-school education industry in China, today announced that members of its senior management team, including Mr. Yunlong Sha, Chairman and Chief Executive Officer, and Mr. Peng Wang, Chief Financial Officer, will use their personal funds to purchase the Company's American Depositary Shares on the open market for an aggregate amount up to a maximum of US$10.0 million within the next 6 months, subject to the restrictions of, and compliant with, the applicable laws and regulations and the Company's securities trading policy.
Mr. Sha commented, "This share repurchase demonstrates management's confidence in the long-term prospects of our business. We continue to implement our strategy and strongly believe we are ideally positioned to benefit from the further consolidation of China's after-school education industry leveraging our extensive experience in rapidly integrating and improving operations and management of acquired schools."
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and 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. The Company may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: its goals and strategies, its ability to achieve and maintain profitability, its ability to attract and retain students to enroll in its courses, its ability to effectively manage its business expansion and successfully integrate businesses it acquired, its ability to identify or pursue targets for acquisitions, its ability to compete effectively against its competitors, its ability to improve the content of its existing courses or to develop new courses, and relevant government policies and regulations relating to the Company's corporate structure, business and industry. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.
About Puxin Limited
Puxin Limited (NEW) ("Puxin" or the "Company") is a successful consolidator of the after-school education industry in China. Puxin has a strong acquisition and integration expertise to effectively improve education quality and operational performance of acquired schools. Puxin offers a full spectrum of K-12 and study-abroad tutoring programs designed to help students achieve academic excellence, as well as prepare for admission tests and applications for top schools, universities and graduate programs in China and other countries. The Company has developed a business model effectively combining strategic acquisitions and organic growth achieved through successful post-acquisition integration, which has differentiated the Company from other after-school education service providers in China.
For more information, please contact:
Mr. Christian Arnell
Ms. Linda Bergkamp