ATA Announces Closing of Xing Wei Acquisition
BEIJING, Nov. 6, 2013 /PRNewswire-FirstCall/ -- ATA Inc. ("ATA" or the "Company", Nasdaq: ATAI), a leading provider of advanced testing technologies and testing-related services in China, today announced that, on October 31, 2013, it closed on the previously announced acquisition of Xing Wei Institute (HK) Limited ("Xing Wei"), a private education technology company that provides training solutions as well as online and mobile training platforms for corporations in China, for US$3.19 million. ATA reported net revenues of RMB366.7 million (US$59.0 million) for the fiscal year ended March 31, 2013.
About ATA Inc.
ATA is a leading provider of advanced testing technologies in China. The Company offers comprehensive services for the creation and delivery of assessments based on its proprietary testing technologies and test delivery platform. ATA's testing technologies are used for professional licensure and certification tests in various industries, including information technology services, banking, teaching, securities, insurance, and accounting. As of June 30, 2013, ATA's test center network comprised 2,810 authorized test centers located throughout China. The Company believes it has the largest test center network of any commercial testing service provider in China.
ATA has delivered more than 50.0 million billable tests since ATA started operations in 1999. For more information, please visit ATA's website at http://www.ata.net.cn/.
Cautionary Note Regarding Forward-looking Statements
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terms such as "believe," "could," "expect," "future," "look forward to," "plan," "should," "will," and similar terms and include, among other things, the future integration of Xing Wei's business with ATA's and the potential effect of the Xing Wei acquisition on ATA's service offerings and relationships with existing clients. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates, and projections about ATA, Xing Wei and the markets in which they operate. The Company undertakes no obligation to update forward-looking statements, except as may be required by law. The Company cannot assure you that its expectations and assumptions will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
For more information on our company, please contact the following individuals:
SOURCE ATA Inc.