BEIJING, Dec. 5, 2016 /PRNewswire/ -- New Oriental Education and Technology Group Inc. (the "Company" or "New Oriental") (NYSE: EDU), the largest provider of private educational services in China, today responded to recent media reports referencing its small overseas study consulting division, New Oriental Vision Overseas Consultancy Co. (NOVO), as New Oriental believes these reports could mislead readers about NOVO's legitimate business activities and harm the reputation of New Oriental and NOVO.
New Oriental has been dedicated to promoting access to positive education opportunities since its founding in 1993. NOVO has been playing an important role in helping bridge the gap between Chinese and Western cultures and this has led to progress in internationalizing China's best young talent as well as fostering education-based global collaboration and partnership in various foreign markets.
New Oriental prides itself on its longstanding commitment to education and the high standards it has for itself as well as the students it assists with its programs. All of the Company's business operations, including those carried out by NOVO, are governed by robust policies and the Company has designed procedures to guard against any unendorsed behavior by employees. The Company does not condone the kinds of behavior described in the media reports, and has in the past enforced disciplinary actions against those employees who breached the Company's policies and procedures.
In the fiscal year ended May 31, 2016 and the first fiscal quarter ended August 31, 2016, the NOVO division accounted for 8% and 6% of the Company's total revenue, respectively, and even smaller percentages of its gross profit. Despite the fact that the NOVO division accounts for an insignificant part of the Company's business, New Oriental will continue to execute on and enforce its robust policies and procedures designed to deter and penalize inappropriate employee conduct in an effort to promote highest standards of corporate governance and business conduct throughout the entire organization.
About New Oriental
New Oriental is the largest provider of private educational services in China based on the number of program offerings, total student enrollments and geographic presence. New Oriental offers a wide range of educational programs, services and products consisting primarily of English and other foreign language training, test preparation courses for major admissions and assessment tests in the United States, the PRC and Commonwealth countries, primary and secondary school education, development and distribution of educational content, software and other technology, and online education. New Oriental's ADSs, each of which represents one common share, currently trade on the New York Stock Exchange under the symbol "EDU."
For more information about New Oriental, please visit http://www.neworiental.org/english/.
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," "confidence" and similar statements. New Oriental may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about New Oriental'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. Further information regarding these and other risks is included in our annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and New Oriental undertakes no duty to update such information, except as required under applicable law.
For investor and media inquiries, please contact:
Ms. Cara O'Brien
Email: [email protected]
Ms. Sisi Zhao
New Oriental Education and Technology Group Inc.
Email: [email protected]
SOURCE New Oriental Education and Technology Group Inc.