Market Overview

Global Education Announces Shareholder Approval of Merger With Pearson Plc

Share:

BEIJING, Dec. 20, 2011 (GLOBE NEWSWIRE) -- Global Education & Technology Group Ltd. (Nasdaq: GEDU) ("Global Education" or the "Company"), the largest test preparation provider for the International English Language Testing System ("IELTS") and a leading provider of educational courses and related services in China, today announced that, at the extraordinary general meeting of Global Education shareholders (the "EGM") on December 19, 2011, shareholders voted overwhelmingly in favor of the previously announced merger with Pearson plc ("Pearson") and Genius Merger Sub ("Merger Sub") pursuant to the Agreement and Plan of Merger dated November 19, 2011 (the "Merger Agreement") by and among the Company, Pearson and Merger Sub. Approximately 90% of the Company's total outstanding ordinary shares voted in person or by proxy at the EGM to approve the merger and approve and adopt the Merger Agreement.

Following the approval by its shareholders, the Company is working diligently with Pearson to satisfy all other conditions precedent to the merger set forth in the Merger Agreement and complete the merger as quickly as possible.

About Global Education

Global Education & Technology Group Ltd. (Nasdaq: GEDU) is the largest test preparation provider for IELTS and a leading provider of educational courses and related services in China. Under its "Global" brand, the Company also offers diversified services that span a student's educational life cycle, including after-school courses, overseas study consulting, and professional certification test preparation. As of September 30, 2011, the Company's network comprised 115 directly operated and 327 franchised learning centers across China, as well as an online course delivery platform with more than one million registered members. For more information, please visit www.gedu.org.

The Global Education & Technology Group Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11124

Safe Harbor Statements

This announcement contains forward-looking statements. These statements constitute "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 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" and similar statements. Such statements involve certain risks and uncertainties that could cause actual results or events to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in GEDU's filings with the U.S. Securities and Exchange Commission, including its registration statement on Form F-1 and annual reports on Form 20-F, as amended from time to time. GEDU does not undertake any obligation to update any forward-looking statement, except as required under applicable law, and does not make any forecasts or projections and does not confirm or adopt any forecasts or projections made by any other person.

CONTACT: For investor inquiries, please contact: Global Education & Technology Group Ltd. Ms. Wang Ke Investor Relations Supervisor Phone: +86-10-6212-5800 ext 671 E-mail: ir@gedu.org ICR Inc. Mr. Rob Koepp Phone: +86-10-6583-7516 or +1-646-328-2550 E-mail: robert.koepp@icrinc.com

Global Education & Technology Group Limited Logo

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com