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ATA Announces its Subsidiary Entered Into a Strategic Investment Agreement with MOOC-CN InvestmentBEIJING, Feb. 23, 2017 (GLOBE NEWSWIRE) -- ATA Inc. ("ATA" or the "Company") (Nasdaq:ATAI), a leading provider of advanced testing technologies and testing-related services in China, today announced that the Company’s assessment business subsidiary, ATA Learning Data & Technology (Beijing) Limited (“ATA Learning Data & Technology”), had entered into an Investment Agreement (“Agreement”) with MOOC-CN Investment. Pursuant to the Agreement, MOOC-CN Investment, together with the founder of MOOC-CN Investment as strategic investors, will invest RMB34.0 million (approximately US$4.9 million at current foreign exchange rate) into ATA Learning Data & Technology, which accounts for 20% of ATA Learning Data & Technology’s total shareholdings upon the closing of the investment, of which MOOC-CN Investment and its founder will each hold 18% and 2%, respectively. Upon the closing of the investment, ATA will own 56% of the shareholdings of ATA Learning Data & Technology, and the remaining 24% has been reserved as employee option pool for future incentive issuance to ATA Learning Data & Technology’s employees, directors, officers and consultants. The Company intends to use the proceeds from this strategic investment for, and work together with the strategic investors to continue to focus on, the development of education assessment instruments and contents. ATA continues to explore growth opportunities in the K-12 education assessment market by leveraging the Company’s core competencies in psychometric expertise and testing technologies. Mr. Kevin Ma, ATA’s Chairman and Chief Executive Officer, stated, “We are pleased and welcome MOOC-CN Investment as our strategic partner for ATA Learning Data & Technology. It reflects the recognition of our dedication and technological edge in the education assessment sector. We are confident that partnering with MOOC-CN Investment and leveraging its resources and influence will greatly accelerate the expansion of ATA Learning Data & Technology into public schools across Chinain the future. We strongly believe that this strategic investment can fulfill ATA Learning Data & Technology’s business development and brand building needs at this stage.” About MOOC-CN Investment About ATA Learning Data & Technology (Beijing) Limited About ATA Inc. ATA has delivered more than 80.7 million billable tests since ATA started operations in 1999. For more information, please visit ATA’s website at www.atai.net.cn. Cautionary Note Regarding Forward-looking Statements For more information on our company, please contact the following individuals: At the Company ATA Inc. Shelly Jiang, Interim CFO +86 10 6518 1122 x 5500 [email protected] Investor Relations The Equity Group Inc. Carolyne Y. Sohn, Senior Associate 415-568-2255 [email protected] Katherine Yao, Senior Associate +86 10 6587 6435 [email protected] Adam Prior, Senior Vice President 212-836-9606 [email protected] |