Wah Fu Education Group Ltd. Clarifies That the New Regulations Related to Homework and Off-campus Training for Students in China Does Not Impact the Company
BEIJING, China, July 27, 2021 (GLOBE NEWSWIRE) -- Wah Fu Education Group Limited (“Wah Fu” or the “Company”) (NASDAQ:WAFU), a provider of online education and exam preparation services, as well as related training materials and technology solutions for both institutions and individuals, today clarified that the new policy, Opinions on Further Reducing the Burden of Homework and Off-campus Training for Students in Compulsory Education (“Opinions”), issued by the General Office of the Chinese Communist Party and General Office of the State Council on July 24,2021, will not have a significant adverse effect on the operations or financials of the Company.
The Opinions contain policy guidance on requirements and restrictions relating to online and offline off-campus tutoring or training services which apply to institutions operating in the area of discipline-based off-campus tutoring and training for students in compulsory education (K through 12). However Wah Fu focuses on adult remote learning content and education technology services, providing platform services mainly for adults and universities. On the contrary, Wah Fu’s education technology services and education infrastructure services are encouraged by the Chinese government. Wah Fu follows the laws and industrial policy in China while providng services and has never been involved in discipline tutoring or training for students in compulsory education as mentioned above. Furthermore, the Company has no plans to expand its business in such areas.
About Wah Fu Education Group Limited
Headquartered in Beijing, China, Wah Fu Education Group Limited provides online training and exam preparation services for adults, as well as related training materials and technology solutions for both institutions, such as universities and training institutions, and university students. For more information about Wah Fu, please visit www.edu-edu.cn.
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are not statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; government regulations; and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission (the “SEC”). For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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