BEIJING, July 13, 2012 /PRNewswire-Asia/ -- Ambow Education Holding Ltd. ("Ambow" or the "Company" NYSE: AMBO), a leading national provider of educational and career enhancement services in China, today announced that its Board of Directors approved a share repurchase program.
Under the program, Ambow is authorized to repurchase up to $10 million worth of its outstanding American Depositary Shares (ADSs) representing its Class A ordinary shares from time to time in open market transactions, in block trades or otherwise. The timing and amount of any ADSs repurchased will be determined by Ambow's management, based on its evaluation of market conditions, the trading price of the stock and other factors, as well as subject to relevant rules under the Securities Exchange Act of 1934, as amended (the "Act"). The Company also will effect repurchase transactions in compliance with the Company's insider trading policy. The repurchase program does not obligate the Company to acquire any particular number or amount of its ADSs and may be suspended or discontinued at any time.
"This announcement illustrates our confidence in the long-term growth opportunities for Ambow and our commitment to shareholder value," stated Dr. Jin Huang, founder and CEO of Ambow. "We believe that our ability to generate cash will remain strong and have confidence in our fundamentals."
"In addition to growing our company," added Chief Strategy Officer, Ms. Jenny Zhan. "it is our goal to enhance long-term stockholder value. We believe that our current share price presents an attractive investment opportunity and that it is prudent to establish a stock repurchase program at this time. We remain steadfast in our confidence in Ambow's fundamentals as reflected with this share repurchase program, and look forward to keeping shareholders apprised of our progress."The Company intends to use available cash balances to fund the share repurchase program.