NINGXIANG COUNTY, China, Sept. 30, 2010 (GLOBE NEWSWIRE) -- HQ Global Education Inc. (OTCBB:HQGE) ("HQ" or the "Company"), which controls and operates 11 vocational schools in China under the widely known "HQ" brand and is one of China's leading providers of customized or "order-oriented" vocational education, announced today that the Company has been granted eligibility status by the Depository Trust Company ("DTC"), which will allow ownership of its stock shares to be transferred electronically by the DTC.
"Our achievement of DTC eligibility is a significant step in attracting a wider base of investors to our company," stated Mr. Guangwen He, Chairman and CEO of HQ. "Electronic trading is the standard in today's financial markets, and becoming DTC-eligible greatly simplifies the process of trading and exchanging our common stock. We expect our new status to greatly improve HQGE's market liquidity and make our stock more attractive to investors."
In the third fiscal quarter ended May 31, 2010, HQ generated revenues of $17.2 million, up 80.7% from $9.5 million in the same period last year. Net income increased 127.8% to $5.5 million, up from $2.4 million in the third fiscal quarter of 2009. The Company launched its eleventh school in July.
About HQ Global Education Inc. ("HQ")
HQ provides "customized training" services to varied student populations by operating its own private schools or cooperating with selected vocational schools in China. By rendering full-scale educational and job placement services, the Company realizes recurring revenues, such as tuition fees, school logistics services fees, off-campus internship management fees, and job placement fees. As of May 31, 2010, there were more than 34,000 students from 22 provinces throughout China enrolled in HQ-operated schools. In line with its "customized education" approach, HQ has established cooperation relationships with approximately 120 enterprise clients and provides training to students who frequently become employees of these enterprises. As part of the program, HQ also endeavors to place students in off-campus internships with the enterprises. HQ has become increasingly synonymous throughout China with superior training to meet employer needs and for producing outstanding technical specialists with immediate jobs and fulfilling career opportunities. For the nine months ended May 31, 2010, the employment rate remained 100% for the students who graduated from our vocational programs.
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Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.
CONTACT: HQ Global Education Inc. Mr. Guangwen He, Chairman and Chief Executive Officer (86 731) 87828601 Fax: (86 731) 87828601 http://www.hq-education.com RedChip Companies, Inc. In the U.S.: Dave Gentry 1-800-733-2447, Ext. 104 [email protected] http://www.RedChip.com
