Wah Fu Education Group Limited (NASDAQ:WAFU)

Second Quarter 2020 Financial Results

• Revenue decreased by 13.7% year-over-year to $2.50 million for the six months ended September 30, 2019 from $2.90 million for the same period of the prior fiscal year. The decrease in revenue is primarily attributable to the decreased revenue from technological development and operation services, partially offset by the increased revenue from online education services.
• Net loss was $1.18 million or, loss per share of $0.29 for the six months ended September 30, 2019, compared to net income of $0.22 million, or earnings per share of $0.05, for the same period of the prior fiscal year. 

BEIJING, China, Jan. 08, 2020 (GLOBE NEWSWIRE) -- Wah Fu Education Group Limited (“Wah Fu” or the “Company”) (WAFU), a provider of online training and exam preparation services, as well as related training materials and technology solutions for both institutions and individuals, today announced that, through its majority owned subsidiary, Nanjing Suyun Education Technology Co., Ltd., the Company entered into a 5-year service agreement (the “Agreement”) to develop a customized online educational platform for Jiuzhou Polytechnic Vocational College (“Jiuzhou Polytechnic”), featuring cloud-based online courses related to vocational training required by the Ministry of Education of China, administration and student management services.  

Established in 1993 with a total investment of over RMB300 million, Jiuzhou Polytechnic is private higher vocational college with over 400 faculties and staff and over 1,000 students and currently offers 3-year programs in 6 departments and 41 majors. More information about Jiuzhou Polytechnic can be found at www.jzp.edu.cn. 

“Jiuzhou Polytechnic adds to our 100+ and growing number of institutional B2B2C clients, including universities and colleges,” said Mr. Yang Yu, Chairman of Wah Fu. “We are proud to be a trusted partner of our institutional clients including Jiuzhou Polytechnic, through whom we have been able to develop customized online training and educational solutions that benefit tens of thousands of students every year.”

BEIJING, China, Nov. 21, 2019 (GLOBE NEWSWIRE) -- Wah Fu Education Group Limited (“Wah Fu” or the “Company”) (NASDAQ:WAFU), a provider of online training and exam preparation services, as well as related training materials and technology solutions for both institutions and individuals, today announced that it has entered into a partnership agreement (the “Agreement”) with Chengdu Neusoft University (“Neusoft University”), a private undergraduate college with over 10,000 students.

Pursuant to the Agreement, Wah Fu will develop and maintain a customized online education platform featuring online courses, self-taught examinations, and administration and student management services, etc. for Neusoft University. The Agreement has an initial term of one year.

“Neusoft University adds to our growing number of institutional clients that include over 100 accredited universities and colleges,” said Mr. Yang Yu, Chairman of Wah Fu. “We are thrilled to partner with Neusoft University where its over 10,000 students, teachers and staff are set to benefit tremendously from our proprietary online training and educational solutions and services and look forward to building a successful partnership with Neusoft University.”

BEIJING, China, Sept. 19, 2019 (GLOBE NEWSWIRE) -- Wah Fu Education Group Limited (“Wah Fu” or the “Company”) (NASDAQ:WAFU), a provider of online training and exam preparation services, as well as related training materials and technology solutions for both institutions and individuals, today announced that it has entered into a strategic cooperation agreement (the “Agreement”) with Guangzhou Modern Information Engineering College (“Guangzhou Modern”), a higher vocational college with over 12,700 students based in Guangzhou, China.

Pursuant to the Agreement executed by and between the two parties earlier this month, Wah Fu will provide the administrators, staffs, teachers and students of Guangzhou Modern with its proprietary online education and training program developed to capture market demand driven by the “1+X” policy announced by the Ministry of Education in early 2019, which currently offers over 5,000 online courses and training materials targeted for higher vocational students. The “1+X” policy is established to encourage students obtain multiple vocational technology training certificates during their college period. Additionally, Wah Fu will develop a customized online education system for Guangzhou Modern which includes online courses, self-study examination, administration and student management services, etc.  

Mr. Yang Yu, Chairman of Wah Fu commented, “We are pleased to partner with Guangzhou Modern and honored to extend our proprietary online education solution to China Modern’s over 12,700 students. China’s online education and training services market is rapidly evolving, driven by growing China’s economy, increasing internet and broadband penetration rate and increasing awareness of the importance of higher and professional education. We expect to take advantage of this favorable market trend and continue to grow our business through further expansion of product portfolio and institutional client base.”  

BEIJING, China, April 29, 2019 (GLOBE NEWSWIRE) -- Wah Fu Education Group Limited (“Wah Fu” or the “Company”) (NASDAQ:WAFU), a provider of online training and exam preparation services, as well as related training materials and technology solutions for both institutions and individuals, today announced the closing of its initial public offering of 1,181,033 ordinary shares at a public offering price of $5.00 per share, for total gross proceeds of approximately $5.9 million before deducting underwriting discounts, commissions and other related expenses. The shares will begin trading on the NASDAQ Capital Market on Tuesday, April 30, 2019 under the ticker symbol “WAFU”.

Network 1 Financial Securities, Inc. acted as the underwriter in the offering. Ellenoff Grossman & Schole LLP acted as U.S. legal counsel to the Company, and Mei & Mark LLP acted as legal counsel to the underwriters.

The Company intends to use the proceeds from this offering primarily for: 1) establishing U.S. operations; 2) product development; 3) technology research and development; 4) establishing branches in China; 5) advertisement and marketing; 6) strategic reserve; and 7) working capital.

A post-effective amendment to the registration statement relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (“SEC”) on February 14, 2019. The offering of these securities was made only by means of a prospectus. A copy of the final prospectus relating to the offering may be obtained by contacting Network 1 Financial Securities, Inc., 2 Bridge Avenue, Suite 241, Red Bank, New Jersey 07701, Attention: Steven Sun, Executive Director, Investment Banking or email jsun@netw1.com or by calling +1 (800)-886-7007. In addition, a copy of the final prospectus relating to the offering may be accessed via the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.