Benzinga | Sep 30, 2020 09:30AM EDT

Ambow Education Reports Its Beijing Ambow Shengying Education And Technology Co. Subsidiary Received Notification From Instrimpex Int'l. Tendering Co. Of Won Bid For Asian Development Bank-Backed Project In Ziyang, China, No Terms Disclosed

mbow Education Holding Ltd. ("Ambow" or the "Company") (NYSE:AMBO), a leading national provider of educational and career enhancement services in China, is pleased to announce today, that one of its wholly-owned subsidiaries in China, Beijing Ambow Shengying Education and Technology Co., Ltd ("Ambow Shengying"), received notification from Instrimpex International Tendering Co., Ltd., which is responsible for facilitating Asian Development Bank ("ADB") loan projects, that Ambow Shengying won the bid for a ADB-backed project in Ziyang, Sichuan Province of China. ADB focuses on projects that help promote private investments in the region that will have significant development impact and will lead to accelerated, sustainable, and inclusive growth.

This project is designed to provide Ziyang Technical and Vocational Education and Training ("TVET") Center with curriculum design and technological aid for teaching capacity expansion and is a part of the Sichuan Ziyang Inclusive Green Development Project that has financial support from ABD. Leveraging its own team, educational expertise, resources network across the globe, well-versed education system, core technology, pioneering innovation and its twenty-year proven track record in vocational education sector, Ambow is capable of providing high-quality and comprehensive services, which was well recognized during the bidding process. Additionally, this project aligns well with Ambow's commitment to its vocational education service strategy which supports regional economic development and transformation.

Dr. Jin Huang, President and Chief Executive Officer of Ambow, commented, "We're extremely excited about the bid-winning for this ADB-backed project. We believe that this further demonstrates that we are a leader in the vocational and technical education sector in China, as well as reflects the strength of our core capabilities. We will continue to invest in the latest technology to achieve our goal of providing world-class educational resources and services to educators and students across districts."