{"id":18113,"date":"2023-04-27T20:01:00","date_gmt":"2023-04-27T20:01:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4084174_CN84174_0"},"modified":"2023-04-27T20:01:00","modified_gmt":"2023-04-27T20:01:00","slug":"ambow-education-announces-second-half-and-full-year-2022-financial-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=18113","title":{"rendered":"Ambow Education Announces Second Half and Full-Year 2022 Financial Results"},"content":{"rendered":"
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Unveils Strategy to Lead Emerging Hybrid Education Market<\/i><\/b><\/p>\n

CUPERTINO, Calif.<\/span>, April 28, 2023 \/PRNewswire\/ — Ambow Education Holding Ltd. (NYSE American: AMBO) (“Ambow” or the “Company”), a technology-driven educational company with primary operations in the United States<\/span>, today announced its financial and operating results for the second half[1]<\/sup> and full fiscal year[2]<\/sup>, ended December 31, 2022<\/span>.<\/span><\/p>\n

“During the second half of 2022, we completed the sale of our overseas assets and transitioned our business operations to the U.S. where we introduced HybriU, our industry-leading hybrid learning platform designed to tackle the challenges of the new education paradigm,” said Dr. Jin Huang<\/span>, Ambow’s President, Chief Executive Officer and acting Chief Financial Officer. “We believe that HybriU brings the education industry its first fully integrated, interactive, online and offline instruction platform. This places Ambow at the cutting edge of a game-changing transition toward hybrid learning with HybriU’s ability to facilitate borderless education opportunities by removing historical barriers between online and offline, languages and regions, as well as academia and industry.<\/p>\n

“In 2023, we will continue to build out our U.S. operations by expanding our sales network to establish strategic partnerships with top-tier educational institutions and leading corporations, with a primary focus on the rapidly growing higher education market. While we work diligently to deploy our innovative technology, we maintain solid cash resources of approximately US$ 7.7 million<\/span> as of December 31, 2022<\/span>. As always, we remain committed to creating sustainable, long-term value for all our stakeholders as we leverage our expertise in the education industry to take us into our next phase of growth,” concluded Dr. Huang.<\/p>\n

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[1]<\/sup> Financial results for the second half of 2022 have not been audited or reviewed by the Company’s independent registered accounting firm.<\/span><\/p>\n<\/td>\n<\/tr>\n

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[2] <\/sup>Financial results for the full fiscal year ended December 31, 2022 have been audited by the Company’s independent registered accounting firm.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Ambow Provides Update on Strategic Operations in the U.S. with New HybriU Platform <\/b><\/p>\n

Ambow is wholly dedicated to offering connective technology that can dramatically decrease the historical barriers between online and offline education, languages, regions, academia and industry. During the second half of 2022, the Company transitioned its business to an exclusive focus on operations in the U.S., powered by its HybriU education technology platform. HybriU’s first-to-market, patented technology solutions are ideally positioned to meet the rapidly growing global demand for higher education and workforce training. As the education market begins to grow beyond purely online and offline models of learning, HybriU’s advanced platform capabilities place Ambow at the forefront of the global education market’s transition toward a hybrid learning model.<\/p>\n

Designed to address the specific needs of colleges, universities and corporations across the world, HybriU empowers these institutions to convert traditional teaching and training facilities into hybrid classrooms and laboratories in a scalable, affordable manner. The platform provides instant AI translation, simultaneous content creation and SaaS-based right-fit IT solutions. To date, HybriU has been deployed at Ambow’s fully owned and operated U.S.-based schools, providing case studies in success for Ambow’s potential scope and reach.<\/p>\n

Ambow is targeting deployment of its HybriU solution in large U.S. markets such as leading colleges, universities and corporations, and particularly those that have historically relied on offline instruction and training. This includes top-tier universities that wish to make their courses available to audit students, as well as smaller colleges that need to increase their enrollment through out-of-state and international students. In addition, the Company is seeking to deploy HybriU in industry-leading corporations, helping to connect the global workforce with regional or international offices, outside trainers, or academic institutions.<\/p>\n

Ambow believes HybriU’s connective technology will be invaluable in decreasing the traditional barriers that have existed between students and employees from different regional and linguistic backgrounds, and that it will help to facilitate a global transition toward hybrid education and training, where Ambow is ideally positioned to lead this growing revolution.<\/p>\n

Fourth Quarter 2022 Financial Highlights <\/b><\/p>\n