China Bilingual Files Audited Financial Results for Recently Acquired School

TAIYUAN CITY, China, Nov. 17, 2011 /PRNewswire-Asia-FirstCall/ -- China Bilingual Technology & Education Group Inc. (OTCBB: CBLY) ("China Bilingual" or the "Company"), an education company that owns and operates high-quality, K-12 private boarding schools in China, announced today that it has filed a Form 8-K with the Securities and Exchange Commission providing audited financial results for Shanxi Rising Education Company Ltd. ("Shanxi Rising"), the owner of a private K-12 boarding school that the Company acquired on August 31, 2011.

Shanxi Rising generated $7.8 million in revenues for the fiscal year ended August 31, 2011, an increase of 29.3% as compared to $6.0 million for the fiscal year ended August 31, 2010. Net income was $611,075 for fiscal 2011, an increase of 969.4% as compared to $57,144 for fiscal 2010. Shareholders' equity was $49.2 million for fiscal 2011, an increase of 34.0% as compared to $36.7 million for fiscal 2010. On a combined pro forma basis, China Bilingual and Shanxi Rising would have had twelve-month revenues of $32.6 million with net income of $12.7 million or $0.42 per share if combined for the full twelve months ended August 31, 2011.

Founded in 2002, the Shanxi Rising School, owned by Shanxi Rising, is located in Jinzhong City, Shanxi Province, People's Republic of China. The school has approximately 5,000 students currently enrolled and a total capacity for approximately 10,000 students. The school campus spans 82 acres and is comprised of over 2.3 million square feet of facilities, including 18 dormitories to accommodate 10,000 students, academic classrooms, gymnasium, theater, natatorium, cafeteria, and other administrative and academic buildings.

"Shanxi Rising generated nearly $8 million in revenue in fiscal 2011 on only one-third of its enrollment capacity for the last school year," stated Dr. Ren Zhiqing, Chairman and CEO of China Bilingual. "By implementing our proven operational methodologies and academic curriculum, we have already increased enrollment at the Shanxi Rising School for the 2011-2012 school year from approximately 3,000 students in the last school year to over 5,000 students. We believe we can continue to steadily ramp up student enrollment, driving substantial growth for the Company in the years ahead. We remain dedicated to becoming an education leader in China, and this acquisition is yet another milestone on our way to achieving that goal."

About China Bilingual Technology & Education Group Inc.

China Bilingual Technology & Education Group Inc. is an education company that owns and operates high-quality, K-12 private boarding schools in China. Founded in 1998, the Company currently operates three schools encompassing the kindergarten, elementary, middle and high school levels with approximately 13,000 students and 2,000 faculty and staff.

The Company's schools are located in Shanxi and Sichuan Provinces and provide students with an innovative and high-quality education with a focus on fluency and cultural skills in both Chinese and English. The schools regularly rank among the top schools in their respective regions for college entrance rates and national college entrance exam scores. The Company's schools have earned excellent teaching reputations and are recognized for the success of their students and strong faculty.

As China experiences rapid industrialization and economic growth, the government is focused on education as a means to increase worker productivity and raise the standard of living. Parents in China's new middle and upper classes are sending their children to receive private school education to give them an advantage in China's increasingly competitive workforce. The Company's sector in education is not subject to corporate income tax, and the Company anticipates its growth will come from both organic growth through increased enrollment and expansion of its business model and teaching methods into new schools to be acquired by the Company.

Forward-Looking Statements

Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. For additional information, readers should carefully review reports or documents the Company files periodically with the Securities and Exchange Commission.

Contact:

At the Company:
Michael Toups, Chief Financial Officer
U.S. Office +1 727-641-1357
[email protected]

Investor Relations:
Mike Bowdoin
RedChip Companies, Inc.
Tel: +1-800-733-2447, Ext. 110
Email: [email protected]

SOURCE China Bilingual Technology & Education Group Inc.

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