SHANGHAI,
Dec. 3, 2021 /PRNewswire/ -- Four Seasons Education
(Cayman) Inc. ("Four Seasons Education" or the "Company") (NYSE:
FEDU), a leading Shanghai-based
education company, today announced that the Company appointed
Marcum Bernstein & Pinchuk LLP
("MBP") as the Company's independent registered public accounting
firm for its fiscal year ending February 28, 2022. At the same
time, the Company and Deloitte Touche Tohmatsu Certified Public
Accountants LLP ("Deloitte") have mutually agreed to terminate
Deloitte's appointment as the Company's independent registered
public accounting firm, effective immediately.
The Company's decision to replace Deloitte with MBP was approved
by the Audit Committee and the Board of Directors of the
Company.
Deloitte was engaged as the Company's independent registered
public accounting firm since 2017. Deloitte's report on the
Company's consolidated financial statements as of February 29, 2020 and February 28, 2021 and for each of the two years
in a period ended February 28, 2021
contained no adverse opinion or disclaimer of opinion and were not
qualified or modified as to uncertainty, audit scope or
accounting principle. During the two most recent fiscal years ended
February 28, 2021, and up to the
interim period before Deloitte's dismissal, there were (i) no
disagreements (as defined in Item 16F(a)(1)(iv) of Form 20-F and
the related instructions thereto) between the Company and Deloitte
on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, and (ii) no
"reportable events" (as defined in Item 16F(a)(1)(v) of Form 20-F)
other than the material weakness reported in Item 15 of the
Company's Form 20-F filed with the U.S. Securities and Exchange
Commission on July 2, 2021.
During the Company's two most recent fiscal years ended
February 28, 2021, and any subsequent
interim period prior to the engagement of MBP on December 3, 2021, neither the Company nor anyone
acting on its behalf consulted with MBP on either (a) the
application of accounting principles to a specified transaction,
either completed or proposed, or the type of audit opinion that
might be rendered on the Company's financial statements, and
neither a written report nor oral advice was provided to the
Company by MBP that MBP concluded was an important factor
considered by the Company in reaching a decision as to any
accounting, auditing or financial reporting issue, or (b) any
matter that was the subject of a disagreement, as that term is
defined in Item 16F(a)(1)(iv) of Form 20-F (and the related
instructions thereto) or a reportable event as set forth in Item
16F(a)(1)(v)(A) through (D) of Form 20-F.
The Company is working closely with both Deloitte and MBP to
ensure a seamless transition.
The Audit Committee and the Board of Directors of the Company
would like to express their sincere gratitude to Deloitte for its
high quality services rendered to the Company over the past
years.
Safe Harbor Statement
This press release contains statements of a forward-looking
nature. These statements, including the statements relating to the
Company's future financial and operating results, are made under
the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. You can identify these
forward-looking statements by terminology such as "will,"
"expects," "believes," "anticipates," "intends," "estimates" and
similar statements. Among other things, management's quotations and
the Business Outlook section contain forward-looking statements.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about the Company and the
industry. Potential risks and uncertainties include, but are not
limited to, those relating to its ability to attract new students
and retain existing students, its ability to deliver a satisfactory
learning experience and improving their academic performance, PRC
regulations and policies relating to the education industry in
China, general economic conditions
in China, and the Company's
ability to meet the standards necessary to maintain listing of its
ADSs on the NYSE or other stock exchange, including its ability to
cure any non-compliance with the NYSE's continued listing criteria.
All information provided in this press release is as of the date
hereof, and the Company undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. Further
information regarding risks and uncertainties faced by the Company
is included in the Company's filings with the U.S. Securities and
Exchange Commission, including its annual reports on Form 20-F.
About Four Seasons Education (Cayman) Inc.
Four Seasons Education (Cayman) Inc. is a leading Shanghai-based education company dedicated to
providing comprehensive educational services. The Company's vision
is to unlock students' intellectual potential through high quality
and effective education that can profoundly benefit students. The
Company's proprietary educational service offerings are designed to
cultivate students' interests and enhance their cognitive and
logical thinking abilities. The Company's faculty is led by a group
of experienced senior educators, including recognized scholars and
award-winning teachers. Over the years, the quality of the
Company's educational services has been demonstrated by its student
outstanding performance.
For investor and media inquiries, please contact:
In China:
Four Seasons Education (Cayman) Inc.
Olivia Li
Tel: +86 (21) 6317-6678
E-mail: IR@fsesa.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86-10-6508-0677
E-mail: fourseasons@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: fourseasons@tpg-ir.com
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SOURCE Four Seasons Education Inc.