EDTK Announces Business Plans to Expand Into New Market and Offer Free Online Trainings to Attract Customers
Skillful Craftsman Education Technology (NASDAQ: EDTK) has announced two strategic initiatives: the establishment of a wholly-owned subsidiary in the United States to expand into the international skills training market, and the elimination of membership fees for its Education Cloud Platform starting October 1, 2024. The platform, operated by Wuxi Kingway Technology Co., a variable interest entity of the company in China, will now offer free online skills training to all users in an effort to expand its customer base.
Skillful Craftsman Education Technology (NASDAQ: EDTK) ha annunciato due iniziative strategiche: l'istituzione di una controllata negli Stati Uniti per espandersi nel mercato internazionale della formazione professionale, e l'eliminazione delle tasse di iscrizione per la sua Piattaforma Cloud Educativa a partire dal 1 ottobre 2024. La piattaforma, gestita da Wuxi Kingway Technology Co., un'entità a interesse variabile dell'azienda in Cina, offrirà ora formazione professionale online gratuita a tutti gli utenti, nel tentativo di ampliare la sua base di clienti.
Skillful Craftsman Education Technology (NASDAQ: EDTK) ha anunciado dos iniciativas estratégicas: el establecimiento de una subsidiaria de propiedad total en los Estados Unidos para expandirse en el mercado internacional de formación de habilidades, y la eliminación de las tarifas de membresía para su Plataforma Educativa en la Nube a partir del 1 de octubre de 2024. La plataforma, operada por Wuxi Kingway Technology Co., una entidad de interés variable de la empresa en China, ofrecerá ahora formación de habilidades en línea gratuita a todos los usuarios en un esfuerzo por expandir su base de clientes.
숙련된 장인 교육 기술 (NASDAQ: EDTK)는 두 가지 전략적 이니셔티브를 발표했습니다: 국제 기술 교육 시장으로의 확장을 위해 미국에 완전 자회사 설립과, 2024년 10월 1일부터 교육 클라우드 플랫폼의 회원비를 폐지하는 것입니다. 이 플랫폼은 중국에 있는 회사의 변동 이익 단체인 Wuxi Kingway Technology Co.에 의해 운영되며, 이제 모든 사용자에게 무료 온라인 기술 교육을 제공하여 고객 기반을 확장하려고 합니다.
Skillful Craftsman Education Technology (NASDAQ: EDTK) a annoncé deux initiatives stratégiques : la création d'une filiale entièrement détenue aux États-Unis pour se développer sur le marché international de la formation professionnelle, et la suppression des frais d'adhésion pour sa plateforme Cloud Éducative à partir du 1er octobre 2024. La plateforme, gérée par Wuxi Kingway Technology Co., une entité d'intérêt variable de l'entreprise en Chine, proposera désormais une formation en ligne gratuite à tous les utilisateurs dans le but d'élargir sa base de clients.
Skillful Craftsman Education Technology (NASDAQ: EDTK) hat zwei strategische Initiativen angekündigt: die Gründung einer hundertprozentigen Tochtergesellschaft in den Vereinigten Staaten zur Expansion in den internationalen Markt für berufliche Weiterbildung und die Abschaffung der Mitgliedsgebühren für seine Bildungs-Cloud-Plattform ab dem 1. Oktober 2024. Die Plattform, die von Wuxi Kingway Technology Co., einem variablen Interessensunternehmen des Unternehmens in China, betrieben wird, wird nun allen Nutzern kostenlose Online-Qualifizierung anbieten, um ihre Kundenbasis zu erweitern.
- Expansion into US market through new subsidiary
- Strategic move to grow customer base through free access to Education Cloud Platform
- Potential revenue loss from eliminating membership fees
- Additional costs associated with US subsidiary establishment
Insights
The announced strategic moves reflect a challenging business environment. Removing membership fees from the core Education Cloud Platform indicates potential revenue pressure and a shift to a freemium model. While market expansion to the US could open new opportunities, the company's small market cap of
WUXI, China, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Skillful Craftsman Education Technology Limited (NASDAQ: EDTK) announced today that the board of directors of the Company (the “Board”) has approved a plan to establish a wholly-owned subsidiary in the United States, to expand into the international new skills training market. Additionally, the Board has approved, starting October 1, 2024, the Company will remove the membership fee requirement for the Education Cloud Platform under Wuxi Kingway Technology Co., Ltd., a variable interest entity of the Company in China, offering free online skills training for all users in need to expand our customer base.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly 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 such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s annual report and other filings with the SEC, which are available for review at www.sec.gov.
For investor and media enquiries, please contact:
Skillful Craftsman
Investor Relations Department
Email: mello.bai@kingwayedu.cn
FAQ
When will EDTK remove membership fees for its Education Cloud Platform?
What new market is EDTK expanding into?
How is EDTK planning to attract new customers?
