Growing Family of Tier 1 Investors Recognize iTutorGroup’s Leadership in the Online Education Market

Proceeds to Accelerate iTutorGroup’s Rapid International Expansion and Enable Continued Enhancement of Platform for Continued Leadership in Online Education Market

New High-Growth Market Opportunities will be Captured through the Expansion of “Expert on Demand” Platform

SHANGHAI – November 18, 2015 – iTutorGroup, a leading online education platform, today announced a Series C equity financing of approximately $200 million. The investment values iTutorGroup at over $1 billion, and attracted marquee new investors, including GIC, Singapore’s sovereign fund; the Russia-China Investment Fund (RCIF); Goldman Sachs; and Silverlink Capital LP. Existing investor Temasek also participated in this round.

This round of investment sets a new record in the global education technology industry.

“Despite an extremely challenging fundraising environment, we generated significant interest and excitement from some of the world’s top investors, which validates the clear leadership we have established in the online education market and underscores our belief that iTutorGroup has the right technology, strategy and team to be the long-term winner in the industry,” said Dr. Ming Yang, Founder of iTutorGroup.

“iTutorGroup already sits in an unparalleled position of strength, and this investment will allow us to extend our lead in the exploding online education industry,” said Dr. Eric Yang, CEO and co-founder of iTutorGroup. “These resources will accelerate and broaden our global profile by enabling us to expand internationally and grow the business platform that enables the exchange of professional advice and other online services, furthering our ability to tap the significant potential on which our competitors will be unable to capitalize. It is our vision to capture all H2H (“Human-to-Human”) online collaboration opportunities.”

“With today’s announcement, we look forward to serving more users through the expansion of our services, as well as continuing to explore how we can extend our platform to other ‘Expert on Demand’ options,” said Jerry Huang, Chief Operating Officer of iTutorGroup.

With more than 4,500 teachers in 60 countries around the world, iTutorGroup provides real-time interactive language training through millions of classes annually. Through its proprietary platform, iTutorGroup currently offers online English language-learning courses to both adult professionals and K-12 students, in the greater China region via TutorABC and vipabc, and TutorMing for Chinese language students internationally.

Launched in 2004, with offices throughout Asia and a core R&D team based in Silicon Valley, iTutorGroup created the first commercially available synchronous learning portal, connecting students and teachers globally. These breakthroughs brought language learning out of the realm of simple tutoring and beyond the confines of the physical classroom, dramatically expanding access to foreign languages in a globalized world. With iTutorGroup, teachers and students can now learn what they want, when they want it and wherever they are in the world – even in remote locations – and at their own pace.

Given the Company’s established technology platform and ability to seamlessly connect people around the world to one another without geographical and time constraints, iTutorGroup will soon expand its offerings beyond language learning to other “Expert on Demand” applications. As the sharing economy continues to grow, iTutorGroup sees opportunities to connect users to experts, from tutoring of all school subjects to professional consulting services such as legal counsel, medical advice, and personal wealth management, to leisure learning such as cooking, yoga, and much more. iTutorGroup has already launched its innovative TutorGlass initiative – an application used with Google Glass to offer live thematic learning. The Company expects to continue building out its efforts in these adjacencies to further take advantage of the significant opportunity presented.

At the heart of iTutorGroup’s technology stack is an adaptive learning solution and algorithms that dynamically recommend the optimal class size, learning pace and content, selected from more than 16,000 hours of available learning materials. These recommendations are continually calibrated and matched by a proprietary engine that intelligently gathers the individual student’s learning history and change in his/her learning requirements. The system also interprets learner behavior from a bank of rich data analytics, leveraging data from more than 10 years of online courses, totaling more than 10 million sessions. All of the course content that the Company has amassed is user-rated, constantly updated and checked for accuracy, and is available for live learning at any time and from anywhere in the world.

As part of the iTutorGroup ecosystem, the Company’s comprehensive technology suite also includes a 24/7 support module, a CRM tool, student and teacher memory, course management capability and a “classroom manager” that ensures each student learns at a pace and a class size that best suits him or her. These capabilities enable iTutorGroup to create and efficiently manage a marketplace of teachers and students, facilitating interaction among them in ways that have enabled thousands of teachers to earn a full-time living teaching through the iTutorGroup platform. This self-developed ecosystem has elevated the entry barrier for other entrants into the space, as most online teaching service providers either employ non-native speakers to deliver classes via third party VoIP software or deliver asynchronous pre-recorded lessons, which have been proven to be largely ineffective.

iTutorGroup’s existing investors include a syndicate of renowned institutions, including Alibaba, Temasek, Qiming Venture Partners, SBI Holdings and CyberAgent Ventures.

Investors’ Commentary

Ravi Balasubramanian, Head, Asia Equities Research, GIC, said, “As a long-term investor, we believe there are growth opportunities in the online learning sector. iTutorGroup is the pioneer with a strong track record in customizing online learning and collaboration experience.”

Mr. Bing Hu and Mr. Kirill Dmitriev, Co-CEOs at Russia-China Investment Fund added, “We believe iTutorGroup’s real-time interactive language learning platform is one of the most comprehensive in the industry, combining an intuitive technology suite, leading content, an unmatched analytic feedback algorithm, and a pipeline of innovations and scale. iTutorGroup is well positioned to execute on its strategy as it looks to expand to new languages and subjects. We are excited about our partnership with iTutorGroup and are looking forward to a fruitful cooperation between RCIF and iTutorGroup.”

Stephanie Hui, Head of Merchant Banking Division Asia Pacific (Ex Japan) at Goldman Sachs, added, “As the world becomes more interconnected and business becomes more global, there is an enormous demand for language learning. We believe iTutorGroup is well positioned to capture this opportunity with its unique online platform.”

Andrew Tsuei, Founder of Silverlink Capital, added, “Internet technology will enable a broad, strategic opportunity to deliver education services, individual-to-individual, across geographies and time zones, allowing students to seek, and empowering teachers to provide, the knowledge of their choice, according to the time and place and pace of their choice. Dr. Yang and his team have built an impressive platform for the delivery of English-language learning. In particular, iTutorGroup has combined many of the advantages of a ‘sharing economy’ with a ‘marketplace’ for services. We have every confidence that, with their personal commitment and entrepreneurial spirit, this team will continue to build and expand this platform over the coming years, and, we look forward to being a member of the iTutorGroup family.”

About iTutorGroup

iTutorGroup is the premier online education platform and the largest English language learning institution in the world, serving students that range from global business professionals to young children. Founded in 2004, iTutorGroup has educated students in 40 countries, and has hosted more than 10 million classroom sessions through its award winning products, including vipabc, TutorABC, TutorABCJr., and TutorMing. Please visit www.iTutorGroup.com for more information.

About GIC

GIC is a leading global investment firm with well over US$100 billion in assets under management. Established in 1981 to secure the financial future of Singapore, the firm manages Singapore’s foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including real estate, private equity, equities and fixed income. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,200 people across 10 offices in key financial cities worldwide. For more information on GIC, please visit www.gic.com.sg.

About Russia-China Investment Fund

Russia-China Investment Fund (RCIF) is a private equity fund established to invest in unique opportunities which have appeared as a result of rapid development of economic cooperation, fast growing trade, and increasing purchasing power of the middle class in China, Russia, and other regions. The Fund was created by China Investment Corporation (CIC) and Russian Direct Investment Fund (RDIF). RCIF is focused on cross-border transactions, as well as investment opportunities within the economic region across a broad range of sectors to facilitate both countries’ structural reforms and economic efficiency. Further information is at www.rcif.com.

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world

About Silverlink Capital

The Silverlink Capital Group invests in companies with exceptional management teams, and, which embody the potential for substantial growth. In addition to significant experience in the investment communities in Asia and the US, the principals of the Group have long personal histories in commerce and industry, such histories including building and managing leading companies in Greater China, Asia, and the West. These experiences primarily lie in the technology, media and consumer sectors, so that, the Group has a particular focus on eCommerce and internet-based businesses, and, companies with a strong presence in the minds of consumers. Silverlink Capital’s financial partners are successful entreprenuers, so that, when appropriate, the overall resources of the Group represent a unique source of strategic support for companies. Because attractive investment opportunities can arise from companies both younger and more-mature, and, given the long-term commitment of the Group’s financial partners, the Group has the capability and flexibility to work with funding transactions of a wide range of sizes and structures. Silverlink Capital has a particular strength and interest in Greater China and the US, the two largest markets in the world.

Joins Alibaba Group, Temasek and Qiming Venture to provide iTutorGroup with strong base of global, successful investors

SAN FRANCISCO, March 10, 2014 – iTutorGroup, the leading online education platform and largest English-language learning institution in the world, has added SBI Group (formerly known as Softbank Finance Group) as a strategic investor, adding another globally known company to its portfolio of investors. SBI Group has invested in iTutorGroup through its education-focused fund SBI-Fudan Fund. The investment comes on the heels of their recent Series B round that closed in February, which totaled nearly $100 million USD with participation from Alibaba Group, Singapore based investment company Temasek and Qiming Venture Partners.

In addition to an already well-respected strategic counsel, SBI Group will provide invaluable local expertise as iTutorGroup continues their platform expansion across Asia, including Japan in the near future.

SBI Group is a world-renowned financial group that provides a variety of one-stop financial services over the Internet. In addition to building fully Internet-based financial services including the securities business, banking business, insurance business, forex margin trading platform and Proprietary Trading System (PTS), SBI Group is one of the largest venture capital firms in Asia. Fudan-SBI Fund was jointly established by SBI Group and Shanghai Fudan Forward S&T Co., Ltd under Fudan University, a leading university in China. The fund specializes in investments in education and related sectors.

“We are honored and excited to add SBI Group as an investor to our already strong portfolio,” said Dr. Eric Yang, co-founder and Chief Executive Officer of iTutorGroup. “In our investor group, we now have some of the strongest strategic and financial minds across China, Singapore and Japan. In looking for strategic partners, we are fortunate to have found excellent partners, such as Alibaba Group, Temasek and SBI Group to help us further accelerate from our leadership position. We will use this round of investment to expand our global operations, which includes rapid hiring for our Silicon Valley office, where we house R&D and operations for TutorMing.com, our Mandarin Chinese education platform.”

“iTutorGroup is premiere Internet technology platform,” said Li Peilung, Chairman of SBI China. “Its highly integrated technological platform enables unlimited imagination for diversified and explosive growth of its business in the future. We are keen to help them capitalize on our experience and influence within the Internet financial sector to help iTutorGroup strengthen its existing platform, develop new business and accelerate its expansion in Asia and around the world.”

“Fudan-SBI Fund has invested in iTutorGroup because we value their innovation in online education, which allows a wider range of people to enjoy the highest quality educational resources anytime, anywhere,” said Zhou Lan, partner at Fudan-SBI Fund. “In the future, we will provide the fund's resources and experience in education investment to support iTutorGroup’s growth, and work together to create a better future.”

With more than 2,000 teachers in 30 countries and 60 cities around the world, iTutorGroup provides real-time interactive language learning through millions of class sessions annually. Launched in 2004, with offices throughout Asia and a core R&D team based in Silicon Valley, iTutorGroup created the first commercially available synchronous learning portal in the world, connecting online learners and teachers wherever they are around the globe, and dynamically recommending the optimal class size, learning pace and content, selected from more than 10,000 hours of already-created learning material.

The recommendations are honed through a proprietary technology platform that combines software, the individual student’s history, and data analytics, leveraging the data from more than 10 years of online courses, totaling more than 5 million sessions. The technology stack also serves as a 24/7 support module, a CRM tool, student and teacher memory, course management, and a “classroom manager” that ensures each student learns at a pace and a class size that best suits them.

This platform and technology stack make iTutorGroup the best solution for the future of online education. Its recommendations for content, course size, teachers and pace improve as students complete more courses. At any given moment, more than 10,000 hours of course content is available for live learning, all of which is user-rated and is constantly checked for accuracy and against current events. Teachers and students can each learn when they want and where they want, and at their own pace. Neither the teachers nor the students need a brick-and-mortar school, helping education reach hard-to-access areas.

Through this platform, iTutorGroup currently offers online language-learning courses, such as TutorABC and vipabc for English-language learning for students in the greater China region, TutorABC Jr. and vipabc jr. for English language learning students between the ages of 8 and 18, and TutorMing for Chinese language learners internationally.

About iTutorGroup iTutorGroup is the premiere online education platform and largest English-language learning institution in the world, serving students that range from global business professionals to young children. Founded in 2004, iTutorGroup has educated students in 40 countries, and hosted more than 5 million classroom sessions through its five, award-winning service product businesses, including vipabc, TutorABC, vipjr and TutorABCJr. for English training and TutorMing for Mandarin Chinese. Visit www.tutor-group.com for more information.

Financing from Alibaba Group, Temasek and Qiming Venture will accelerate continued global growth and scalability for rapidly expanding online education platform SAN FRANCISCO, February 17, 2014 –iTutorGroup, the leading online education platform and largest English-language learning institution in the world, today announced the closing of a nearly $100 million USD round of Series B financing, with participation from Alibaba Group, Singapore investment company Temasek and Qiming Venture Partners. iTutorGroup plans to use the funding to accelerate further growth of its leadership position across Asia, and also expand its presence in the Americas.

To commemorate this pivotal moment in growth for iTutorGroup, the company has established a scholarship for Chinese language learning students in the United States and Singapore, offering 10,000 free sessions to students selected from an application contest on TutorMing.org. Students can apply on TutorMing.org by submitting their photo and an essay. Winners will be selected by popular vote.

“There is a strong need for an education platform that teaches how people learn today,” said Dr. Eric Yang, CEO of iTutorGroup. “Students want to learn on their schedule, with world-class teachers, and with a technology platform that provides the best learning content, class size and pace to suit their needs, while guaranteeing a high quality and effective learning experience. Our rapid growth in Asia over the last 10 years has confirmed that students prefer to learn on our platform. There is still a massive audience of potential English language learners that have not yet been exposed to vipabc and TutorABC. We also plan to better address the growing Chinese language learning market in North and South America by offering students an opportunity to learn on TutorMing.com, our Mandarin Chinese education platform.”

“We are excited to work with each of these excellent partners, and look forward to using this round of financing to further scale our platform, employees and operations to accelerate our growth into a global leadership position for online education,” Yang continued. “Alibaba is one of the world’s most respected and successful platforms, and their support of financing is a strong sign of support for our own technology,” Yang continued. “We are pleased to have the support of Singapore-based Temasek as we expand our business. Qiming Venture was our main investor during our last round of financing, making their reinvestment a strong vote of confidence in our strategy and leadership.”

With more than 2,000 teachers in 30 countries and 60 cities around the world, iTutorGroup provides real-time interactive language learning through millions of class sessions annually. Launched in 2004, with offices throughout Asia and a core R&D team based in Silicon Valley, iTutorGroup created the first commercially available synchronous learning portal in the world, connecting online learners and teachers wherever they are around the globe, and dynamically recommending the optimal class size, learning pace and content, selected from more than 10,000 hours of already-created learning material.

The recommendations are honed through a proprietary technology platform that combines software, the individual student’s history, and data analytics, leveraging the data from more than 10 years of online courses, totaling more than 5 million sessions. The technology stack also serves as a 24/7 support module, a CRM tool, student and teacher memory, course management, and a “classroom manager” that ensures each student learns at a pace and a class size that best suits them.

This platform and technology stack make iTutorGroup the best solution for the future of online education. Its recommendations for content, course size, teachers and pace improve as students complete more courses. At any given moment, more than 10,000 hours of course content is available for live learning, all of which is user-rated and is constantly checked for accuracy and against current events. Teachers and students can each learn when they want and where they want, and at their own pace. Neither the teachers nor the students need a brick-and-mortar school, helping education reach hard-to-access areas.

Through this platform, iTutorGroup currently offers online language-learning courses, such as TutorABC and vipabc for English-language learning for students in the greater China region, TutorABC Jr. for English language learning students between the ages of 8 and 18, and TutorMing for Chinese language learners internationally.

The financing comes at a time of rapid growth for the company:

Through vipabc.com and TutorABC.com, students have 24/7 access to more than 2,000 highly qualified teachers, most of whom are TESOL certified, native English language speakers that live in the United States. vipabc.com and TutorABC.com have served more than 5 million classroom sessions, combining for more than 10,000 hours of course content, all of which is dynamically accessible for classes at any time. Further, iTutorGroup forecasts the adult English language-learning segment alone within China is growing at 25% annually, and will grow to more than U.S. $21 billion by 2016. Within China alone, iTutorGroup expects sales to experience a triple-digit annual growth rate in the years to come. Earlier in January, iTutorGroup announced a partnership with former NBA star and global icon Yao Ming, who is also focused on improving global education through the Yao Ming Foundation. To kick start this partnership, iTutorGroup and Yao will jointly provide 30,000 English-language lessons to students of the Yao Ming Foundation free of charge, delivering quality English-language lessons across China, including rural areas where finding a quality English teacher can be more difficult. Yao Ming will also be the global spokesperson for iTutorGroup.

Global basketball icon will promote iTutorGroup English and Chinese language learning products, including TutorABC, vipabc and TutorMing iTutorGroup, the leading online education platform and largest online English-language learning institution in the world, has signed a long-term partnership agreement with former NBA All-Star and global icon Yao Ming. Yao will endorse iTutorGroup’s suite of English and Chinese language learning products, including TutorABC, vipabc and TutorMing, in China and around the world.

“I am a student on vipabc and look forward to being a teacher on TutorMing later this year. Soon, you can call me Tutor Ming on TutorMing.”

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With more than 2,000 teachers in 30 countries and 60 cities around the world, iTutorGroup provides real-time interactive language learning through millions of class sessions annually. Launched in 2004, with a core R&D team based in Silicon Valley, iTutorGroup created the first commercially available synchronous learning portal in the world. Over the last 10 years the company has developed a proprietary online education platform that combines software, data analytics and human learning to provide a new kind of learning environment. Using the data from more than 10 years of online courses, the platform connects online learners and teachers wherever they are around the globe, and dynamically recommends the optimal class size, learning pace and content, selected from more than 10,000 hours of already-created learning material. Through this platform, iTutorGroup currently offers online language-learning courses, such as TutorABC and vipabc for English-language learning for students in the greater China region, TutorABCJr. for English language learning students between the ages of 8 and 18, and TutorMing for Mandarin Chinese language learners internationally.

To kickstart this partnership, iTutorGroup and Yao will jointly provide 30,000 English-language lessons to students of the Yao Ming Foundation free of charge, delivering quality English-language lessons across China, including rural areas where finding a quality English teacher can be more difficult. In 2014, iTutorGroup and Yao will provide a scholarship program for Chinese-language students in the United States, through iTutorGroup’s Chinese language-learning product, TutorMing.

“We are proud to call Yao Ming a partner in our mission to provide an education platform that teaches how people learn today,” said Dr. Eric Yang, CEO of iTutorGroup. “Like Yao, we believe a better and more modern education system is critical for the future prosperity of our world. By uniting the best teachers from around the globe with students that can learn on their own schedule, with a technology platform that provides the best learning content, class size and pace, we are breaking down the barriers of distance, borders and education. Yao is excited to join us in this endeavor.”

“The greatest contribution iTutorGroup makes, in support of education, is to shorten the distance between people,” Yao said. “There are many places around the world that lack teachers to provide an excellent education. They may have good classrooms and equipment, but the lack of teachers is a very serious problem. iTutorGroup’s products can bring children and teachers from around the world together, whether they are in cities or in remote mountainous areas. This doesn’t just help them learn a language, but more importantly, it gives them a chance to change their view of the world, to see the world beyond where they are. This can be a source of inspiration and imagination, to gain knowledge from other nations.”

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“I am excited to work together with iTutorGroup to bring our world closer together through English and Chinese language education,” Yao continued. “I am a student on vipabc and look forward to being a teacher on TutorMing later this year. Soon, you can call me Tutor Ming on TutorMing.”

Over the month of January, and through the Chinese New Year holiday period, Yao will be seen on advertising for iTutorGroup’s products featured in newspapers, magazines, outdoor billboards, buses, taxi touch screens, across Shanghai. Yao will also be featured in a series of TV commercials that will run on national television, and will also appear in three “micro-movies” that will run on several of China’s leading video sharing websites.

Yao and iTutorGroup both share a long history in advancing global education. Together, they plan to serve the fast-growing, online English language-learning segment within China, which iTutorGroup predicts is growing at 25% annually, and will grow to a market of more than U.S. $17 billion by 2015. They will also target the online Chinese language-learning segment via TutorMing, iTutorGroup’s Chinese language learning platform. Industry estimates indicate that by 2015 there will be a shortfall of 400,000 to 500,000 qualified Chinese teachers globally.

The partnership agreement with Yao is not just business cooperation. The endorsement itself reflects Yao’s deep concerns on online education, as well as iTutorGroup’s global perspective and strategy, and its confidence in the future of the international language teaching market.

In 2008, Yao Ming founded the Yao Ming Foundation has raised funds and awareness for children’s wellness and welfare issues in China and the United States. Over the last five years, the Foundation has helped rebuild a number of schools in China that were destroyed in the 2008 earthquake.

As for iTutorGroup, through vipabc.com and TutorABC.com— its English-language learning platforms —the company has served more than 5 million classroom sessions, combining for more than 10,000 hours of course content, all of which is dynamically accessible for classes at any time. Students have 24/7 access to more than 2,000 tutors, most of whom are TESOL certified, native English language speakers that live in the United States.

Former CFO of Cyterion to spearhead international expansion for fast-growing eLearning company and establish U.S. HQ in Silicon Valley iTutorGroup, the leading online education platform and largest English-language learning institution in the world, today announced the hiring of Franz Chen as Chief Operating Officer, Global Business Development. In this role, Chen will accelerate the decade-old, private company’s rapid global growth, focusing on both Greater Asia and the Americas. In early 2014, iTutorGroup will establish its international headquarters in Silicon Valley. Chen will maintain offices both there and in Shanghai, where iTutorGroup has significant operations.

“We look at ourselves as a post-national company, with each member of our leadership team having their own proven record of success in different parts of the world. Given our progress in China and Taiwan and our global background, expansion into Greater Asia and the Americas is the right move.”

Fast Growing Company in an Underserved But Large Market The hiring of Chen comes at a time when iTutorGroup is quickly growing throughout China and Taiwan:

The company’s sales in China have grown approximately 300% in the last 12 months. iTutorGroup has rolled out more than 5 million classroom sessions using its 2,000 registered teachers. Its proprietary eLearning platform now houses more than 10,000 sets of course material for common use, including specialized content for professionals as diverse as lawyers, doctors and sommeliers. Busy professionals can take classes from their mobile devices at any time using the TutorMobile® classroom apps for iOS and Android. iTutorGroup forecasts the online English language-learning segment within China is growing at 25% annually, and will grow to more than U.S. $17 billion by 2015. The iTutorGroup platform learns as the student learns, and therefore helps optimize the relationship between teacher, student and material in real time, producing better outcomes. Its success is based on a proprietary database of user preferences and feedback, gathered from millions of classroom sessions over the last 10 years, which is coupled with analytical algorithms and predictive capabilities.

This data-centric approach allows iTutorGroup to provide online learners with the flexibility and personalization that they demand, while also guaranteeing consistently high learning quality. A network of nearly 2,000 certified tutors in 60 cities worldwide complements the proprietary platform, providing students 24/7 access to quality teaching in 14 countries. Winners of the Red Herring Top 100 Global award as a top global company in 2012, iTutorGroup consistently earns top satisfaction ratings from users for high-quality teachers, content and support.

COO to Facilitate Expansion into Greater Asia, Americas As iTutorGroup’s COO, Chen will lead the introduction of the company’s Chinese language platform, TutorMing.com, as a commercial offering within the United States. This will include the deployment of special coursework for advanced-placement Chinese language learners.

In addition to more rapidly advance global expansion for both English and Chinese language products, Chen will focus on identifying strategic partners for iTutorGroup to better serve online language learners around the globe, targeting potential strategic partners where technological synergies or mutual business goals might exist.

“We believe that iTutorGroup is the only true technology platform in online education, and our success in capturing the online language education market in China demonstrates the strength of that platform,” said Dr. Eric Yang, CEO of iTutorGroup. “We look at ourselves as a post-national company, with each member of our leadership team having their own proven record of success in different parts of the world. Given our progress in China and Taiwan and our global background, expansion into Greater Asia and the Americas is the right move.”

“It’s rare that you can bring on board an executive with the background, proven business track record and global experience that Franz Chen demonstrates,” Yang continued. “As iTutorGroup enters the next phase of its growth, Franz’s broad commercial and business development expertise will be invaluable.”

“I have long held an interest in education, system development and fostering collaboration, all of which are fundamental elements to iTutorGroup’s offering,” added Chen. “As the leading brand in the online education field, I am delighted to be joining the outstanding iTutorGroup team at this exciting stage of their development.”

About Franz Chen Chen brings more than three decades of technology entrepreneurship to iTutorGroup, including several successful global operations. Most recently, Chen was CFO of Cyterion, Inc., a company focused on developing superior regenerative medicine products targeting tissues damaged due to complications from diabetes. Prior to Cyterion, Chen founded RIQtek, a company providing standard and tailored management software for resolving issues with project cost overruns, where he remained until 2006. Before launching RIQtek, Chen occupied key technical and management positions at Turnstone Systems, where he drove the organization’s development, taking more than 80% of CLEC market. Before Turnstone, Chen worked for National Semiconductor, specializing in creating system models that predict behavior and performance of ICs. Between 1986 and 1990, Chen was a founder and managing director of Neon Sociedad Anonima (NSA) in Peru, a consumer electronics manufacturing company with more than 60% of its industry’s market share. Chen holds the Chartered Financial Analyst (CFA) designation and received a Master’s degree in Electrical Engineering from Cornell University. He graduated with top honors from the University of Miami with a Bachelor of Science in Electrical Engineering. He has a multi-cultural background and is fluent in Spanish, English, and Chinese (Mandarin, Taiwanese Hokkien, and Cantonese).

About iTutorGroup Founded in 2004, iTutorGroup is a leading, online language institute specializing in English training in Asia and Mandarin Chinese training for global business professionals. iTutorGroup created the first commercially available synchronous learning portal in the world and developed four prominent service product businesses including vipabc, TutorABC, vipjr and TutorABCJr. for English training and TutorMing for Mandarin Chinese. To date iTutorGroup has conducted over 5 million classes in 40 countries. Visit www.tutor-group.com for more information.

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