Exhibit 99.1
Green Star Mining Corporation Successfully Completes Reverse
Merger With Fast Growing Provider of Customized Vocational
Education in China And Expects To Be Renamed
HQ Global Education Inc;
2009 Revenues Grew 25.4% to $36.1 Million And Net Income
Increased 36.8 % to $10.7 Million Compared With Prior Year Results
* Mr. Guangwen He, a Leader in China's Vocational Education Industry,
Named Chairman and CEO
* Five New Directors Appointed
* Strong Growth Outlook For Customized Education Buttressed By China's
Skilled Blue Collar Personnel Shortage and Close Cooperation With
Local Enterprises Resulting in 100% Employment Rate of All Graduates
NINGXIANG COUNTY, HUNAN PROVINCE, CHINA- February 12, 2010-GREEN STAR MINING
CORP. ("THE COMPANY") (OTC BB: GSTR) announced today that it has successfully
completed a reverse merger with Risetime Group Limited ("Risetime") on February
11, 2010. Risetime consolidates the operation of one of China's leading
providers of customized or "order-oriented" vocational education under the
widely known "HQ" brand. Risetime and its subsidiaries control and operate eight
HQ schools through a series of certain exclusive contractual agreements. In
cooperation with 120 participating employers, HQ schools provide the skilled
workers these enterprises require which results in a 100% employment rate for
all of its graduates.
The reverse merger is described in detail in the 8-K filed today by the Company
with the U.S. Securities and Exchange Commission.
HQ GLOBAL EDUCATION INC. ("HQ")
As of the first semester of 2010, a faculty and support staff of nearly 2800
served a total of approximately 32,238 HQ students from 21 provinces throughout
China. They are taught a wide range of vocational skills in approximately 60
programs in 17 technical career categories at eight vocational schools in the
Sichuan and Hunan Provinces. These operations now constitute the primary
operations of the Company, which anticipates changing its name to HQ Global
Education Inc., upon obtaining the necessary approvals. Following the reverse
merger, the Company has 33 million shares outstanding and will continue to trade
on the US OTC Bulletin Board with the same symbol until the Company formally
changes its name.
STRATEGY FOR CONTINUING GROWTH
Mr. Guangwen He, the newly named Chairman and CEO of the Company, and founder of
the vocational school in 1994, is widely recognized in China as a leader in
technical education to help meet the shortage of skilled workers in the
country's rapidly growing economy as well as to provide employment opportunities
to poor students coming from China's western countryside. Long a leading
proponent and innovator in "order-oriented" education, Mr. He has guided the
growth of HQ and sees a continuing significant growth opportunity ahead in
helping to meet the severe shortages of skilled blue collar workers in a variety
of industries throughout China. For his outstanding contributions to the
advancement of Chinese vocational education, Mr. He has been awarded the high
honor of Special Government Allowance by the State Council of China.
"Entering 2010," Mr. He said, "we anticipate continuing strong growth as we
expand our student enrollment capacity with the planned physical expansion of
several of our existing teaching facilities, and we also focus in particular on
obtaining agreements for new mariner training facilities in several coastal
cities to meet the very strong demand in the popular maritime field for skilled
personnel."
Mr. He added, "We also will be building a program for distributing throughout
China our proprietary teaching materials which we believe will become another
source of revenue over time. It is important that we also continue to enhance
awareness of our HQ brand to attract new students and industry partners. HQ has
become increasingly synonymous throughout China with superior training to meet
employer needs and for producing outstanding technical specialists with
immediate jobs and fulfilling career opportunities."
STRONG INCREASES IN 2009 REVENUES AND NET INCOME
In 2009, the Company reported that revenues generated mainly by tuition, as well
as fees from students and their prospective employers--climbed 25.4% to $36.1
million as compared with revenues of $28.8 million for the year ended December
31, 2008. As margins grew, net income for the year ended December 31, 2009 was
$10.67 million, up $2.87 million or 36.8% from the same period in 2008. At year
end 2009, the Company's cash and cash equivalents were approximately $5.6
million.
NEW DIRECTORS AND OFFICERS
In addition to Mr. He, who was named Chairman and Chief Executive Officer of the
Company, the new five-member Board includes three outside directors-- Mr. Erik
Vonk, Mr. Junming Peng and Mr. Shaozeng Wang. Also named to the Board is Ms.
Yabin Zhong, Vice-principal of Changsha Huanqui Vocational Secondary School.
Additionally, Mr. Yunjie Fang has been appointed Chief Financial Officer and
Treasurer of the Company.
INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Except for historical information contained herein, the statements in this press
release are forward-looking statements that are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and uncertainties,
which may cause our actual results in future periods to differ materially from
forecasted results. These risks and uncertainties include, among other things,
product demand, market competition, and risks inherent in our operations. These
and other risks are described in our filings with the U.S. Securities and
Exchange Commission.
CONTACTS:
Mr. Guangwen He
Chairman and Chief Executive Officer
Tel: (86 731) 87828601
Fax: (86 731) 87828601
IN THE U.S.
Ken Donenfeld
DGI Investor Relations
donfgroup@aol.com
kdonenfeld@dgiir.com
Tel: 212-425-5700
Fax: 646-381-9727