BEIJING, March 25, 2015 /PRNewswire/ -- Xueda Education
Group (NYSE: XUE) ("Xueda" or the "Company"), a leading national
provider of personalized tutoring services for primary and
secondary school students in China, today announced updates pertaining to
its Joint-Venture Agreement (the "Agreement") with Qihoo 360
Technology Co. Ltd. (NYSE: QIHU) ("Qihoo 360").
The Agreement formed a joint-venture company, Sunshine Rabbit
(Beijing) Technology Co., Ltd., in
Beijing, on February 26, 2015, with registered capital of less than
$5 million for the principal business
purpose of pursuing online education opportunities. Xueda's CEO and
co-founder, Mr. Xin Jin, serves as
Chairman of the Board for the joint venture. Mr. Junyi Li, a senior executive at Xueda, serves as
CEO of the joint venture. Qihoo 360's co-founder and
president, Mr. Xiangdong Qi, and
senior vice president, Mr. Guangdong Yu, serve, together with
others, as Directors of the joint venture.
Mr. Jin stated, "I am delighted for Xueda to be working closely
with Qihoo 360, one of the largest Internet companies in
China, as we explore ways to
create a personalized mobile learning platform to serve
students. Combining eXueda's in-depth curriculum and
instructional framework with Qihoo 360's massive user base and
advanced interactive technology offers natural synergies for both
parties. As Xueda continues to transform into a
technology-based, personalized tutoring organization, I look
forward to seeing this joint venture develop and contribute to our
effort."
About Xueda Education Group
Xueda Education Group ("Xueda") is a leading national provider
of personalized tutoring services for primary and secondary school
students in China. For more
information about Xueda, please visit
http://ir.xueda.com or
http://www.xueda.com.
About Qihoo 360 Technology Co., Ltd.
Qihoo 360 Technology Co. Ltd. (NYSE: QIHU) is a leading Internet
company in China. Qihoo 360 is
also the number one provider of Internet and mobile security
products in China as measured by
its user base, according to iResearch, an independent research
firm. Qihoo 360 also provides users with secure access points to
the Internet via its market leading web browsers and mobile
application stores. Qihoo 360 has built one of the largest open
Internet platforms in China and
monetizes its massive user base primarily through online
advertising and Internet value-added services on its open
platform.
Forward-looking Statements
All statements included in this press release, other than
statements or characterizations of historical fact, are
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on our current expectations,
market and operating conditions, estimates and projections about
our industry, management's beliefs, and certain assumptions made by
us, all of which are subject to change. Forward-looking statements
can often be identified by words such as "anticipates," "expects,"
"intends," "plans," "predicts," "believes," "seeks," "estimates,"
"may," "will," "should," "would," "could," "potential," "continue,"
"ongoing," "targets" and similar expressions, and variations or
negatives of these words. These forward-looking statements are not
guarantees of future results and are subject to risks and
uncertainties beyond our control, which could cause our actual
results to differ materially and adversely from those expressed in
any forward-looking statement. Further information regarding these
and other risks, uncertainties or factors is included in our
filings with the U.S. Securities and Exchange Commission. We do not
undertake any obligation to update any forward-looking statement as
a result of new information, future events or otherwise, except as
required under applicable law.
Contact:
Xueda Education Group
Ross Warner
Tel: +86-10-6427-8899 ext. 6619
Email: investor_relations@xueda.com
Asia Bridge Capital Limited
Wendy Sun
Tel: +86-10-8556-9033 (China)
+1-888-550-8392 (U.S.)
Email: wendy.sun@asiabridgegroup.com
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SOURCE Xueda Education Group