ChinaEdu Forms Joint Venture with Beijing Forestry University
March 19 2008 - 4:05PM
PR Newswire (US)
BEIJING, March 19 /Xinhua-PRNewswire-FirstCall/ -- ChinaEdu
Corporation (NASDAQ:CEDU), an educational services provider in
China ('ChinaEdu' or the 'Company'), announced today that it has
entered into an exclusive 20-year joint venture agreement with
Beijing Forestry University ('BFU' or the 'University') to provide
online education services to the University. BFU is ChinaEdu's 12th
long-term partner in adult online education services. One of the
national universities under the Ministry of Education in China,
Beijing Forestry University provides advanced education in the
studies of forestry and ecology. The University is actively seeking
approval from Ministry of Education in China to offer online degree
programs. In the interim, the joint venture will actively explore
opportunities to provide specialized training services to workers
in environmentally-focused industries. BFU was one of the first
universities to be accepted into the "211 Project", a major
initiative sponsored and funded by the Chinese government which
aims to strengthen approximately 100 institutions of higher
education in China in the 21st century. This important project is
specifically geared toward the development of higher education
programs in disciplines that will help facilitate China's social
and economic advancement. Ms. Julia Huang, Chief Executive Officer
of ChinaEdu, said, 'We are delighted to form a strategic
partnership with Beijing Forestry University, a leading University
engaged in the forestry and environmental fields. BFU is an ideal
strategic partner for ChinaEdu's online education services as the
work force in the industries it covers are geographically dispersed
across China and therefore highly suitable for distance education.
Also, due to the increasing demand for greater environmental
protection standards in China, I believe that the University's
unique offerings will attract enormous interest.' 'We expect this
joint venture to help us grow our core business, and expand our
online degree program offerings. We believe that our partnership
with a reputable institution such as BFU speaks to our position as
a market leader in providing online degree programs,' Ms. Huang
remarked. In addition to Beijing Forestry University, the Company
has strategic relationships with eleven other universities to
operate online degree programs, nine of which are under long-term,
exclusive contracts that range from 15 to 50 years in length. In
the third quarter of 2007, online degree programs accounted for 81%
of the Company's revenues. About ChinaEdu ChinaEdu Corporation is
an educational services provider in China, incorporated as an
exempted limited liability company in the Cayman Islands.
Established in 1999, the Company's primary business is to provide
comprehensive services to the online degree programs of leading
Chinese universities. These services include academic program
development, technology services, enrollment marketing, student
support services and finance operations. The Company's other lines
of businesses include the operation of private primary and
secondary schools, online interactive tutoring services and
providing marketing and support for international curriculum
programs. The Company believes it is the largest service provider
to online degree programs in China in terms of the number of higher
education institutions that are served and the number of student
enrollments supported. The Company currently has strategic
relationships with twelve universities to operate online degree
programs, nine of which are under long-term, exclusive contracts
that vary from 15 to 50 years in length. About Beijing Forestry
University Founded in 1952, Beijing Forestry University was
originally the forestry department of the Royal University (the
predecessor of Beijing University) of the Qing Dynasty (1644-1911).
Over the past five decades, the University has developed into a
comprehensive university characterized by forestry, environmental
science and biology, with well-coordinated multi-disciplines of
science, engineering, management, economics, law, liberal arts and
agriculture. There are 15 schools in the University, namely
Graduate School, Biological Science and Technology, Landscape
Architecture, Forestry, Environmental Science and Engineering, Soil
and Water Conservation, Industry, Information Science, Material
Science and Technology, Science, Natural Conservation, Economic
Management, Humanistic and Social Sciences, Foreign Languages,
Vocational Training and Adult Education. The University possesses a
well- formed faculty composed of 956 full-time teachers, including
five academicians, 496 full and associate professors.
Forward-Looking Statement This press release contains
'forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including certain plans,
expectations, goals, and projections, which are subject to numerous
assumptions, risks, and uncertainties. Forward-looking statements
involve known and unknown risks, uncertainties and contingencies,
many of which are beyond our control which may cause actual
results, levels of activity, performance or achievements to differ
materially from any future results, levels of activity, performance
or achievements expressed or implied by such forward-looking
statements. The Company's actual results could differ materially
from those contained in the forward-looking statements due to a
number of factors, including those described under the heading
'Risk Factors' in the Company's final prospectus filed with the
Securities and Exchange Commission on December 11, 2007, and in
documents subsequently filed by the Company from time to time with
the Securities and Exchange Commission. Unless required by law, the
Company undertakes no obligation to (and expressly disclaim any
such obligation to) update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. For more information, please contact: In China: Julia
Huang Chief Executive Officer ChinaEdu Corporation Tel:
+86-10-8418-6655 x1001 Email: Pamela Leung Taylor Rafferty, Hong
Kong Tel: +852-3196-3712 Email: In the United States: Jessica
McCormick Taylor Rafferty, New York Tel: +1-212-889-4350 Email:
DATASOURCE: ChinaEdu Corporation CONTACT: In China, Julia Huang,
Chief Executive Officer of ChinaEdu Corporation, +86-10-8418-6655
x1001, or ; or Pamela Leung of Taylor Rafferty, Hong Kong,
+852-3196-3712, or , or in the United States, Jessica McCormick of
Taylor Rafferty, New York, +1- 212-889-4350, or , both for ChinaEdu
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