ChinaEdu Announces Resignation of Chief Financial Officer
March 19 2008 - 5:08PM
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 Mr.
Michael Xu, the Company's Chief Financial Officer, will be
resigning from his position, effective March 31, 2008, for family
reasons. The Company's Chief Executive Officer, Ms. Julia Huang,
will serve as interim Chief Financial Officer, effective March 31,
2008, until a successor is named. The Company has commenced a
search for a permanent Chief Financial Officer, and will announce
the appointment of a permanent Chief Financial Officer when this
process is complete. Ms. Julia Huang, the Company's Chairman and
Chief Executive Officer, commented, 'Michael played an important
role in our IPO and greatly helped the Company to improve its
financial function. On behalf of the board of directors, we would
like to thank Michael for his contributions to the Company and wish
him all the best in his future endeavors.' Ms. Huang added, 'We are
committed to identifying a highly qualified permanent Chief
Financial Officer in the near term and to continuously improving
our finance function. We believe the Company's finance function
will not be impacted adversely in any significant manner with Mr.
Xu's departure.' 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, ten of which are
under long-term, exclusive contracts that vary from 15 to 50 years
in length. 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. Investor 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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