BEIJING, June 1 /PRNewswire-Asia-FirstCall/ -- ChinaEdu
Corporation (Nasdaq: CEDU) ("ChinaEdu" or "the Company"), a leading
educational services provider in China, today announced that its Board of
Directors has approved a share repurchase program.
The Board authorized ChinaEdu to repurchase up to US$3 million of its outstanding American
Depositary Shares ("ADSs"). Under the terms of the approved
program, repurchases may be made from time to time through
May 1, 2012. The method, timing and
amount of any repurchases will depend on market conditions, the
trading price of the ADSs and other factors, and such repurchases
will be subject to, and in compliance with, relevant rules under
United States securities
regulations. The share repurchase program may be suspended,
modified or discontinued at any time.
The management team believes investments in operations that
catalyze future period growth offer the optimal return to
investors, however, the Company routinely reviews opportunities and
priorities for deployment of cash and share repurchase offers one
alternative. Since the Company's IPO in December 2007, the Company has purchased a total
of $16 million in the open market and
through privately negotiated transactions.
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 16 long-term contracts that generally vary from 10 to
50 years in length. ChinaEdu also performs recruiting services for
17 universities through our nationwide learning center network.
For more information, please contact:
Company Contacts:
Lily Liu, CFO
ChinaEdu Corporation
Phone: +86-10-8418-6655 x1002
Email: ir@chinaedu.net
S. Jimmy Xia, IR Manager
ChinaEdu Corporation
Phone: +86-10-8418-6655 x1150
Email: ir@chinaedu.net
SOURCE ChinaEdu Corporation