BEIJING, June 13, 2011 /PRNewswire-Asia-FirstCall/ --
ChinaEdu Corporation (NASDAQ: CEDU) ("ChinaEdu" or the "Company"),
a leading online education services provider in China, today announced that its board of
directors has approved a share repurchase program.
Under the terms of the repurchase program, the Company is
authorized, but not obligated, to repurchase up to US$10 million worth of its own American
Depository Shares ("ADSs"). The repurchases may be made from time
to time over a period of 24 months. The method, timing and amount
of any repurchase will depend on market conditions, the trading
price of the ADSs and other factors. Such repurchases will be
subject to, and executed in compliance with, relevant rules under
United States securities
regulations. The share repurchase program may be suspended,
modified or discontinued at any time. The share repurchase program
will be funded with the Company's available working capital.
Julia Huang, ChinaEdu Corporation
chairman and chief executive officer said, "The board and
management team's decision to repurchase shares reflects our joint
belief that current share price levels do not accurately reflect
the fundamental strength of our business. We are confident that our
management team will continue to leverage our core expertise in
education and our nationally recognized brand name to develop new
revenue streams, allowing the company access to the tremendous
opportunities presented by the Chinese education market."
Safe Harbor 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
Annual Report on Form 20-F for the year ended
December 31, 2009, 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.
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, support for international curriculum programs
and online learning community for adult students.
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 17 long-term contracts that generally vary
from 10 to 50 years in length. ChinaEdu also performs
recruiting services for 21 universities through our nationwide
learning center network.
For investor
and media inquiries, please contact:
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Helen Plummer
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Senior Investor Relations
Coordinator
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ChinaEdu
Corporation
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Phone: +86
13911672124
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E-mail:
helen@chinaedu.net
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Jin Yu
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Investor Relations
Manager
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ChinaEdu
Corporation
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Phone: +86
15711096022
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E-mail:
jinyu@chinaedu.net
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SOURCE ChinaEdu Corporation