BEIJING, Jan. 10, 2013 /PRNewswire/ -- ChinaEdu
Corporation (NASDAQ: CEDU) ("ChinaEdu" or the "Company"), a leading
online education services provider in China, today announced that the Company's
board of directors has approved a share repurchase program.
Under the terms of the program, the Company is authorized, but
not obligated, to repurchase up to US$40
million in aggregate amounts of its ADSs in the open market
or through privately negotiated transactions. In privately
negotiated transactions, the Company is authorized, but not
limited, to reach agreements with each of the following
shareholders: Columbia Pacific Advisors, LLC, Lake Union Capital
Management, LLC and New Vernon Investment Management LLC to
purchase at total of 5,175,456 ADSs at US$5.60 per share.
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 as well as bank loans.
Julia Huang, executive chairman
commented, "The Company's management team, together with its board
of directors, believes the share repurchase transaction is in the
best interest of the Company and its shareholders. This decision
also demonstrates management's confidence in the Company's
long-term growth and profitability. As we move forward, we will
continue to leverage our core expertise in interactive learning as
well as our nationally recognized brand name to take advantage
of the vast opportunities available in our industry in
China."
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 and elite 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 entered into collaborative alliances with 12
universities, ranging from 10 to 50 years in length. The Company
has also entered into technology agreements with 6 universities.
Besides, ChinaEdu performs recruiting services for 22 universities
through nationwide learning center network.
Forward-Looking Statements
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, 2011, 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 investor and media inquiries, please contact:
Helen Plummer
Senior Investor Relations Coordinator
ChinaEdu Corporation
Phone: +1 908-442-9395
E-mail: helen@chinaedu.net
Jin Yu
Investor Relations Manager
ChinaEdu Corporation
Phone: +86 15711096022
E-mail: jinyu@chinaedu.net
SOURCE ChinaEdu Corporation