ChinaEdu Corporation Announces Privately Negotiated Share
Repurchase Agreements
BEIJING, Jan. 16, 2013 /PRNewswire/ -- ChinaEdu
Corporation (NASDAQ: CEDU) ("ChinaEdu" or the "Company"), a leading
online educational services provider in China, announced today that it has entered
into definitive agreements with Columbia Pacific Advisors, LLC,
Lake Union Capital Management, LLC and New Vernon Investment
Management LLC, pursuant to which ChinaEdu will repurchase
5,175,456 American Depositary Shares (the "ADSs") in the aggregate,
each representing three (3) ordinary shares of ChinaEdu, at a
purchase price of $5.60 per ADS (or
$1.87 per ordinary share) for a total
purchase price of approximately $29
million through privately negotiated transactions, subject
to obtaining necessary financing by the Company.
ChinaEdu's chief executive officer Shawn
Ding commented, "The announcement today of the stock
repurchase agreements reflects the board of directors' continued
confidence in the Company's near and long term financial and
operating performance as well as continued commitment to enhancing
stockholder value."
The board of directors of ChinaEdu authorized the repurchases
and the obtainment of financing given ChinaEdu's current financial
and operating performance, available capital surplus, future
prospects, current market conditions and other strategic planning
considerations.
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