HARBIN, China, March 15, 2012 /PRNewswire-Asia/ -- China
Education Alliance, Inc. ("the Company", OTCQX: CEAI) announced
today the appointment of Baker Tilly Hong Kong ("Baker Tilly") as
its independent registered public accounting firm to replace Sherb
& Co, LLP.
Baker Tilly Hong Kong was established in 1977. It is one of
the largest CPA firms in Hong Kong
and a member of the Baker Tilly International accountancy and
business advisory network. It employs approximately 250 directors
and staff in offices in Hong Kong,
Macau and Shenzhen and is registered with the Public
Company Accounting Oversight Board in the
United States. Baker Tilly International is headquartered in
London and is the 8th largest
accountancy network in the world by fee income.
The decision to change auditors was not the result of any
disagreement between the Company and its prior auditor, Sherb &
Co, LLP on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure. The
change was authorized and approved by the Company's Audit Committee
and Board of Directors on March 12,
2012. Baker Tilly will work with the Company beginning with
the audit for the year ended December 31,
2011.
"We look forward to leveraging the vast experience and
international expertise of Baker Tilly starting with the auditing
of our 2011 financial results." said Mr. Xiqun Yu, Chairman and CEO of China Education
Alliance, Inc. "Thanks to its involvement with Chinese companies
listed in Hong Kong and in the US,
Baker Tilly has accumulated an extensive understanding of company
accounting and business practices in China and is fully qualified to and produce
high quality US GAAP audits under US SEC regulations. We have
always been fully committed to transparency and we believe that our
shareholders will view this change of auditors as a positive
step."
About China Education Alliance, Inc.
China Education Alliance, Inc. (www.chinaeducationalliance.com)
is a fast-growing, leading, China-based company offering high-quality
education resources and services to students aged 6 to 18 and
adults (university students and professionals) aged 18 and over.
For students aged 6 to 18, China Education Alliance offers
supplemental, online exam-oriented training materials and onsite,
exam-oriented training and tutoring services. The company provides
online, downloadable famous-teacher resources and onsite,
personalized instruction. All resources and tutoring services are
provided by famous teachers within mainland China. The purpose of online exam-orientated
resources and onsite tutoring is to help Chinese students (aged 6
to 18) pass the two most important and highly competitive exams in
their educational career: the senior high school entrance and
college entrance exams. For graduates and professionals aged 18 and
over, China Education Alliance provides vocational training
including IT and several professional training programs.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: Certain statements in this press release,
constitute forward-looking statements for purposes of the safe
harbor provisions under The Private Securities Litigation Reform
Act of 1995. These statements include, without limitation,
statements regarding our ability to prepare the company for growth,
the Company's planned expansion in 2009 and predictions and
guidance relating to the Company's future financial performance. We
have based these forward-looking statements largely on our current
expectations and projections about future events and financial
trends that we believe may affect our financial condition, results
of operations, business strategy and financial needs and are not a
guarantee of future performance but they involve risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements, which may
include, but are not limited to, such factors as unanticipated
changes in product demand especially in the education industry,
pricing and demand trends for the Company's products, changes to
government regulations, risk associated with operation of the
Company's new facilities, risk associated with large scale
implementation of the company's business plan, the ability to
attract new customers, ability to increase its product's
applications, cost of raw materials, downturns in the Chinese
economy, and other information detailed from time to time in the
Company's filings and future filings with the United States
Securities and Exchange Commission. Investors are urged to consider
these factors carefully in evaluating the forward-looking
statements herein and are cautioned not to place undue reliance on
such forward-looking statements, which are qualified in their
entirety by this cautionary statement. The forward-looking
statements made herein speak only as of the date of this press
release, readers are cautioned not to place undue reliance on any
of them and the Company undertakes no duty to update any
forward-looking statement to conform the statement to actual
results or changes in the company's expectations.
For more information, please contact:
Ms. Cloris Li
Chief Financial Officer
China Education Alliance, Inc.
cloris@edu-chn.com
Jenny Wu
Tel: +852 2232 3907
jwu@christensenIR.com
SOURCE China Education Alliance, Inc.