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ChinaEdu Reinstates Open Market Buyback
BEIJING, CHINA – SEPTEMBER 21, 2009 – ChinaEdu Corporation (NASDAQ: CEDU) ("ChinaEdu" or the “Company"), an educational services provider in China, today announced that the Company will reinstate the share buyback program authorized by the Board of Directors in June 2008 as the management team believes the current price levels do not reflect the fundamental strength of the Company’s business.
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.
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 13 long-term, exclusive 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 investor and media inquiries, please contact:
Helen Plummer
Senior Investor Relations Coordinator
ChinaEdu Corporation
Phone: +1 908-442-9395
E-mail: helen@chinaedu.net
Simon Mei
Chief Financial Officer
ChinaEdu Corporation
Phone: +86(10)84187301
E-mail: simon@chinaedu.net