Attached files
| file | filename |
|---|---|
| 8-K - CHINACAST EDUCATION CORP | v168033_8k.htm |
| EX-5.1 - CHINACAST EDUCATION CORP | v168033_ex5-1.htm |
| EX-1.1 - CHINACAST EDUCATION CORP | v168033_ex1-1.htm |
Exhibit
99.1
ChinaCast
Education Corporation Prices $40,620,500 Public Offering of Common
Stock
December
1, 2009—ChinaCast Education Corporation (“ChinaCast” or the “Company”; NASDAQ:
CAST) today announced that it has priced a public offering of 5,930,000
shares of its common stock, at $6.85 per share. ChinaCast has granted the
underwriters an option to purchase up to an additional 889,500 shares to
cover over-allotments, if any. The shares are being sold under the
Company’s previously filed shelf registration statement, that was declared
effective by the Securities and Exchange Commission on September 24, 2008 and
under the Company’s newly filed registration statement, that was filed with the
Securities and Exchange Commission and became automatically effective on
December 1, 2009.
Net
proceeds, after underwriting discounts and commissions and before offering
expenses payable by the Company, will be approximately $38,589,475 (or
approximately $44,377,896 if the overallotment option is exercised in full). The
offering is subject to customary closing conditions and is expected to close on
Monday, December 7, 2009.
The Company intends
to use the net proceeds from this offering for working capital, future
acquisitions and general corporate purposes.
Roth
Capital Partners, LLC acted as the sole book runner.
This
press release does not constitute an offer to sell or a solicitation of an offer
to buy the securities in this offering. The offering may be made only by means
of a prospectus, copies of which may be obtained, when available, from Roth
Capital Partners, LLC, Attention: Equity Capital Markets, 24 Corporate Plaza
Drive, Newport Beach, CA 92660, by telephone at (949) 720-7194, or via email at
rothecm@roth.com.
About
ChinaCast Education Corporation
Established
in 1999, ChinaCast Education Corporation is a leading for-profit, post-secondary
education and e-learning services provider in China. These services include
interactive distance learning applications, multimedia education content
delivery, English language training and vocational training courses. The company
is listed on the NASDAQ with the ticker symbol CAST.
Safe
Harbor Statement
This
press release may contain statements that are forward-looking, as that term is
defined by the Private Securities Litigation Reform Act of 1995. These
forward-looking statements express our current expectations or forecasts of
possible future results or events, including projections of future performance,
statements of management’s plans and objectives, future contracts, and forecasts
of trends and other matters. These projections, expectations and trends are
dependent on certain risks and uncertainties including such factors, among
others, as growth in demand for education services, smooth and timely
implementation of new training centers and other risk factors listed in the
Company’s Annual Report on Form 10-K for the fiscal year ended December 31,
2008. Forward-looking statements speak only as of the date of this filing, and
we undertake no obligation to update or revise such statements to reflect new
circumstances or unanticipated events as they occur. You can identify these
statements by the fact that they do not relate strictly to historic or current
facts and often use words such as “anticipate,” “estimate,” “expect,” “believe,”
“will likely result,” “outlook,” “project” and other words and expressions of
similar meaning. No assurance can be given that the results in any
forward-looking statements will be achieved and actual results could be affected
by one or more factors, which could cause them to differ materially. For these
statements, we claim the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act.
SOURCE:
ChinaCast Education Corporation
CONTACT:
ChinaCast
Education Corporation
Michael
J. Santos, President, International
+1-347-482-1588
mjsantos@chinacasteducation.com
www.chinacasteducation.com
or
HC
International
Ted
Haberfield, Executive Vice President
+1-760-755-2716
thaberfield@hcinternational.net