Attached files
| file | filename |
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| 8-K - CHINACAST EDUCATION CORP | v195474_8k.htm |
| EX-10.1 - CHINACAST EDUCATION CORP | v195474_ex10-1.htm |
ChinaCast
Education Corporation Announces Closing of Acquisition
of Hubei
Industrial University Business College
ChinaCast
now providing post-secondary degree programs to over 30,000
on-campus
students
and e-learning services to over 141,000 online university students in
China
Beijing, August 23, 2010 —
ChinaCast Education Corporation ("ChinaCast" or the "Company", NASDAQ: CAST), a
leading for-profit, post-secondary education and e-learning services provider in
China, today announced the closing of its acquisition of Hubei Industrial
University Business College (“HIUBC”), a private, accredited university located
in Wuhan, China.
HIUBC,
which was founded in 2003 by private investors as an independent, accredited
college affiliated with a state-owned university, offers bachelor degree and
diploma courses in industrial engineering design, computer engineering,
management, economics, language studies and law. For the current
academic year which started September 1, 2009, the university had 9,929 students
enrolled and a staff that includes 511 full-time and part-time
teachers.
Ron Chan,
ChinaCast Education Chairman and CEO, commented, “Our strategy is to be a leader
in the for-profit, post-secondary education sector in China by building a
nationwide network of accredited, career-oriented universities to address the
high demand for tertiary education in China. The acquisition of
HIUBC, our third university acquisition since 2008, builds upon our
already strong financial and strategic position, while giving us an additional
profitable and valuable asset which includes over 47 acres and 2.2
million square feet of office space located in Wuhan, a major metropolitan city
of over 9 million people.
“We
believe we are well-positioned to accelerate growth and profitability going into
the upcoming September 2010 academic year by increasing student enrollments and
tuition at our existing universities and by launching new course offerings such
as international degree programs, continuing/vocational training programs and
summer training courses. Post-acquisition, our cash and working capital
position will remain strong as we continue to invest in expanding our
educational service offerings and evaluate additional acquisitions in the China
education sector.”
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. The Company provides
post-secondary degree and diploma programs through its three fully accredited
universities: The Foreign Trade and Business College of Chongqing
Normal University located in Chongqing; Lijiang College of Guangxi Normal
University located in Guilin; and Hubei Industrial University Business College
located in Wuhan. These universities offer four year and three year,
career-oriented bachelor's degree and diploma programs in business, finance,
economics, law, IT, engineering, hospitality and tourism management,
advertising, language studies, art and music.
The
Company also provides e-learning services to post-secondary institutions, K-12
schools, government agencies and corporate enterprises via its nationwide
satellite and fiber broadband network. 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 Global Select Market 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,
2009. 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.
Contact:
ChinaCast
Education Corporation
Michael
J. Santos, President-International
+1-347-788-0030
mjsantos@chinacasteducation.com
HC
International
Ted
Haberfield, Executive Vice President
+1-760-755-2716
thaberfield@hcinternational.net