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8-K - CHINA EDUCATION ALLIANCE INC. | v204467_8k.htm |
EX-99.2 - CHINA EDUCATION ALLIANCE INC. | v204467_ex99-2.htm |
China
Education Alliance Auditors Performed Enhanced Procedures on Cash
Balance
HARBIN,
China, Dec. 2 /PRNewswire-Asia-FirstCall/ — China Education Alliance, Inc.
(NYSE: CEU), a China-based education resource and services company, announced
today that on November 5, 2010, as an added supplement to the
Company’s third quarter financial review, the Company’s auditor, Sherb &
Co., LLP (“Sherb”) also performed confirmation procedures on most of
the Company’s bank balances in the People’s Republic of China
(“PRC”). These procedures were performed by staff members from
Sherb’s Beijing office.
Confirmations
of the cash balance as of September 30, 2010 were conducted at the following
financial institutions:
|
·
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ICBC,
Harbin Kunlun Branch, in the amount of RMB 315,787,237.07, located in 36
Kangshun Street, Nangang District , Harbin, Heilongjiang Province,
China.
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|
·
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Agricultural
Bank of China, Huijin Branch, in the amount of RMB 37, 533,479.85, located
in 14 Hongzhuan Street, Daoli District, Harbin, , Heilongjiang Province,
China.
|
|
·
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Agricultural
Bank of China, Huijin Branch, in the amount of USD 7,052,922.91,
located in 14 Hongzhuan Street, Daoli District, Harbin, Heilongjiang
Province, China.
|
|
·
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Harbin
Bank, Keji Branch, in the amount of RMB 97,274.63, located in
323, Tianshun Street, Nangang District, Harbin, Heilongjiang Province,
China.
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|
·
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China
Everbright Bank, Harbin Hongqi Branch, in the amount
of RMB 52,305,796.33, located in 257, Hongqi Street, Nangang District,
Harbin, Heilongjiang Province,
China.
|
The
enhanced procedures were applied to approximately $67 million in deposits, or
86%, of the Company’s total cash balance of approximately $78 million. Such
procedures included visits to the PRC financial institutions, meeting bank
personnel and obtaining cash balance information as of September 30,
2010.
As of
September 30, 2010 the Company also maintained approximately $8.6
million in its J. P. Morgan and EastWest Bank accounts in the U.S. and
approximately $1.3 million at ICBC in Beijing, which Sherb also
verified by reviewing the relevant bank statements.
“The
safeguarding of cash and all Company assets is a matter to which Company’s
management and board of directors view seriously. Because of the
large amount of assets, the Company’s auditors routinely carry out additional
procedures to verify them in order provide added assurance to our shareholders
and investors. We shall continue to be vigilant and conscientious and
will continue to maintain the highest standards in our corporate governance
,” stated Xiqun Yu, Chairman and Chief Executive Officer of China Education
Alliance, Inc.
The bank
confirmation documents will be included as a component of 8-K the company is
filing with SEC today.
About
China Education Alliance, Inc.
China
Education Alliance, Inc. (http://www.chinaeducationalliance.com
) is a fast-growing, leading, China-based company offering high-quality
education resources and services to students ages 6 to 18 and adults (university
students and professionals) ages 18 and over. For students ages 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 (ages 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
age 18 and over, China Education Alliance provides vocational training including
IT and several professional training programs.
For
more information, please contact:
China
Education Alliance, Inc.
Zack Pan,
CFO
Tel:
+1-405-315-9987
Email:
zackpan08@edu-chn.com, zackpan08@gmail.com
HSC
Global
Alan
Sheinwald, Managing Director
Tel:
+1-914-669-0222
Email:
alan.sheinwald@hscglobal.net