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8-K - CHINA EDUCATION ALLIANCE INC. | v204966_8k.htm |
China
Education Alliance Announces Authorization for Stock Repurchase
HARBIN,
China, Dec. 8, 2010 /PRNewswire-Asia-FirstCall/ — China Education Alliance, Inc.
(NYSE:CEU - News), a China-based education resource and services company, today
announced that its board of directors authorized a stock repurchase program. The
program authorizes a buyback of the Company's common stock up to a value of $10
million and is valid through December 1, 2011. The program will be initialized
by having the company funds utilized to open a brokerage account in the United
States.
Mr. Xiqun
Yu, Chairman and Chief Executive Officer of China Education Alliance, Inc.
stated, "After careful consideration from our shareholders and advisors, the
Company is pleased to announce the authorization to repurchase the Company's
common stock. Today there is no other investment China Education Alliance can
make with a higher return then making it in ourselves. We are fully committed to
receiving feedback and taking recommendations from our investors, evaluating all
our options and acting in the best interest of all shareholders."
China
Education Alliance may repurchase shares of its common stock from time to time
in the open market or in privately negotiated transactions pursuant to the
applicable legal requirements of the SEC. The timing and actual number of shares
repurchased will depend on a variety of factors including regulatory
restrictions on price, manner, timing, and volume, corporate and other
regulatory requirements and other market conditions in an effort to minimize the
impact of the purchases on the market for the stock. The repurchased stock will
be cancelled and returned to the Company's authorized but unissued Common Stock
to be used for acquisitions and other valid corporate purposes.
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.
Forward-Looking
Statements
Statements
contained in this press release, which are not historical facts, are
forward-looking statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. These statements include, but are not limited to,
expectations of signing new customers and contracts, developing new products,
projected revenues and earnings, and the success of new products. These
forward-looking statements are based largely on current expectations and are
subject to a number of known and unknown risks, uncertainties and other factors
beyond our control that could cause actual events and results to differ
materially from these statements. These statements are not guarantees of future
performance, and readers are cautioned not to place undue reliance on these
forward-looking statements, which are relevant as of the date of the given press
release and should not be relied upon as of any subsequent date. China Education
Alliance undertakes no obligation to update the forward-looking information
contained in this press release.
For
more information, please contact:
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China
Education Alliance, Inc.
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Zack
Pan, CFO
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Tel:
+1-405-315-9987 +1-405-315-9987
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Email:
zackpan08@edu-chn.com, zackpan08@gmail.com
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HSC
Global
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Alan
Sheinwald, Managing Director
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Tel:
+1-914-669-0222 +1-914-669-0222
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Email:
alan.sheinwald@hscglobal.net
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