BEIJING, June 1 /PRNewswire-Asia-FirstCall/ -- ChinaEdu Corporation (Nasdaq: CEDU) ("ChinaEdu" or "the Company"), a leading educational services provider in China, today announced that its Board of Directors has approved a share repurchase program.
The Board authorized ChinaEdu to repurchase up to US$3 million of its outstanding American Depositary Shares ("ADSs"). Under the terms of the approved program, repurchases may be made from time to time through May 1, 2012. 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.
The management team believes investments in operations that catalyze future period growth offer the optimal return to investors, however, the Company routinely reviews opportunities and priorities for deployment of cash and share repurchase offers one alternative. Since the Company's IPO in December 2007, the Company has purchased a total of $16 million in the open market and through privately negotiated transactions.
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 16 long-term 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 more information, please contact: Company Contacts: Lily Liu, CFO ChinaEdu Corporation Phone: +86-10-8418-6655 x1002 Email: firstname.lastname@example.org S. Jimmy Xia, IR Manager ChinaEdu Corporation Phone: +86-10-8418-6655 x1150 Email: email@example.com
SOURCE ChinaEdu Corporation