BEIJING, March 25, 2015 /PRNewswire/ -- Xueda Education Group (NYSE: XUE) ("Xueda" or the "Company"), a leading national provider of personalized tutoring services for primary and secondary school students in China, today announced updates pertaining to its Joint-Venture Agreement (the "Agreement") with Qihoo 360 Technology Co. Ltd. (NYSE: QIHU) ("Qihoo 360").
The Agreement formed a joint-venture company, Sunshine Rabbit (Beijing) Technology Co., Ltd., in Beijing, on February 26, 2015, with registered capital of less than $5 million for the principal business purpose of pursuing online education opportunities. Xueda's CEO and co-founder, Mr. Xin Jin, serves as Chairman of the Board for the joint venture. Mr. Junyi Li, a senior executive at Xueda, serves as CEO of the joint venture. Qihoo 360's co-founder and president, Mr. Xiangdong Qi, and senior vice president, Mr. Guangdong Yu, serve, together with others, as Directors of the joint venture.
Mr. Jin stated, "I am delighted for Xueda to be working closely with Qihoo 360, one of the largest Internet companies in China, as we explore ways to create a personalized mobile learning platform to serve students. Combining eXueda's in-depth curriculum and instructional framework with Qihoo 360's massive user base and advanced interactive technology offers natural synergies for both parties. As Xueda continues to transform into a technology-based, personalized tutoring organization, I look forward to seeing this joint venture develop and contribute to our effort."
About Xueda Education Group
Xueda Education Group ("Xueda") is a leading national provider of personalized tutoring services for primary and secondary school students in China. For more information about Xueda, please visit http://ir.xueda.com or http://www.xueda.com.
About Qihoo 360 Technology Co., Ltd.
Qihoo 360 Technology Co. Ltd. (NYSE: QIHU) is a leading Internet company in China. Qihoo 360 is also the number one provider of Internet and mobile security products in China as measured by its user base, according to iResearch, an independent research firm. Qihoo 360 also provides users with secure access points to the Internet via its market leading web browsers and mobile application stores. Qihoo 360 has built one of the largest open Internet platforms in China and monetizes its massive user base primarily through online advertising and Internet value-added services on its open platform.
Forward-looking Statements
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, market and operating conditions, estimates and projections about our industry, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," "targets" and similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks and uncertainties beyond our control, which could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Further information regarding these and other risks, uncertainties or factors is included in our filings with the U.S. Securities and Exchange Commission. We do not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Contact:
Xueda Education Group
Ross Warner
Tel: +86-10-6427-8899 ext. 6619
Email: investor_relations@xueda.com
Asia Bridge Capital Limited
Wendy Sun
Tel: +86-10-8556-9033 (China)
+1-888-550-8392 (U.S.)
Email: wendy.sun@asiabridgegroup.com
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