omniture

China Education Alliance Acquires Noah International Education Group

2011-06-01 19:18 807

HARBIN, China, June 1, 2011 /PRNewswire-Asia/ -- China Education Alliance, Inc. ("China Education Alliance" or the "Company") (NYSE: CEU), a China-based education resource and services company, today announced that the company successfully acquired Noah International Education Group (or "Noah International"), the largest multi-language learning institute in Northern China offering courses of English, Japanese, Korean, Russian, German, French, Spanish, Italian, Arabic, etc. in Northern China, for RMB 16 million in cash.


Currently, Noah International serves a student body of roughly 1,000 students with its two training centers in Harbin and Changchun, and generates annual revenue of RMB 10 million and net profit of RMB 3 million. There are courses designed for Junior college students, part time, summer and winter classes as well as VIP one-on-one classes, catering to the mass population. Noah runs a successful and effective system for teaching foreign languages to white-collars and foreign language enthusiasts.

As a result of the rapid economic growth in China, every year there are about a million Chinese students that leave China to go study abroad and seek further study to overcome language barriers. China's foreign trade expansion increases the demand for people with multi-lingual skills. With an increasing number of foreigners visiting and living in China each year, it is increasingly important for the locals to master various foreign languages. Given the small number of multi-language education institutes in China, Noah's long term goal is to maintain its leadership position in the market.

Mr. Yu, CEO of China Education Alliance, commented, "The acquisition of Noah International Education Group is a new attempt by China Education Alliance to integrate a variety of quality educational resources. This should help enhance our brand name. In addition, Noah's students can enroll in the other courses that China Education Alliance provides and grow our customer base. After the acquisition we will maintain the existing business model and expand Noah's business by leveraging CEU's wide range of educational resources. We believe this will have a positive impact on CEU's performance going forward".

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:

 

 

 

 

China Education Alliance, Inc.

 

 

Alice Lee Rogers, CFO

 

 

Tel: +1-626-379-5956

 

 

Email: alice@edu-chn.com

 

 

 

 

Christensen

 

 

Jenny Wu

 

 

Tel: +86 10 5826 4939

 

 

Email: jwu@christensenIR.com

 

 

 




Source: China Education Alliance, Inc.
Related Stocks:
NYSE:CEU
Keywords: Education
collection