HARBIN, China, June 20 /PRNewswire-Asia/ -- China Education Alliance, Inc. (OTC Bulletin Board: CEUA), a leading distributor of educational resources, offering high-quality programs and training both through online networks and an on-site training center in the People's Republic of China, announced today that its Board of Directors has appointed Mr. Yizhao Zhang as and independent director of the Company. Mr. Zhang will serve as Chairman of the Audit Committee, effective June 17, 2009. With Mr. Zhang's addition to the Board of Directors, the company's Audit Committee now consists of three independent board members including Yizhao Zhang (Chairman), Liansheng Zhang and James Hsu. The Company's Compensation Committee and Nominating Committee also consist of three independent board members including Liansheng Zhang (Chairman), Yizhao Zhang and Ansheng Huang.
"We are very happy to have attracted the talent and financial experience of Yizhao Zhang to our board, particularly his work with Chinese companies listed on foreign exchanges. As we head into our next phase of growth, his service on the Audit Committee will prove invaluable to us; and his experience and insight will help us manage our rapid growth as we work to expand our product offerings and services to other provinces in China," said China Education Alliance's chief executive officer, Mr. Xiqun Yu.
Mr. Zhang brings to China Education's board an extensive background in corporate finance and governance. From August 2008 to January 2009, he served as chief financial officer at Energroup Holdings Corporation; and, from May 2007 through May 2008, he served as chief financial officer at Shengtai Pharmaceutical Inc. From April 2006 through December 2006, he was the deputy chief financial officer of China Natural Resources, Inc., and from April 2005 through April 2006, he was the vice president and senior manager in Chinawe Asset Management Consultancy Limited, a U.S. public company which mainly manages non-performing loan assets in China. He was a financial consultant with Hendrickson Asset Management LLP from January 2004 through November 2004. Prior to that he worked as a portfolio manager and foreign exchange and common stock trader with the South Financial Service Corporation from 1993 to 1999.
Mr. Zhang is a Certified Public Accountant, certified by the Delaware State Board of Accountancy and member of American Institute of Certified Public Accountant (AICPA). Mr. Zhang earned a Bachelor of Economic Science from Fudan University in 1992. In 2003, he graduated with a Master of Business Administration with two concentrations, financial analysis and accounting, from the State University of New York at Buffalo.
About China Education Alliance, Inc.
China Education Alliance, Inc. is a fast growing, leading China-based company offering high-quality education resources and services to students ages 6 to 18 and adults ages 18+ (University students and professionals). For students ages 6 to 18, China Education Alliance, Inc. offers supplemental, online exam-oriented training materials and on-site exam-oriented training and tutoring services. The company is providing on-line, downloadable, famous teachers resources and on-site face-to-face instructions. All resources and tutoring services are provided by famous teachers within mainland China. The purpose of online exam-orientated resources and on-site tutoring is to help Chinese students ages 6 to 18 to pass the two most important and highly competitive exams in their educational career: senior high school entrance exam and college entrance exam. For graduates and professionals age 18+, China Education Alliance provides vocational training including IT and several professional training programs. In addition, the Company is providing comprehensive English programs that are taught by North American instructors to assist graduates and professionals in learning the English language, both written and conversational in order to better able them to work for a foreign corporation or work-study abroad. At present, five English schools are operating nationwide in China. For more information about CEUA, please visit http://www.chinaeducationalliance.com .
Safe Harbor Statement
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release, constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements regarding our ability to prepare the company for growth, the Company's planned expansion in 2008 and predictions and guidance relating to the Company's future financial performance. We have based these
forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs and are not a guarantee of future performance but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include, but are not limited to, such factors as unanticipated changes in product demand especially in the education industry, pricing and demand trends for the Company's products, changes to government regulations, risk associated with operation of the Company's new facilities, risk associated with large scale implementation of the company's business plan, the ability to attract new customers, ability to increase its product's applications, cost of raw materials, downturns in the Chinese economy, the adoption by consumers of its new game business, the unproven advertising model that is dependent on attracting a large game user base, and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission. Investors are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release, readers are cautioned not to place undue reliance on any of them and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.
