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8-K - FORM 8-K - CHINACAST EDUCATION CORP | v236292_8k.htm |
EXHIBIT
99.1
ChinaCast
Education Corporation Expands Board of Directors
Beijing, October 3, 2011 --
ChinaCast Education ("ChinaCast" or the "Company", Nasdaq GS: ), a leading
post-secondary education and e-learning services provider in China, today
announced that consistent with the Company’s efforts to effectively manage its
growth strategy and to enhance its corporate governance structure, the Board of
Directors has approved the expansion of the Board from five to seven directors
and has elected Mr. Stephen Markscheid and Ms. Hope Ni to fill the vacancies
created by the increase. Mr. Markscheid and Ms. Ni both qualify as
independent directors within the Marketplace Rules of the Nasdaq Stock
Market.
Mr.
Stephen Markscheid, currently the Chief Executive Officer of Synergenz
BioScience Ltd., has broad business experience as a banker, consultant, manager
and corporate finance professional with more than 20 years experience in new
business development in the US, Asia and Europe. Mr. Markscheid
previously worked at GE Capital, where he led their business development
activities in China and Asia. Prior to joining GE, he worked with the
Boston Consulting Group and was a banker in London, Chicago, New York, Hong Kong
and Beijing with Chase Manhattan Bank and First National Bank of
Chicago. His career began with the US-China Business Council, working
in Washington D.C. and Beijing. Mr. Markscheid earned a MBA with
distinction from Columbia University (class valedictorian), a Masters in
International Affairs and Economics from Johns Hopkins and a BA in East Asian
Studies from Princeton University. He has lived and worked in Asia
for over sixteen years including China, Singapore, Hong Kong, Taiwan and
Thailand. Besides his native English, he is fluent in Chinese and conversant in
Japanese and French. He also serves as board director of CNinsure, Inc.,
Jinko Solar Inc., China Energy Corporation, China Integrated Energy, Inc. and
China Ming Yang Wind Group Co. Ltd.
Ms. Hope
Ni, is currently the Chairman and Chief Executive Officer of Inspire Capital,
which focuses on investments and business advisory. She previously
served as the chief financial officer and director for COGO Group Inc., a US
listed company, which she joined in August 2004, and served as Vice Chairman of
COGO Group in 2008. Ms. Ni also spent six years as an attorney
specializing in corporate finance at Skadden, Arps, Slate, Meagher & Flom
LLP in New York and Hong Kong. Prior to that, she worked at Merrill
Lynch’s investment banking division in New York. Ms. Ni is currently
an independent director at JA Solar Holdings Co., Ltd., Digital China Holdings
Ltd., Kong Zhong and ATA Inc. She received her J.D. degree from the
University of Pennsylvania Law School and her bachelor’s degree in Applied
Economics and Business Management from Cornell University.
The Board
appointed Mr. Markscheid to serve on the audit committee since he possesses
accounting or related financial management experience that qualifies him as
financially sophisticated within the meaning of the Nasdaq Marketplace Rules and
that he is an “audit committee financial expert” as defined by the rules and
regulations of the Securities Exchange Act of 1934. Mr. Markscheid
and Ms. Ni have also been appointed to serve on the compensation and nominating
committees.
Ron Chan,
Chairman and CEO of ChinaCast Education commented, “We are very pleased to
welcome Mr. Markscheid and Ms. Ni to our board. Their extensive experience in
corporate finance and governance in the United States and Asia brings valuable
expertise and knowledge that will benefit ChinaCast as we continue to grow our
business. By strengthening our Board of Directors and corporate
governance, we are confident in our ability to thoroughly evaluate all strategic
options and growth initiatives which will best serve our shareholders both in
the short and long term. The recent adoption of our shareholder rights plan is
also a key component of this enhanced commitment.”
About
ChinaCast Education Corporation
Established
in 1999, ChinaCast Education Corporation is a leading post-secondary education
and e-learning services provider in China. The Company provides post-secondary
degree and diploma programs through its three fully accredited
universities: The Foreign Trade and Business College of Chongqing
Normal University located in Chongqing; Lijiang College of Guangxi Normal
University located in Guilin; and Hubei Industrial University Business College
located in Wuhan. These universities offer four year and three year,
career-oriented bachelor's degree and diploma programs in business, finance,
economics, law, IT, engineering, hospitality and tourism management,
advertising, language studies, art and music.
The
Company also provides e-learning services to post-secondary institutions, K-12
schools, government agencies and corporate enterprises via its nationwide
satellite broadband network. These services include interactive distance
learning applications, multimedia education content delivery and vocational
training courses. The Company is listed on the NASDAQ Global Select Market with
the ticker symbol CAST.
Safe
Harbor Statement
This
press release may contain statements that are forward-looking, as that term is
defined by the Private Securities Litigation Reform Act of 1995. These
forward-looking statements express our current expectations or forecasts of
possible future results or events, including projections of future performance,
statements of management's plans and objectives, future contracts, and forecasts
of trends and other matters. These projections, expectations and trends are
dependent on certain risks and uncertainties including such factors, among
others, as growth in demand for education services, smooth and timely
implementation of new training centers and other risk factors listed in the
Company's Annual Report on Form 10-K for the fiscal year ended December 31,
2010. Forward-looking statements speak only as of the date of this filing, and
we undertake no obligation to update or revise such statements to reflect new
circumstances or unanticipated events as they occur. You can identify these
statements by the fact that they do not relate strictly to historic or current
facts and often use words such as "anticipate," "estimate," "expect," "believe,"
"will likely result," "outlook," "project" and other words and expressions of
similar meaning. No assurance can be given that the results in any
forward-looking statements will be achieved and actual results could be affected
by one or more factors, which could cause them to differ materially. For these
statements, we claim the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act.
Contact:
ChinaCast
Education Corporation
Michael
Santos, President-International
+1-347-482-1588
mjsantos@chinacasteducation.com
MZ-HCI
Ted
Haberfield, President
+1-760-755-2716
thaberfield@hcinternational.net