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ChinaCast Education Corporation Opens
Eight Daily English Language Training Centers in Beijing
Sep 05, 2007
ChinaCast Education Corporation (OTCBB:CEUC), one of China's leading
e-learning and training services providers to educational
institutions, government agencies and corporate enterprises,
announced today that its wholly-owned subsidiary, ChinaCast Language
Training Education Technology Limited ("CLET"), recently established
eight Daily English language training centers in Beijing to provide
high-end conversational English language training courses to adults
and corporate customers.
CLET plans to open additional Daily English Language Training
Centers in other major cities in China by the end of this year, in
line with the initial goal of twenty new centers that are to be
established by November 2008. CLET also plans to leverage
ChinaCast's extensive e-learning network of over 8,000 locations
nationwide to scale up CLET's training business to Tier 2 and Tier 3
cities. Aside from adult conversational English training, CLET also
plans to offer courses for K-12 students and test preparation
services in the near future.
According to the 2005-2006 China Education and Training Industry
Research Report, total education spending in China was RMB 580
billion (US$73 billion) in 2004. The English training market
accounts for less than 3% of the total market (RMB 15 billion or
US$1.9 billion), with a CAGR of 12%. English communication skills
are a key to career advancement of Chinese workers, especially with
multinational corporations in China. Rapid growth in China's foreign
direct investment and the hosting of world class events like the
2008 Olympics in Beijing and the 2010 World Expo in Shanghai are
also accelerating demand for English training.
Ron Chan, Chairman and CEO of ChinaCast, commented: "We are very
excited about the launch of our Daily English language training
centers as this is part of corporate strategy to broaden our
education business beyond our e-learning services by owning our own
branded bricks and mortar private education schools. Over the next
12 months we anticipate continued growth in our core e-learning
business while expanding our Daily English centers nationwide. We
also seek to acquire additional bricks and mortar schools in the
career/vocational sectors to become a major player in the private
education market in China."
About ChinaCast Education Corporation
Established in 1999 and headquartered in Beijing, ChinaCast (OTCBB:CEUC)
provides e-learning and training services to educational
institutions, government agencies and corporate enterprises. These
services include interactive distance learning applications,
multimedia education content, educational portals and IT
certification and management training courses.
Cautionary Statement for Purposes of the "Safe Harbor" Provisions of
the Private Securities Litigation Reform Act of 1995
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, expectation 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 10K for the year
ended 2006. 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.
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