China Education Alliance, Inc. Announces Proposed Public Offering of Common Stock
23 September 2009 - 9:00PM
PR Newswire (US)
HARBIN, China, Sept. 23 /PRNewswire-Asia-FirstCall/ -- China
Education Alliance, Inc. (NYSE Amex: CEU) announced today that it
intends to offer, subject to market and other conditions,
$17,391,304 of shares of its common stock. In connection with this
offering, China Education will grant the underwriters an option to
purchase an additional $2,608,696 of shares of common stock to
cover any over-allotments. China Education intends to use the
proceeds from this offering to fund its operations and for general
corporate purposes, such as additions to working capital, expansion
of its business through internal growth or acquisitions, although
it has no current commitments or agreements with respect to any
such investments or acquisitions as of the date of this press
release. Rodman & Renshaw, LLC, a subsidiary of Rodman &
Renshaw Capital Group, Inc. (NASDAQ: RODM) will act as the sole
book-running manager for the offering. The offering will be made
under China Education's effective shelf registration statement
previously filed with the Securities and Exchange Commission (the
"SEC"). Prospective investors should read the preliminary
prospectus supplement and the shelf registration statement for more
complete information about China Education and the offering. Copies
of the preliminary prospectus supplement and the accompanying
prospectus and, when available, copies of the final prospectus
supplement will be available on the SEC's website,
http://www.sec.gov/ , and by contacting Rodman & Renshaw LLC,
at 1251 Avenue of the Americas, 20th Floor, New York, NY 10020, or
by telephone at (212) 430- 1710. This news release does not
constitute an offer to sell or solicitation of an offer to buy any
security, nor will there be any sale of such security in any
jurisdiction in which such offer, sale or solicitation would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The offering may be made
only by means of a prospectus supplement and related base
prospectus. About the Company China Education Alliance, Inc. (NYSE
Amex: CEU) 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. For more information about China Education
Alliance, please visit http://www.chinaeducationalliance.com/ .
Forward-Looking Statements This news release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are subject to certain risks, trends and uncertainties
that could cause actual results to differ materially from those
projected. Among those risks, trends and uncertainties include,
without limitation, its dependence on the PRC government's
educational policies and programs, PRC rules and regulations in a
planned economy, seasonality of business, dependence on senior
officers to expand its business, ability to protect its
intellectual property rights, inflation, success of acquisitions,
the impact of price controls, the lack of sufficient business
insurance, and fluctuations of exchange rates. In particular,
careful consideration should be given to cautionary statements made
in the various reports that China Education has filed with the SEC.
China Education undertakes no duty to update or revise these
forward-looking statements. For further information, please
contact: Investor Relations: RedChip Companies, Inc. Dave Gentry,
Investor Relations Tel: +1-800-733-2447, x104 Email: Web:
http://www.redchip.com/ DATASOURCE: China Education Alliance, Inc.
CONTACT: At the Company, Zack Pan, CFO of China Education Alliance,
Inc., +1-405-315-9987, or ; or Investor Relations at RedChip
Companies, Inc., Dave Gentry, +1-800-733-2447 x104, or Web Site:
http://www.chinaeducationalliance.com/ http://www.redchip.com/
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