HARBIN, China, May 1, 2013 /PRNewswire/ -- China Education
Alliance, Inc. ("China Education Alliance" or the "Company", OTCQX:
CEAI), a China-based education
resource and services company, is pleased to announce that the
consolidated securities class action lawsuit captioned In re
China Education Alliance, Inc. Securities Litigation, filed
against China Education Alliance in the United States District
Court for the Central District of California ("The Court"), has been settled and
dismissed.
The Court had previously granted final approval of the
settlement in a related shareholder derivative lawsuit filed
against certain of the Company's past and present directors and
officers, captioned Padnos v. Yu, et al., and that
settlement has also become final and effective.
About China Education Alliance, Inc.
China Education Alliance, Inc.
(http://www.chinaeducationalliance.com) is a leading educational
services company offering high-quality instructors and online
education materials for students between the ages of 6 to 18 and
adults (university students and professionals) aged 18 and over.
Divided into two segments, students and graduate professionals, our
business model delivers the skills and knowledge necessary to excel
in a rapidly growing and highly competitive China. The Company provides students in the
first segment with online education materials sourced from top tier
schools and famous instructors for download, as well as online
training and tutoring services. With teaching centers located
across China, the Company also
offers hands on training and tutoring to aid Chinese students pass
the two most important tests they will face in their educational
careers: the senior high school entrance and college entrance
exams. In the second segment for graduates and professionals, China
Education Alliance provides vocational training courses in subjects
including IT, administration, multimedia, as well as several
professional training programs.
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 2009 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, 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.
For more information, please contact:
China Education Alliance, Inc.
Ms. Cloris Li
Chief Financial Officer
Email: cloris@edu-chn.com
Christensen
Mr. Christian Arnell
Telephone: +86 10 5826 4939
Email: carnell@christensenir.com
SOURCE China Education Alliance, Inc.
