CEDA.OB: China Education Alliance (CEDA) Announces Acquisition of Harbin Compass Vocational Training School
Thursday January 4, 8:00 am ET
BEIJING, Jan. 4 /Xinhua-PRNewswire/ -- China Education Alliance, Inc (OTC Bulletin Board: CEDA - News), one of China's leading e-learning and online education enterprises, reported that its subsidiary, Harbin Zhong He Education Training Center, reached an agreement to acquire all of the physical and intangible assets of Harbin Compass Vocational Training School (CVTS). CVTS focuses on vocational IT training and offers leading programs for Network Engineering and ACCP Software Engineering. With this acquisition, Zhong He becomes the exclusive educational training partner of Beida Qingniao APTECH IT Co., Ltd. (APTECH) within the Heilongjiang Province of China. This partnership demonstrates CEDA's commitment to promoting IT training across mainland China. Zhong He acquired the assets, which include classrooms, computer rooms and patented course materials, for US $1,000,000 in cash and stock. The deal closed on December 10, 2006. CEDA estimates that the acquisition of CVTS and subsequent partnership with APTECH will generate US $1 million per year. CEDA CEO Yu Xi-qun stated, "This acquisition will increase CEDA's presence in the vocational education market, as well as provide on-site training space and resources in addition to our Heilongjiang Zhong He Education Training Center. We are also very pleased to be the new exclusive partner of Beida Qingniao APTECH IT Co. in Heilongjiang.''
