NEW YORK, Jan. 6, 2012 /PRNewswire/ --ChinaCast Education Corporation (Nasdaq: CAST) today reminded shareholders to vote for all Board nominees at its adjourned annual meeting to be held on January 10, 2012 at 9:00 a.m. Beijing Standard Time (local time), which is equivalent to 8:00 p.m. EST on Monday, January 9, 2012:
VOTE YOUR BLUE PROXY CARD
TO SUPPORT YOUR BOARD
TIME IS SHORT AND YOUR VOTE IS EXTREMELY IMPORTANT- PLEASE VOTE BY TELEPHONE OR INTERNET TODAY.
DO NOT RETURN ANY PROXY CARD SENT BY NED SHERWOOD
Even if you have already voted Mr. Sherwood's green voting form, you can still change your vote to support your Board using the BLUE proxy card.
In response to certain questions received from shareholders, the Company would like to clarify the following two points that were addressed in its previous open letter to shareholders.
First, the Company would like to make clear to shareholders that although its Board of Directors has determined that Ned Sherwood is not suitable to serve as a director of the Company for the reasons set forth in the Company's proxy materials, that,in the event that the shareholders re-elect Mr. Sherwood to the Board, the Company will abide by the judgment of its shareholders with respect to his suitability to serve as a member of the Board. As previously disclosed to shareholders, in the event that Ned Sherwood is re-elected to the Board at the Annual Meeting, he will be deemed by the Company to continue to serve as Fir Tree's designee to the Board.
Second, the Company previously stated to shareholders that it is the Company's belief that Mr. Sherwood, through this proxy contest is attempting to seek control of the Board without paying a premium to the Company's shareholders. The Company would like to make clear that Mr. Sherwood is under no obligation to pay a premium to shareholders if he is seeking control of the Board.
If you have any questions or require assistance please contact our proxy solicitors, MacKenzie Partners at 1-800-322-2885, or Advantage Proxy, toll-free at 1-877-870-8565.
Important Additional Information and Where to Find it
This press release attached hereto may be deemed to be solicitation material in respect of the proposals to be voted upon at the Annual Meeting of Stockholders ("Annual Meeting") on December 21, 2011 at 9:00 a.m. Beijing Standard Time (which is equivalent to December 20, 2011 at 8:00 p.m. U.S. Eastern Standard Time) described in the Company's definitive proxy statement on Schedule 14A, filed by the Company on November 15, 2011, as supplemented by supplements thereto filed by the Company dated December 8, 2011, December 16, 2011 and December 27, 2011.The Company has filed with, or furnished to the Securities and Exchange Commission (the "SEC"), all relevant materials, including a definitive proxy statement on Schedule 14A, and has mailed the definitive proxy statement on Schedule 14A to its shareholders.INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE MATERIALS AND OTHER MATERIALS FILED WITH OR FURNISHED TO THE SEC, AS THEY CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE ANNUAL MEETING AND THE PERSONS SOLICITING PROXIES IN CONNECTION WITH THE PROPOSALS TO BE VOTED UPON AT THE ANNUAL MEETING.This press release is not a substitute for any proxy statement or other filings that may be made with the SEC.Shareholders are able to obtain copies of the Company's definitive proxy statement and the supplemental filings thereto by contacting Advantage Proxy by calling +1- (877) 870-8565 (toll-free).In addition to receiving the Company's definitive proxy statement and the supplements thereto by mail, shareholders also are able to obtain these documents, as well as other filings containing information about the Company and proposals to be voted upon at the Annual Meeting and related matters, without charge, from the SEC's website (http://www.sec.gov) or at the SEC's public reference room at 100 F Street, NE, Room 1580, Washington, D.C. 20549.In addition, these documents can be obtained, without charge, by contacting the Company at the following address and/or phone number: Suite 08, 20F, One International Financial Centre, 1 Harbour View Street, Central, Hong Kong.
Certain of the Company's officers and employees may be deemed participants in the solicitation of proxies in respect of the proposals.Information about the Company's executive officers and directors can be found in its Annual Report on Form 10-K for the year ended December 31, 2010, filed with the SEC on March 16, 2011.Additional information regarding the interests of such potential participants is included in the definitive proxy statement.
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.
ChinaCast Education Corporation
Michael J. Santos, President-International
Paul R. Schulman or Bob Marese
MacKenzie Partners, Inc.
Direct: +212 929-5500
SOURCE ChinaCast Education Corporation