BEIJING, Oct. 7, 2008 (GLOBE NEWSWIRE) -- ChinaCast Education Corporation (Nasdaq:CAST), a leading for-profit, post-secondary education and e-learning services provider in China, today announced that its Chairman and Chief Executive Officer, Ron Chan, will increase his ownership of the company through the purchase of $500,000 of common stock in the open market in accordance with guidelines specified by Rule 10b5-1 under the Securities Exchange Act of 1934.
"As one of the largest stockholders of ChinaCast Education, this additional investment reflects my long-term confidence and commitment to the company," said Chan. Rule 10b5-1 permits officers and directors of public companies to adopt pre-determined plans for buying or selling specified amounts of stock. The plans may be entered into only when the director or officer is not in possession of material, non-public information and may be used to gradually diversify investment portfolios over a period of time. Transactions under this plan will be disclosed publicly through Form 4 filings with the Securities and Exchange Commission.
About ChinaCast Education Corporation
Established in 1999, ChinaCast Education Corporation is a leading for-profit, post-secondary education and e-learning services provider in China. The Company provides its post-secondary degree programs through its 80% ownership in the holding company of the Foreign Trade and Business College of Chongqing Normal University. FTBC offers career-oriented bachelor's degree and diploma programs in business, economics, trade, tourism management, advertising, language, IT and music. These degree and diploma programs are fully accredited by the PRC Ministry of Education. The Company provides its e-learning services to post-secondary institutions, K-12 schools, government agencies and corporations via its nationwide satellite broadband network. These services include interactive distance learning applications, multimedia education content delivery, English language training and vocational training courses. The company is listed on the NASDAQ with the ticker symbol CAST.