ChinaCast Education Terminates Stockholder Rights Plan and Appointment of New Board Committee Members

BEIJING, Feb. 9, 2012 /PRNewswire-Asia-FirstCall/ -- ChinaCast Education ("ChinaCast" or the "Company", Nasdaq GS: CAST), a leading post-secondary education and e-learning services provider in China, today announced that the Board of Directors of ChinaCast has authorized the termination of the Stockholder Rights Plan (the "Rights Plan") effective immediately. The Rights Plan would have expired on September 26, 2012, had the Board not authorized the termination.

In addition, at its first meeting of the newly reconstituted Board, the following members were appointed to each of the independent committees:

Audit Committee – Daniel Tseung, Doug Woodrum, Ned Sherwood
Compensation Committee – Ned Sherwood, Derek Feng, Doug Woodrum
Nominating Committee – Stephen Markscheid, Ned Sherwood, Daniel Tseung
Special Committee - Doug Woodrum, Daniel Tseung, Stephen Markscheid, Derek Feng

Ron Chan, Chairman and CEO, comments, "The Board and the management team remain focused on ultimately realizing the intrinsic value of the Company and fully support the ongoing efforts of the Special Committee strategic evaluation process. We remain committed to maintain ChinaCast's position as a leading education company focused in China."

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 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.

SOURCE ChinaCast Education Corporation

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