HARBIN, China, December 23, 2011 /PRNewswire-Asia-FirstCall/ -- China Education Alliance, Inc. (NYSE: CEU) announced that on December 21, 2011, NYSE Regulation, Inc. (NYSE Regulation) delivered a notice to the company confirming that the exchange will suspend trading of the company's common stock on the NYSE prior to the opening of business on Thursday, December 29, 2011 and that the exchange intends to delist the company's common stock. The Company expects to commence trading on the over-the-counter (OTC) market that same day under a symbol yet to be determined.
Mr. Yu Xiqun, CEO of China Education Alliance commented: "We are very disappointed with the NYSE's decision to suspend trading and delist our shares. Since the onset of the unfounded allegations a year ago, we have at all times kept our doors open to all shareholders who have wanted to research our business inChina and have made ourselves available to help investors correctly understand our business. We have held two Annual General Meetings to discuss the future development goals and strategic plans of the Company. We have refused to be intimidated by rumors, none of which have proved true in more than one year. Our business performance has been recovering and our future prospects remains strong.
As of September 30, 2011 we achieved USD26.3 million in revenue and USD18.4 million of profit. We strongly believe our stock price and market value do not correctly reflect the performance and future prospects of our Company.
HARBIN, China, November 30, 2011 /PRNewswire-Asia-FirstCall/ -- China Education Alliance, Inc. (NYSE: CEU) announced today the appointment of Ms. Cloris Li as Chief Financial Officer, effective November 30, 2011. Ms. Cloris Li replaces Ms. Alice Lee Rogers, who is taking on a new role as Vice President of the Company's North America business and operations. She became the Company's Chief Financial Officer in March 2011.
Ms. Cloris Li has acquired substantial experience in professional accounting and auditing, financial planning, tax advising, risk control and internal controls. In 2010 and 2011, Ms. Cloris Li worked as a consultant for PricewaterhouseCoopers in China where she provided audit, internal control advisory and SOX compliance services to both private and public companies. Prior to that she was Vice President at China Authority Holding Inc., a Chinese investment firm that also provides advisory services to companies going public from 2007 to 2009. From 2004 to 2006, she was a senior auditor and tax advisor in Romano Business Accountants Pty. Ltd. In 2003, she worked as an associate at Zhejiang Xiacheng Certified Public Taxation Accounts and Zhejiang Hongda Certified Public Accounts. Ms. Cloris Li graduated with a BA in Accounting from Queensland University Technology in Australia. She is a Certified Public Accountant and a member of Certified Public Accountant Australia.
"We are pleased to have Cloris on board as our Chief Financial Officer," said Mr. Xiqun Yu, CEO of China Education Alliance, Inc. "She has been involved, and acquired relevant skills, in all aspects of the life of a public company in the financial markets. We are fully committed to transparency and best corporate governance practices and we believe that her financial skills and professional experience will help us reach a higher level. We expect Cloris to play a leading role in our business expansion and strengthen our internal financial controls, and financial planning and reporting.
"I also want to thank Ms. Alice Lee Rogers for her hard work and commitment to our Company. We look forward to continuing to work with her in her new role."