ChinaCast Education Corporation Announces Adjournment of Annual Meeting

ChinaCast Education Corporation

today announced the adjournment of its annual meeting, in accordance with the issuance by the Delaware Court of Chancery of a temporary restraining order. The Company's annual meeting was adjourned on December 21, 2011, to January 10, 2012, 9:00 a.m. Beijing Standard Time, which is equivalent to January 9, 2012, at 8:00 p.m. U.S. Eastern Standard Time. The temporary restraining order was obtained by Ned Sherwood, a current director of the Company after the Company's Nominating Committee determined that Mr. Sherwood was unsuitable to serve on the Company's Board of Directors and therefore removed his name from the slate of directors proposed by the Committee for re-election. The Company recently established a Special Committee to consider all strategic alternatives that would enhance shareholder value after receiving an unsolicited bid for the Company made by a qualified institutional investor at a significant premium to the current market price of the Company's common stock. The Special Committee retained Credit Suisse Securities LLC, as its financial advisor in connection with the Special Committee's evaluation of strategic alternatives and Paul, Weiss, Rifkind, Wharton & Garrison LLP, to act as its independent legal counsel.