Independent Inspector Certifies That All Sherwood Nominess Elected to Board of ChinaCast Education
Ned Sherwood, a major stockholder of ChinaCast Education Corporation (Nasdaq: CAST), today announced that IVS Associates, Inc., the independent inspector of elections, has certified that all of Mr. Sherwood's nominees – Ned Sherwood, Derek Feng and Daniel Tseung – have been elected to the Company's Board of Directors at the 2011 annual meeting of stockholders held on January 10th in Beijing, China.
Stockholders also approved the election of Ron Chan Tze Ngon, Michael Santos and Stephen Markscheid to the Board.
Mr. Sherwood commented: “I am disappointed at senior management's and its advisors' inexcusable delay in publicly announcing to stockholders the clear results of the annual meeting that occurred over a week ago. Notwithstanding this fact, Derek, Daniel and I are ready to work collaboratively with Messrs. Chan, Santos and Markscheid and the Fir Tree designee to serve stockholder interests. One important goal is conducting an unbiased process to evaluate strategic alternatives with a goal of maximizing value for all stockholders. We look forward to working with the excellent mainland Chinese management team and to the first meeting of the newly constituted Board in the next day.”
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