Wyoming Governor Matt Mead announced from Beijing, China that Eleutian Technology is expanding its customer base in China and creating new jobs in Wyoming. Eleutian is headquartered in Cody, Wyoming. Chief Executive Officer, Kent Holiday and Chairman of the Board, Bob Grady, joined Governor Mead at the news conference, as did Chairman Hu Min of the Chinese English-language training company New Channel International Education Group ("New Channel").
New Channel announced that it will utilize Eleutian's video conferencing technology. Use of this technology allows Wyoming based teachers to provide live English language training classes to Chinese students, both in New Channel-owned centers and through partnerships with local Ministries of Education in China.
This expansion of Eleutian will result in the hiring of 50 to 100 teachers in Wyoming in the next year. "This will strengthen the ties between Wyoming and China," Governor Mead said. "It also means new jobs for the people of Wyoming. This partnership shows that improved connectivity and continued deployment of broadband technology will allow Wyoming to participate more fully in the global economy." Governor Mead is attending the 2012 International Advanced Coal Technologies Conference in the Chinese city of Xi'an this week.
"The goal of this new partnership is to help improve English conversation fluency for students throughout China," said New Channel Chairman Hu Min. "It is impossible to physically deploy enough American, native English-speaking teachers to satisfy the demand among Chinese students to improve their conversational English," he added. "Eleutian's teachers can help our company solve this problem and capture this opportunity by using the internet." Mr. Hu noted that New Channel also planned to use Eleutian's teachers and TeachCast technology for training Chinese teachers to teach English.
According to Mr. Hu, New Channel operates 66 Learning Centers that serve over 100,000 Chinese students. Founded in 2004, the Company has expanded rapidly in recent years. The 21 cities in which New Channel operates Learning Centers have a combined urban population of more than 100 million. Hu Min was previously the CEO of New Oriental Learning (NYSE: "EDU"), which today has grown into a public English-language training company listed on the New York Stock Exchange with a market capitalization of $4.2 billion.
"China is the most important market for Eleutian," said Eleutian Chairman Bob Grady. He noted that in the last two years, Eleutian had succeeded in launching several pilot projects and securing its initial provincial government and enterprise customers in the country. Eleutian acquired Chinese English-language training company Idapted, Ltd. in 2010 to assist in this effort, Grady said. "Partnering with New Channel will enable Eleutian to grow in a much more meaningful way in the world's most important market for learning English," Grady added. "This growth will be good for Wyoming." Grady is a Managing Director at Cheyenne Capital Fund, L.P., which is the largest investor in Eleutian. The State of Wyoming, through its permanent mineral trust funds, is the largest investor in Cheyenne Capital Fund.