Noah Education Signs Definitive Agreement to Sell Electronic Learning Product Business; Announces Appointment of CEO

Noah Education Holdings Ltd. NED today announced that the Company has entered into a definitive agreement to sell Noah's Electronic Learning Product business and operating assets to First Win Technologies Ltd. one of Noah's founders and the former President and Chief Operating Officer of the Company, for the U.S. dollar equivalent of RMB100 million. The final cash payment amount is subject to certain adjustments. The closing is currently expected to occur around the end of April 2011. The Company today announced that Mr. Jerry He, the current Chief Financial Officer and Executive Vice President, has been elected as a member of the Board and appointed as the new Chief Executive Officer of the Company, both effective today. Mr. He replaces the current CEO Mr. Dong Xu, who resigns from the position and will act as Chief Strategy Officer, focusing on strategic planning of the Company's business development activities, both effective today.