www.chinaeducationresources.com
TSX VENTURE SYMBOL: CHN
PINK SHEETS: CHNUF
VANCOUVER and
BEIJING, China, Nov. 30 /PRNewswire-FirstCall/ - China Education
Resources, Inc. (TSXV:CHN, Pink Sheets:CHNUF), a leading technology
provider of online learning, training courses and tools for
teachers, students and education professionals in China, announced today its financial results
for the third quarter and nine months that ended September 30, 2010. All figures are expressed in
U.S. dollars.
China Education Resources generated gross
revenues of $2,112,587 and a net
income of $332,823 in the third
quarter that ended September 30,
2010. This is compared to gross revenues of $2,022,805 and a net income of $37,955 for the same period in 2009. A 776%
increase in net income year-to-year.
Overall, during the nine month period that ended
September 30, 2010, China Education
Resources generated gross revenues of $4,709,589 and a net loss of $349,601 as compared to gross revenues of
$2,087,596 and a net loss of
$932,991 during this same period in
2009. A 125% increase in gross revenues year-to-year.
Third Quarter 2010 financial highlights
include:
- Online teacher training revenues of $847,983 generated during the third quarter 2010
as compared to $111,239 during the
same period in 2009 -- a 662% increase year-to-year;
- Online teacher training revenues of $1,180,038 generated during the first nine months
of 2010 as compared to $155,424
during the same period in 2009 -- a 659% increase
year-to-year.
"We are very pleased with the direction our sales and operations
are heading. With our revenue figures for 2010 to date
significantly surpassing last year's results, it is clear that
China Education Resources is emerging as a technology and education
industry leader," said Chengfeng
Zhou, CEO, China Education Resources. "With our recent
expansion now into 11 provinces in China - including the largest city and
province in China - we are
presently undergoing a major growth period that I expect will
continue well into 2011."
"With over one million teachers blogging on the
China Education Resources Web site already, the company is becoming
a true education and technology leader in China," said Richard
Donovan, a senior education consultant specializing in
languages and cultures, former educator at California State University and associate dean at
the Defense Language Institute.
In early October
2010, China Education Resources announced that it had
finalized agreements to provide online education and training to
teachers and education professionals in the city of Chongqing, China's largest city, and in the
provinces of Heilongjiang,
Sichuan and Yunnan. "Our four-step growth plan is now
being implemented throughout China. The first step involves work with
various levels of government to deliver the online teacher training
programs. The second step integrates our products and services into
the teachers' daily routine. This will allow teachers to interact
and communicate with each other," explained Chengfeng Zhou. "The third step is to promote
the educational platform section to teachers and the fourth step
engages the student with our educational portal which includes our
collection of online tutoring courses, assessment tools and
educational games. Our corporate revenues are generated from each
step of our growth plan."
In collaboration with China's education administrators and experts,
China Education Resources is helping to transform the curriculum of
the world's largest educational system. Recognizing the need to
address education reform changes, China Education Resources has
created educational tools and curricula for China's entire kindergarten through twelfth
grade system. Helping to convert the existing educational system
from a memory-based learning system to a creative thinking and
interactive approach, the company is playing an integral part in
transforming China's educational
system. Presently, China Education Resources has over 1 million
kindergarten through 12th grade teachers registered through its Web
portal. For more information, visit www.chinaeducationresources.com
or call (604) 683-6865. Information about China Education Resources
can also be viewed via Facebook and Twitter.
Safe Harbor Statement
This press release contains certain forward-looking statements that
reflect current views and/or expectations of China Education
Resources Inc. with respect to its performance, business &
future events. Such statements are subject to risks, uncertainties
& assumptions. Actual results & events may vary
significantly. To receive press releases, investor
newsletters & corporate updates, email
admin@chinaeducationresources.com.
Contact China Education Resources at: (604) 683-6865.
The TSX Venture Exchange has not reviewed, and
does not accept, responsibility for the adequacy or accuracy of the
contents of this press release.
SOURCE China Education Resources Inc.
Copyright . 30 PR Newswire