A 95% increase in revenue as compared with that of
2009
VANCOUVER,
May 4 /PRNewswire-FirstCall/ - China
Education Resources, Inc. ("CER") (TSXV: CHN) (OTCQX: CHNUF), a
leading technology provider of online learning, training courses
and tools for teachers, students and education professionals in
China, announced its financial
results for the year ended December 31,
2010. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenues
of $5,436,165 in 2010. This is
compared to gross revenue of $2,790,137 for the same period in 2009,
representing a 95% increase in revenue. It recorded a net loss of
$615,832 (including non-cash
stock-based compensation expenses of $623,449) as compared to a net loss of
$2,080,670 for the same period in
2009.
2010 financial highlights include:
- Online teacher training revenue of $1,751,214 generated during 2010 as compared to
$474,830 during the same period in
2009, representing a 269% increase in revenue of teacher
training;
- Text book sales revenue of $3,684,951 generated during 2010 as compared to
$2,315,307 during the same period in
2009, representing a 59% increase in revenue of text book
sales.
Since October 2010,
China Education Resources finalized agreements to provide online
education and training to teachers and education professionals in
14 provinces of China. The Company
has implemented a four step growth and revenue strategy which is
now being commercialized and expanding out national wide in
China. The first step involves
working 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. The third
step is to promote our school based platform to teachers and the
fourth step is to engage the students with our school based
platform which includes our collection of online tutoring courses,
assessment tools and educational games. Our corporate revenue is
generated from each of the steps of our growth plan.
"We are very pleased with the direction of our
sales and operations. Proven by the revenue figure for 2010
significantly surpassing last year's result, our four-step growth
plan is emerging as a rapid growth business model" said
Chengfeng Zhou, CEO, China Education
Resources. "Our contacts with over 200 education authorities in
various provinces in China further
strengthen our confidence in the successful commercialization of
our leading edge products and services. With the successful
experience in 2010, we expect that our revenue will continue to
grow significantly in 2011."
In collaboration with China's education administrators and experts,
China Education Resources has been 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 curriculum for
China's entire kindergarten
through twelfth grade system. The Company is playing an integral
part in transforming China's
educational system through helping to convert the existing
educational system from a memory-based learning system to a
creative thinking and interactive approach. Presently, China Education Resources has over 1 million
kindergarten through twelfth grade teachers registered through its
Web portal. For more information, please visit
www.chinaeducationresources.com or call (604) 331-2388.
Safe Harbor Statement
Certain statements made herein, and other
statements relating to matters that are not historical facts and
statements of our beliefs, intentions and expectations about
developments, results and events which will or may occur in the
future, constitute "forward-looking information" within the meaning
of applicable securities legislation. Forward-looking information
and statements are typically identified by words such as
"anticipate", "could", "should", "expect", "seek", "may", "intend",
"likely", "plan", "estimate", "will", "believe" and similar
expressions suggesting future outcomes or statements regarding an
outlook. All such forward-looking information and statements are
based on certain assumptions and analysis made by China Education
Resources, Inc.'s management in light of their experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors management believes
are appropriate in the circumstances. These statements, however,
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking information
or statements. Important factors that could cause actual results to
differ from these forward-looking statements include those
described under the heading "Risks and Uncertainties" elsewhere in
the Company's MD&A filed at www.SEDAR.com. The reader is
cautioned not to place undue reliance on forward-looking
information or statements. Except as required by law the Company
does not assume the obligation to revise or update these forward
looking statements after the date of this document or to revise
them to reflect the occurrence of future, unanticipated events.
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.