www.chinaeducationresources.com
VANCOUVER,
Nov. 30, 2011 /PRNewswire/ - 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 third quarter of 2011. All figures are expressed in
U.S. dollars.
The Company acquired the remaining 10% equity
ownership of the China subsidiary,
CEN Smart Networks Ltd. ("CEN Smart") for a nominal value on
September 26, 2011 resulting in a
100% equity ownership of CEN Smart. Through CEN Smart, the Company
now has an effective ownership of 100% and 60% equity interests in
our China subsidiaries, Today's
Teachers Technology & Culture Ltd. ("TTTC") and Zhong Yu Cheng Yuan Education Technology Ltd.
("ZYCY"), respectively. TTTC is a provider of online teacher
training and ZYCY is involved in book selling business. Both TTTC
and ZYCY are our revenue generation engines in China.
CER generated gross revenues of $3,162,211 in the third quarter of 2011. This is
compared to gross revenue of $2,112,587 for the same period in 2010,
representing a 49.7% increase in revenue. It recorded a net profit
of $670,842 as compared to a net
profit of $333,200 for the same
period in 2010, representing a 101% increase in net profit.
Q3 of 2011 financial highlights includes:
- Online teacher training revenue of $1,755,040 generated during the third quarter of
2011 as compared to $847,983 during
the same period in 2010, representing a 107% increase in revenue
from teacher training;
- Text book sales revenue of $1,407,171 generated during the third quarter of
2011 as compared to $1,264,604 during
the same period in 2010, representing a 11% increase in revenue
from text book sales.
The Company has implemented a four step growth and
revenue strategy which is now being commercialized and expanding
out nationally across 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 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 students with our school
based platform which includes our collection of online tutoring
courses, assessment tools and educational games.
"We are very pleased with the direction of our
sales and operations." said Chengfeng
Zhou, CEO, China Education Resources. "The first two steps
are well underway and expanding into more provinces and the third
step has commenced in three provinces which will allow us to
provide more products and services to schools directly. Based on
CER's contacts with over 200 education authorities in various
provinces of China, the successful
commercialization of the company's products and services is
occurring. CER's four-step growth plan is currently being extended
in fourteen provinces throughout China and represents a unique opportunity for
investors to participate in the rapid growth of China's education sector. With the successful
first nine months of 2011, we expect more revenue will be generated
in 2011 than 2010."
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.