CER 2012 Financial Results
01 Mayo 2013 - 8:30AM
OTC Markets
China
Education Resources Inc. Generated Revenues of $7,391,935
in 2012
Vancouver,
Canada – (May 1, 2013)
- China Education Resources, Inc. (“CER”) (TSXV: CHN, OTCQX:
CHNUF), a leading
technology provider of online learning, training courses and social
media for
teachers, students and education professionals, announced its
financial results
for the year ended December 31, 2012.
All figures are expressed in U.S. dollars.
For the year ended December 31,
2012, CER reported aggregate sales
revenue of $7,391,934
as compared to
$6,553,140
for the same period in
2011. There was an increase in sales
for the
current year as compared to the sales of previous year. The Company
recognized
a net loss
for the year ended
December 31, 2012
of $1,380,439
attributable to the
shareholders as
compared to a profit
of $23,273
attributable
to the shareholders for the same period in 2011. The increase in the loss for the
current year was
mainly due to the increase in selling expenses for marketing our
new products
and services and a goodwill impairment
loss of $500,000 (non-cash item) as a result of goodwill impairment
analysis
using restrictive assumptions.
2012 financial highlights include:
-
Online products
and other revenue of $3,738,176
generated during 2012
as compared to $2,187,832
during the same period in 2011;
- Text
book sales revenue of $3,653,759
generated during 2012
as compared to $4,365,308
during the same period in 2011.
"Our
sales revenue continues to increase in
2012, and the Company’s business growth plan has
been implemented as planned" said Chengfeng Zhou,
CEO,
China Education Resources. "As a result of
incurring increased
selling expenses of $1.0 million in 2012,
as compared
with the same period of last
year, the Company has
begun providing digital textbooks to students.
CER is now adding
mobile learning solutions to the school platform for both
of the
students and teachers. Digital
textbooks have started
to generate revenue in 2012 and we
expect our Education Smartphone Program will start to generate
revenue in the second half year
of 2013.”
In
order to continue work with the principal of a previous financial
advisor, who
has changed firms, CER has terminated the agreement with
Inverness Advisors.
An agreement with this new
firm is now under discussion.
The
Company has developed an unparalleled and broad portfolio of
education products
that is believed unavailable in any other education market. It has
been market
tested and developed in the world’s largest education market. The
Company
intends to explore the potential to provide these online, networked
products
and services in other education markets. We may launch these
products on our
own platform or in partnership with other domestic industry
players. The
Company’s goal is to become the leading internet education service
platform,
content provider and social network to individuals and
organizations in the
education sector.
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
by 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 one 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.
Contact
China Education Resources at: (604) 331-2388
Email:
admin@chinaeducationresources.com.
Website:
http://www.chinaeducationresources.com
China Education Resources (CE) (USOTC:CHNUF)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
China Education Resources (CE) (USOTC:CHNUF)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024