Vancouver, Canada - (May 4, 2011) - China Education Resources, Inc. ("CER") (TSXV: CHN, OTCQX: CHNUF), a leading provider of online learning, training and tools for teachers, students and education professionals in China, announced its financial results for the year ended December 31, 2010. All figures are in U.S. dollars.
Educational Resources of China has generated a gross income of $ 5,436,165 in 2010. This compares with revenue of $ 2,790,137 for the same period in 2009, representing an increase of 95% of revenues. We recorded a net loss of $ 615 832 (including non-cash expenses stock-based compensation of $ 623,449) compared to a net loss of $ 2,080,670 for the same period in 2009.
year 2010 include:
- Online Teacher training revenues generated $ 1,751,214 in 2010 compared to $ 474,830 during the same period in 2009, representing an increase of 269% of the proceeds from the teacher training
- Textbook sales revenues generated $ 3,684,951 in 2010 compared to $ 2,315,307 during the same period in 2009, representing a 59% increase in revenues from sales of textbooks.
Since October 2010, China Education Resources entered into 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 income strategy is now being marketed and extending out at a national level in China. The first step is to work with different levels of government to provide teacher training programs online. The second step is to integrate our products and services in the routine of teachers daily. This will allow teachers to interact and communicate. The third step is to promote our school-based platform for teachers and the fourth step is to engage students with our school-based platform that includes our library online tutorial courses, assessment tools and educational games. Our corporate income is generated from each step of our growth plan.
"We are very pleased with the direction of our sales and operations. Checked by the revenue figure for 2010 significantly surpassing last year's result, our growth plan of four steps is becoming a model of rapid business growth, "said Chengfeng Zhou, CEO of China Education Resources . "Our contacts with over 200 education authorities in several provinces of China to further strengthen our confidence in the successful marketing of our leading-edge products and services. With the successful experience in 2010, we expect our revenues will grow significantly in 2011. "
In collaboration with educational administrators and experts from China, China Education Resources has been helping transform the curriculum of the largest educational system in the world. Recognizing the need to address changes in educational reform, China Education Resources has created educational tools and curriculum for kindergarten throughout China through twelfth grade system. The company is playing an integral role in the transformation of China's education system by helping to convert the existing educational system of a memory system based on learning to creative thinking and interactive approach. At present, China has over 1000000 Educational Resources kindergarten through twelfth grade teachers registered through its website. For more information, visit www.chinaeducationresources.com or call (604) 331-2388.
Safe Harbor Statement
Certain statements made herein, and other statements regarding matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events that will or may occur in the future, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking statements and the statements are typically identified by words such as "anticipate," "may," "should," "expects," "objective," "may," "intends," "likely," "plans," " estimate, "" may, "" believes "and similar expressions suggesting future outcomes or statements regarding a point of view. All such forward-looking information and statements are based on certain assumptions and analysis made by China Education Resources, Inc. management'Sa light of its experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate in the circumstances. These statements, however, are subject to various 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 forward-looking statements include those described under the heading "Risks and Uncertainties" elsewhere in the Company's MD & A filed on 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 assumes no 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 events and contingencies.
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
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