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A 95% increase in revenue as compared with that of 2009VANCOUVER,
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.
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.