VANCOUVER, May 31, 2012 /PRNewswire/ - 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 first quarter of 2012. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenues of $2,570,769 in the first quarter of 2012. This is compared to gross revenue of $2,192,958 for the same period in 2011. It recorded a net profit of $610,839 as compared to a net profit of $443,991 for the same period in 2011.
Q1 of 2012 financial highlights include:Online teacher training revenue of $1,566,985 generated during the first quarter of 2012 as compared to $426,110 during the same period in 2011; Text book sales revenue of $1,003,784 generated during the first quarter of 2012 as compared to $1,766,848 during the same period in 2011. The decrease in textbook sales is due to some customers deferring sales to later quarters. "We are very pleased with our continually increasing revenues as demonstrated in our Q1 2012 results, which is a product of our long term growth plan." said Chengfeng Zhou, CEO, China Education Resources. "We are implementing our school platform program which will provide comprehensive education resources and services to teachers and students. Our goal is to strengthen our position as the leading provider of digital educations services to China's K-12 sector. We are accomplishing this through our internet platform, education content and a comprehensive social network." CER has engaged Inverness Advisors ("Inverness") to assist the Company's Board of Directors and management in raising capital to further expand its digital delivery platform, sales force and for general corporate purposes. Inverness conducts all securities business through KEMA Partners LLC, a FINRA member and SEC-registered broker-dealer. 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.