A 95% increase in revenue as compared with that of 2009
VANCOUVER, May 4 /CNW/ - 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.
Since 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
"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.
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responsibility for the adequacy or accuracy of the contents of this
SOURCE China Education Resources Inc.
For further information:
Contact China Education Resources at: (604) 331-2388