VANCOUVER, Nov. 30, 2011 /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 third quarter of 2011. All figures are expressed in U.S. dollars.
The Company acquired the remaining 10% equity ownership of the China
subsidiary, CEN Smart Networks Ltd. ("CEN Smart") for a nominal value
on September 26, 2011 resulting in a 100% equity ownership of CEN
Smart. Through CEN Smart, the Company now has an effective ownership of
100% and 60% equity interests in our China subsidiaries, Today's
Teachers Technology & Culture Ltd. ("TTTC") and Zhong Yu Cheng Yuan
Education Technology Ltd. ("ZYCY"), respectively. TTTC is a provider of
online teacher training and ZYCY is involved in book selling business.
Both TTTC and ZYCY are our revenue generation engines in China.
CER generated gross revenues of $3,162,211 in the third quarter of 2011.
This is compared to gross revenue of $2,112,587 for the same period in
2010, representing a 49.7% increase in revenue. It recorded a net
profit of $670,842 as compared to a net profit of $333,200 for the same
period in 2010, representing a 101% increase in net profit.
Q3 of 2011 financial highlights includes:
Online teacher training revenue of $1,755,040 generated during the third
quarter of 2011 as compared to $847,983 during the same period in 2010,
representing a 107% increase in revenue from teacher training;
Text book sales revenue of $1,407,171 generated during the third quarter
of 2011 as compared to $1,264,604 during the same period in 2010,
representing a 11% increase in revenue from text book sales.
The Company has implemented a four step growth and revenue strategy
which is now being commercialized and expanding out nationally across
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 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 students with our school based platform
which includes our collection of online tutoring courses, assessment
tools and educational games.
"We are very pleased with the direction of our sales and operations."
said Chengfeng Zhou, CEO, China Education Resources. "The first two
steps are well underway and expanding into more provinces and the third
step has commenced in three provinces which will allow us to provide
more products and services to schools directly. Based on CER's contacts
with over 200 education authorities in various provinces of China, the
successful commercialization of the company's products and services is
occurring. CER's four-step growth plan is currently being extended in
fourteen provinces throughout China and represents a unique opportunity
for investors to participate in the rapid growth of China's education
sector. With the successful first nine months of 2011, we expect more
revenue will be generated in 2011 than 2010."
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
SOURCE China Education Resources Inc.
For further information:
Contact China Education Resources at: (604) 331-2388