VANCOUVER, May 1, 2012 /CNW/ - 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 year ended December 31, 2011. All figures are expressed in U.S. dollars.
For the year ended December 31, 2011, CER reported aggregate sales revenue of $6,553,140 as compared to $5,436,165 for the same period in 2010. There was an increase in sales for the current year as compared to the sales of previous year. The Company recognized a net profit for the year ended December 31, 2011 of $83,481 as compared to a loss of $561,104 for the same period in 2010.
2011 financial highlights include:
- Online training revenue of $2,187,832 generated during 2011 as compared to $1,751,214 during the same period in 2010;
- Text book sales revenue of $4,365,308 generated during 2011 as compared to $3,684,951 during the same period in 2010.
"We are very pleased with the direction of our sales and operations. Our four-step growth plan is emerging as the foundation for a high-growth business model, as the increased revenues for 2011 are starting to suggest" said Chengfeng Zhou, CEO, China Education Resources. "Our contacts with over 200 education authorities in various provinces in China and signed deals with 14 provinces to provide online training for their teachers further strengthen our confidence in the successful commercialization of our leading edge products and services. The successful financial results in 2011, are more evidence that our revenue will continue to grow significantly in 2012."
CER is also pleased to update shareholders on the status of our arrangement with the Shanxi Provincial education authority, where we are finalizing an agreement to customize the Company's School Platform for their use. This arrangement will provide services and education resources to both teachers and students for educational reform in Shanxi Province. The education reform emphasizes interaction among teachers and students with digitized education resources and multimedia equipment in classrooms.
CER is concluding an agreement with Guizhou Province to provide digital textbooks to the students in Guizhou Province through our CERSP portal. This is a significant step for CER to combine the Company's internet portal with its traditional textbook business, which provides a unique opportunity for CER in the textbook industry.
The Company has developed an unparalleled and broad portfolio of education products that it believes is unavailable in any other education market. It has been market tested and developed in the world's largest education market. The Company intends to explore the potential to provide these online, networked products and services in other education markets. It may launch these products on its own or in partnership with domestic industry players. The Company's goal is to become the leading internet education service platform, content provider and social network to individuals and organizations in the education sector.
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 by 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 one 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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