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| ||Mon Nov 30, 2009|
China Education Resources Reports Revenues of $2.02 million US in Q3, 2009
| ||VANCOUVER, BRITISH COLUMBIA--(November 30, 2009) - China Education Resources Inc. ("China Education", "CER", "the Company") (TSX VENTURE:CHN) (PINK SHEETS:CHNUF) - today released its unaudited results for the third quarter ended September 30, 2009 (all figures in $US).|
C.F. Zhou, Chairman and CEO, reports that the Company generated gross revenues of $2.02 million and a net income of $38,000 for the third quarter ended September 30, 2009, compared to gross revenues of $149,000 and a net loss of $714,000 for the comparable period in 2008.
Other highlights include:
Mr. Zhou said, "With the acquisition of ZYCY, it is clear that CER has turned a corner. This is the first reporting period in which the ZYCY operating results have been incorporated into the CER financial statements. It is pleasing to see the success that the ZYCY sales team has had with marketing our leading edge products. As we continue to expand our product offerings and reach new customers, I believe that we will be able to grow our business substantially in 2010, both in the teacher and student sectors."
- Operating income of $425,000 for the third quarter of 2009, as compared to an operating loss of $717,000 for the comparable period in 2008.
- Net cash flow of $162,000 was generated from operations for the third quarter of 2009, as compared to a cash flow used in operations of $351,000 for the comparable period in 2008.
- Completion of the purchase of a 60% interest in Zhong Yu Cheng Yuan Curriculum Development Centre Ltd. (previously known as Yu Cheng Yuan Consulting Services Ltd.) ("ZYCY"), a distributor of education products. The purchase consideration was 2,860,000 common shares of the company with a deemed value of 35¢ per share.
ABOUT CHINA EDUCATION RESOURCES INC.
In collaboration with China's various education authorities and experts, China Education Resources Inc. ("CER") is helping to transform the curriculum of the world's largest educational system. Recognizing the need for centralization and increased accessibility to address the Chinese Central government's 2000 education reform policy changes, CER has created educational tools and curricula for China's entire kindergarten through twelfth grade system. By implementing the government's goal of converting the existing educational system from memory-based learning to creative thinking and utilizing a more interactive approach to embrace a world-based economy, CER has played an integral part in positioning China's educational system to reach new heights.
Safe Harbor Statement
This press release contains certain forward-looking statements that reflect the current views and/or expectations of China Education Resources Inc. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
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China Education Resources Inc. (604) 683-6865
Source: China Education Resources Inc.
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