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| ||Wed Jun 2, 2010|
China Education Resources Reports Revenues of $1.7 million USD in Q1, 2010
| ||VANCOUVER, BRITISH COLUMBIA - (June 2, 2010) - China Education Resources Inc. ("China Education", "CER", "the Company") (TSX VENTURE:CHN) (PINK SHEETS:CHNUF) - released its unaudited results for the first quarter ended March 31, 2010 (all figures are in $U.S.). |
C.F. Zhou, Chairman and CEO, reports that the Company generated gross revenues of $1,702,788 and a net loss of $314,019 for the first quarter ended March 31, 2010, compared to gross revenues of $11,472 and a net loss of $647,722 for the comparable period in 2009.
Other highlights included:
Mr. Zhou said, "With acquisition of ZYCY last year and the agreement with GANSU Province, it is clear that CER has turned a corner.
- an operating loss of $76,951 after deducting non-cash items of $498,495 for expenses related to stock based compensation and $130,756 for amortization of equipment and website development cost.
- $283,319 of online teacher training revenue was generated in the first quarter as compared to $3,990 in the comparable period of 2009.
ZYCY's business is the distribution of traditional paper-based educational products which we believe will grow steadily and provide a reliable cash flow, and will provide us the flexibility and resources to pursue online business opportunities which have a greater margin and greater growth potential. The agreement we signed with GANSU (press release dated January 15, 2010) is a prime example. The agreement gives CER the exclusive right to provide online teaching and research programs to the 220,000 K to 12 teachers in GANSU. Teacher training is the first step. In the first quarter of 2010 alone, we trained approximately 11,000 teachers and generated over $283,000 U.S. in revenues. The reaction to this initial teacher training program was excellent and we will offer additional programs through working together with the Province on new product offerings."
CER Growth Strategy
Mr. Zhou said, "We are pursuing a growth strategy which involves four steps. We will use this plan with every geographical area. The first step is working with various levels of governments in China, Municipal, Provincial and Central, to deliver government-funded online teacher training programs. The second step is the development of a government and teacher-funded online teaching and research platform which provides products and services that can be integrated into a teacher's daily routine and will allow teachers to interact and communicate with each other. These products include online teaching training, professional development and sharing of lesson plans. The first two steps are well underway in GANSU Province.
The third step is the promotion of our Education Service Platform ("ESP") targeted primarily at the teachers. Each school will pay a yearly subscription fee for this unique product.
The fourth step is our ESP targeted at students that offers a number of products and services including our collection of online tutoring courses which is one of the largest in China, customized education resources, formative assessment tools and education games. Students and parents will pay a subscription fee for this platform.
We are currently in discussion with 11 additional Provinces on province-wide teacher training programs. There are 3.8 million teachers, 200,000 schools and 64 million students in these 11 Provinces. We target to finalize several agreements this summer."
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
Equiti-trend Advisors LLC (800) 953-3350
Source: China Education Resources Inc.
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