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| ||Sat May 2, 2015|
China Education Resources Inc. Generated Revenues of $10,700,662 in 2014
| ||Vancouver, Canada -- (May 2, 2015) - China Education Resources, Inc. ("CER") (TSXV: CHN, OTCQX: CHNUF), a leading technology and content provider of intelligent system, online learning, training courses and social media for teachers, students and education professionals, announced its financial results for the year ended December 31, 2014. All figures are expressed in U.S. dollars.|
The 2014 financial highlights are as summarized as follows:
For the year ended December 31, 2014, CER reported aggregate sales revenue of $10,700,662 as compared to $10,085,422 for the same period in 2013, representing a 6.1% increase as a result of a 22.2% increase in book sales and distribution services and a 15.1% decrease in sales of online products in 2014. The decrease in revenue from online products for the current period as compared to the revenue of the same period of previous year was due to the fact that the regulatory authority in China is now revising the contents of the on-line teacher training resulting in a delay in launching the training courses. CER has developed the new contents which places more emphasize on digital technology for education. The Company recognized a net loss for the year ended December 31, 2014 of $791,396 attributable to the shareholders as compared to a net loss of $2,718,360 attributable to the shareholders for the same period in 2013.
"We are pleased with the direction of our sales and operations. Our sales revenue continues to increase in 2014 and the Company's business growth plan has been implemented as planned." said Chengfeng Zhou, CEO, China Education Resources. "The 2014 business results further strengthen our confidence that our business will continue to grow in 2015."
"We expect that our unique and comprehensive blend of education resources and services will generate more revenue, and we are encouraged by the increase in utilization of our internet platform and educational social network, which work together with our existing online/offline products."
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 kindergartens 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 press release.
Contact China Education Resources at: (604) 331-2388
You can view the Previous In the News item: Mon Jun 1, 2015, China Education Resources Inc. Reports Q1 2015 Financial Results
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