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| | Tue Sep 27, 2016
China Education Resources Inc. Completed Non-Dilutive Financing
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| | VANCOUVER, Canada (September 27, 2016) - China Education Resources Inc. ("CER") (TSX.V: CHN; US OTCQX: CHNUF), an edu-tech company with leading technology in intelligent system and content provider for online learning, training courses and social media for teachers, students and education professionals, today provides shareholders and investors with an update on its business performance.
CER recently completed non-dilutive financing for 3 million RMB (approximately $600,000) with a China bank. The $600,000 bank loan has one year term with annual interest rate of 5.6% and is secured by the receivable of the Company. This fund will be used for the development of new products, generate additional sales revenue as well as general working capital purposes.
"We are very pleased to have non-dilutive financing through bank loan and our creditability with China banks will provide more options to CER for financing in future." said Chengfeng Zhou, CEO, China Education Resources. "Our goal is to deliver profits quarter to quarter. We expect the funds will assist us to execute on our plan and generate more revenue to CER." For more information, please visit www.chinaeducationresources.com or Email: admin@chinaeducationresources.com.
CER has partner with Encyclopedia of China Publishing House, one of the major national publishers in China with national distribution networks and SOXNA S.L., a Spanish company that has cooperated with some of the most famous international soccer clubs such as Real Madrid C.F., Manchester United, Manchester City, Oporto and is also the only authorized agent for Real Madrid licensing business in China. CER has also launched its soccer education online platform which integrates the functions of CER online teacher training platform and school platform for soccer textbooks and online trainings.
Chinese central government announced the China School Soccer Master Plan in 2015. With the government plan, soccer education is blossoming in China. The current China soccer market is estimated to be $200 billion. By 2025, the China sports industry is forecasted to reach $859.9 billion, with soccer as the biggest segment.
In collaboration with China's education administrators and experts, CER has been helping to transform the curriculum of the world's largest educational system. Recognizing the need to address education reform changes, CER 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 as users of its web portal.
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
Email: admin@chinaeducationresources.com.
Website: www.chinaeducationresources.com |
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