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| ||Tue Aug 30, 2011|
China Education Resources Inc. Confirms 130,000 Teachers Training Programs with 14 Provinces and Reports Q2 of 2011 Financial Results
| ||Vancouver, Canada - (August 30, 2011) - China Education Resources, Inc. ("CER") (TSXV: CHN, OTCQX: CHNUF), a leading technology provider of online learning, training courses and tools for teachers, students and education professionals in China, announced today that it has confirmed with 14 provinces (Qinghai, Liaoning, Gansu, Yunnan, Helongjiang, Inner Mongolia, Shaanxi, Guangxi, Henan, Chongqing, Sichuan, Hunan, Xinjiang, Anhui) of China to train more than 130,000 teachers in 2011. Partial the teachers have been trained in the first 6 months of 2011 and most of the 130,000 teachers will be trained in the second 6 months of 2011. CER also confirmed with the provinces of Shaanxi and Guangxi to start the similar program of Liaoning province (see the press of March 29, 2011) using CER's School Platform to train the teachers in the provinces. We expect to have more provinces will adopt similar program in near future.|
CER also announced its financial results for the second quarter of 2011. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenues of $1,103,954 in the second quarter of 2011. This is compared to gross revenue of $894,214 for the same period in 2010, representing a 23.5% increase in revenue. It recorded a net loss of $398,431 as compared to a net loss of $356,955 for the same period in 2010.
Q2 of 2011 financial highlights include:
Online teacher training revenue of $303,438 generated during the second quarter of 2011 as compared to $48,736 during the same period in 2010, representing a 523% increase in revenue of teacher training;
Text book sales revenue of $800,516 generated during the second quarter of 2011 as compared to $845,478 during the same period in 2010, representing a 5.3% decrease in revenue of text book sales.
"We are very pleased with the direction of our sales and operations." said Chengfeng Zhou, CEO, China Education Resources. "We have started to gear up our "Four Step Growth Strategy" to the third step from one province to more provinces which will allow us to provide more products and services through CER's School Platform to schools directly. Our contacts with over 200 education authorities in various provinces in China further strengthen our confidence in the successful commercialization of our leading edge products and services. With the successful experience, we expect to have more revenue will be generated significantly in the second half of 2011."
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 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 through its Web portal. For more information, please visit www.chinaeducationresources.com or call (604) 331-2388.
Re-filing of Q1 2011 financials
The Company re-filed the Q1 2011 financials to incorporate the comments of the British Columbia Securities Commission to improve the quality of disclosure to shareholders and other investors. There was no change to the numbers originally filed.
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.
For further information:
China Education Resources at: (604) 331-2388
You can view the Previous In the News item: Wed Nov 30, 2011, China Education Resources Inc. Reports Q3 2011 Financial Results
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