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| ||Tue May 1, 2018|
China Education Resources Inc. made $1,357,757 US dollars net profit in 2017
| ||VANCOUVER, Canada (May 1, 2018) - China Education Resources, Inc. ("CER") (TSXV: CHN) (OTC: CHNUF), an ed-tech company with leading technology of intelligent system and contents to provide online/offline learning, training courses and social media for teachers, students and education professionals, announced its audited financial results for the year ended December 31, 2017. All figures are expressed in U.S. dollars except otherwise stated.|
For the year ended December 31, 2017, CER reported aggregate sales revenue of $11,825,995 as compared to $13,420,347 for the same period in 2016. The Company recognized a net profit of $1,357,757 attributable to the shareholders for the year ended December 31, 2017 as compared to a net profit of $916,204 attributable to the shareholders for the same period in 2016.
The 2017 financial highlights are as summarized as follows:
The decrease in revenue was mainly due to content of some textbooks have to be updated according to the new requirements from the regulatory authorities. The net income per share was $0.03 USD for the year ended December 31, 2017 as compared to $0.02 USD for comparable period ended December 31, 2016. We are delighted to reverse the over-estimation of income tax payables in previous years.
CER's business is continually doing well and the online teacher training program has expanded into new provinces in China. The company's vocational online training platform has been developed together with an initial 185 training courses and one province has selected CER to provide vocational training program to teachers.
CER, together with its partners, has completed thirteen student soccer textbooks (one book per grade) and four teacher's books for teaching the student soccer textbooks. The soccer textbooks also have soccer training video contents together with online/offline solutions of soccer education program for students and teachers.
We are pleased of making progress in both the soccer project and existing business and excited of the great opportunity to integrate the functions of our online teacher training platform and school platform, and provide a unique blended online/offline contents and services to teachers and students. We expect to generate more revenue in 2018.
Chinese central government has announced the development plan of China sports industry to achieve $800 billion or more by 2025, and the biggest segment is soccer. Management believes that CER will benefit from the China soccer market through providing various types of soccer education programs.
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.
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.
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