CER Confirms 130,000 Teachers Training Programs and Reports Q2 2011 Financial Results
Aug 30, 2011
OTC Disclosure News Service
Vancouver, BC, Canada –
China Education Resources Inc. Confirms130,000 Teachers Training Programs with 14 Provinces and Reports Q2 of 2011Financial Results
Vancouver,Canada – (August 30, 2011) – China Education Resources, Inc. (“CER”) (TSXV: CHN,OTCQX: CHNUF), a leading technology provider of online learning, trainingcourses 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 teachersin 2011. Partial the teachers have been trained in the first 6 months of 2011and most of the 130,000 teachers will be trained in the second 6 months of2011. CER also confirmed with the provinces of Shaanxi and Guangxi to startthe similar program of Liaoning province (see the pressof March 29, 2011) using CER’s SchoolPlatform to train the teachers in the provinces. We expect to have moreprovinces will adopt similar program in near future.
CER also announced its financial results forthe second quarter of 2011. All figures are expressed in U.S. dollars.
ChinaEducation Resources generated gross revenues of $1,103,954 in the secondquarter of 2011. This is compared to gross revenue of $894,214 for the sameperiod in 2010, representing a 23.5% increase in revenue. It recorded a net lossof $398,431 as compared to a net loss of $356,955 for the same period in 2010.
Q2of 2011 financial highlights include:
Onlineteacher training revenue of $303,438 generated during the second quarter of2011 as compared to $48,736 during the same period in 2010, representing a 523%increase in revenue of teacher training;
Textbook sales revenue of $800,516 generated during the second quarter of 2011 ascompared to $845,478 during the same period in 2010, representing a 5.3% decreasein revenue of text book sales.
“Weare very pleased with the direction of our sales and operations.” said ChengfengZhou, CEO, China Education Resources. “We have started to gear up our “FourStep Growth Strategy” to the third step from one province to more provinceswhich will allow us to provide more products and services through CER’s SchoolPlatform to schools directly. Our contacts with over 200 education authorities in variousprovinces in China further strengthen ourconfidence in the successful commercialization of our leading edge products andservices. With the successful experience, we expectto have more revenue will be generated significantly in the second half of 2011.”
Incollaboration with China‘s educationadministrators and experts, China Education Resources has been helping totransform the curriculum of the world’s largest educational system. Recognizingthe need to address education reform changes, China Education Resources hascreated educational tools and curriculum for China‘s entirekindergarten through twelfth grade system. The Company is playing an integralpart in transforming China‘s educationalsystem through helping to convert the existing educational system from amemory-based learning system to a creative thinking and interactive approach.Presently, China Education Resources has over 1 million kindergarten throughtwelfth grade teachers registered through its Web portal. For more information,please visitwww.chinaeducationresources.com or call (604)331-2388.
Re-filingof Q1 2011 financials
TheCompany re-filed the Q1 2011 financials to incorporate the comments of the BritishColumbia Securities Commission to improve the quality of disclosure toshareholders and other investors. There was no change to the numbers originallyfiled.
Safe Harbor Statement
Certainstatements made herein, and other statements relating to matters that are nothistorical facts and statements of our beliefs, intentions and expectationsabout developments, results and events which will or may occur in the future,constitute “forward-looking information” within the meaning ofapplicable securities legislation. Forward-looking information and statementsare typically identified by words such as “anticipate”,”could”, “should”, “expect”, “seek”,”may”, “intend”, “likely”, “plan”,”estimate”, “will”, “believe” and similarexpressions suggesting future outcomes or statements regarding an outlook. Allsuch forward-looking information and statements are based on certainassumptions and analysis made by China Education Resources, Inc.’s managementin light of their experience and perception of historical trends, currentconditions and expected future developments, as well as other factorsmanagement believes are appropriate in the circumstances. These statements,however, are subject to a variety of risks and uncertainties and other factorsthat could cause actual events or results to differ materially from thoseprojected in the forward-looking information or statements. Important factorsthat could cause actual results to differ from these forward-looking statementsinclude those described under the heading “Risks and Uncertainties”elsewhere in the Company’s MDA filed at www.SEDAR.com. The reader is cautioned not to place unduereliance on forward-looking information or statements. Except as required bylaw the Company does not assume the obligation to revise or update theseforward looking statements after the date of this document or to revise them toreflect the occurrence of future, unanticipated events.
TheTSX Venture Exchange has not reviewed, and does not accept, responsibility forthe adequacy or accuracy of the contents of this press release.
For further information:
China EducationResources at: (604) 331-2388
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.