China Interactive Education Inc. Announces $79 Million in Contract Wins
Poster: SySAdmin
Posted on March 15, 2010 at 7:21:01 AM
China Interactive Education Inc. Announces $79 Million in Contract Wins
ZHONGSHAN CITY, China, March 15 -- China Interactive Education, Inc. (BULLETIN BOARD: CIVN) ("China Interactive Education" or the "Company"), a pioneer in interactive teaching and learning solutions in China, today announced $79 million in framework contract wins as of March, 8, 2010.
Since January 1, 2010, the Company has signed multiple framework contracts with local area distributors for the sale of its new Interactive Classroom Solution ("ICS") products and Educational Learning Products ("ELP") valued at approximately $79 million. The contracts are with local area distributors who have agreed to purchase the Company's products at wholesale prices and sell them within specific authorized geographic locations throughout China, subject to the Company's right to terminate or renew distribution contracts if sales targets are not met.
Approximately $65 million of the Company's contract wins are in the ICS product segment and approximately $14 million are in the ELP segment. The Company expects that as a result of these contracts, the Company's pioneering ICS products distribution network will cover more than 149,000 schools in Guangdong, Shandong, Fujian, Sichuan, Guangxi, Shanghai, and Beijing, and that the Company's ELP products will reach retail distribution networks in 18 provinces resulting in more than 2,000 points of sale. The ELP contract wins mark the Company's introduction of its own "Five-Best Student" brand into existing distribution channels throughout China, along with its other licensed brands.
Mr. Ruofei Chen, Chief Executive Officer of China Interactive Education commented, "We are very pleased with the continued success in our ELP segment and very excited by the successful launch of our innovative Interactive Classroom Solution. We believe that the rapid market traction for ICS, as demonstrated by our $65 million in contract wins in the ICS segment in less than three months, reflects the strong demand by China's schools for IT and teaching infrastructure product upgrades, and customer confidence in our ability to meet this demand. We expect that our innovative, affordable, end-to-end ICS solution will be a key growth driver for China Interactive Education in 2010 and beyond."
About China Interactive Education
China Interactive Education, Inc., headquartered in Zhongshan, China, is a pioneer in providing interactive teaching and learning solutions to China's educational institutions, professional training schools, and individuals. The Company's proprietary educational materials, co-developed with one of China's leading universities and groups of educational professionals, are embedded in its self-developed interactive hardware and software solutions. China Interactive Education sells its interactive classroom solutions (ICS) directly to educational institutions, as well as through area distributors, and its electronic learning products (ELP) are sold under its own "Five-Best Student" consumer brand as well as other licensed brands through retail points of sale throughout China. To learn more about the Company, please visit http://www.menq.com.cn/ .
Safe Harbor Statement
This press release may contain certain 'forward-looking statements' relating to the business of China Interactive Education, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are forward-looking statements, including statements regarding: the significance of the Company's contract wins on the Company's business and operations; the ability of the Company to meet the market demand for IT and teaching infrastructure product upgrades; the likelihood that the Company's ICS solution will be a key growth driver in 2010 and beyond; the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as 'believes,' 'expects' or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov/ ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Mr. Michael Lin
Vice President Investor Relations
China Interactive Education, Inc.
Tel: +1-949-743-2513
Email: ir@menq.com.cn
Web: http://www.menq.com.cn/
Source: China Interactive Education, Inc.
CONTACT: Michael Lin, Vice President Investor Relations, +1-949-743-2513,
ir@menq.com.cn, of China Interactive Education, Inc.
Web site: http://www.menq.com.cn/
ZHONGSHAN CITY, China, March 15 -- China Interactive Education, Inc. (BULLETIN BOARD: CIVN) ("China Interactive Education" or the "Company"), a pioneer in interactive teaching and learning solutions in China, today announced $79 million in framework contract wins as of March, 8, 2010.
Since January 1, 2010, the Company has signed multiple framework contracts with local area distributors for the sale of its new Interactive Classroom Solution ("ICS") products and Educational Learning Products ("ELP") valued at approximately $79 million. The contracts are with local area distributors who have agreed to purchase the Company's products at wholesale prices and sell them within specific authorized geographic locations throughout China, subject to the Company's right to terminate or renew distribution contracts if sales targets are not met.
Approximately $65 million of the Company's contract wins are in the ICS product segment and approximately $14 million are in the ELP segment. The Company expects that as a result of these contracts, the Company's pioneering ICS products distribution network will cover more than 149,000 schools in Guangdong, Shandong, Fujian, Sichuan, Guangxi, Shanghai, and Beijing, and that the Company's ELP products will reach retail distribution networks in 18 provinces resulting in more than 2,000 points of sale. The ELP contract wins mark the Company's introduction of its own "Five-Best Student" brand into existing distribution channels throughout China, along with its other licensed brands.
Mr. Ruofei Chen, Chief Executive Officer of China Interactive Education commented, "We are very pleased with the continued success in our ELP segment and very excited by the successful launch of our innovative Interactive Classroom Solution. We believe that the rapid market traction for ICS, as demonstrated by our $65 million in contract wins in the ICS segment in less than three months, reflects the strong demand by China's schools for IT and teaching infrastructure product upgrades, and customer confidence in our ability to meet this demand. We expect that our innovative, affordable, end-to-end ICS solution will be a key growth driver for China Interactive Education in 2010 and beyond."
About China Interactive Education
China Interactive Education, Inc., headquartered in Zhongshan, China, is a pioneer in providing interactive teaching and learning solutions to China's educational institutions, professional training schools, and individuals. The Company's proprietary educational materials, co-developed with one of China's leading universities and groups of educational professionals, are embedded in its self-developed interactive hardware and software solutions. China Interactive Education sells its interactive classroom solutions (ICS) directly to educational institutions, as well as through area distributors, and its electronic learning products (ELP) are sold under its own "Five-Best Student" consumer brand as well as other licensed brands through retail points of sale throughout China. To learn more about the Company, please visit http://www.menq.com.cn/ .
Safe Harbor Statement
This press release may contain certain 'forward-looking statements' relating to the business of China Interactive Education, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are forward-looking statements, including statements regarding: the significance of the Company's contract wins on the Company's business and operations; the ability of the Company to meet the market demand for IT and teaching infrastructure product upgrades; the likelihood that the Company's ICS solution will be a key growth driver in 2010 and beyond; the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as 'believes,' 'expects' or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov/ ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Mr. Michael Lin
Vice President Investor Relations
China Interactive Education, Inc.
Tel: +1-949-743-2513
Email: ir@menq.com.cn
Web: http://www.menq.com.cn/
Source: China Interactive Education, Inc.
CONTACT: Michael Lin, Vice President Investor Relations, +1-949-743-2513,
ir@menq.com.cn, of China Interactive Education, Inc.
Web site: http://www.menq.com.cn/