ZHONGSHAN CITY, China, March 15 /PRNewswire-Asia-FirstCall/ -- China
Interactive Education, Inc. (OTC 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.