China Education Technology Inc. (OTC Bulletin Board:CEDT) (“CEDT”), a Chinese leader in school lab experiment products, today announced that its Palm Science Laboratory System has been selected as the best new Independent Creative Product in Guangdong Province, China for 2009.
As a result of receiving the Honor, the Palm Science Laboratory System will be listed in the Guangdong Independent Creation directory book. This award is a crucial step for CEDT as all products listed in the book receive the required support from provincial government officials.
The company’s marketing efforts focus on Guangdong Province and Beijing, which dominate the market for educational supplies. The Palm Science Laboratory System was developed for high school science classes. CEDT initially expects sales to exceed 5,000 units, locally, with sales volume growing to 50,000 plus units nationwide. Initial sales from the Laboratory System are expected to be approximately $3.7 million or (RMB 25million Yuan). Each unit is priced at $714.
Beginning in 2008, China implemented a new education reform initiative covering 14 provinces. Within the 14 provinces, the number of high schools will be increased to 7,869. Under the educational reform requirements schools must upgrade and install three digital laboratories; each lab requires 30 software installations (including the relevant hardware) and 15 software installations for smaller schools. Over the next five to eight years CEDT estimates the market for Palm Science Laboratory Systems to generate annual sales in excess of $50 million per year.
About the Company
China Education Technology, Inc. (“CEDT”) is based in Guangzhou, China. CEDT is a technology company that specializes in developing lab experiment products which are designed to comply with the new standards established under China’s education reform.
The exploration lab system (“Discover the World”) and related products developed by CEDT are specially designed to conform with new curriculum standards of experimental classes for science courses in China. The products are primarily used for grades 7-12. The system combines advanced technology of data collection, sensor, wireless control and video image with ease of use. The system is a necessary tool for students to conduct the experimental requirements that are an important component of China’s education reform. CEDT products are approved by China’s Ministry of Education for School Experiments. The Company’s comprehensive customer service system enables them to provide excellent after-sales services and technical support to its clients, which helps maintain a strong brand name.
Safe Harbor Statement
This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). China Education Technology, Inc. claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,“ “projects,” “expects,” or “anticipates,” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to: our successful integration of new products, impact of the company’s expansion plan, and new business development success, future financial results, development and acquisition of new product lines and services, the impact of competitive products or pricing from technological changes, the effect of economic conditions and other uncertainties. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the expectations contained in any such forward-looking statements. These risks include, but are not limited to: failure to manage operating expenses or integrate new companies and/or technologies, each of which could have a material impact on our business, our financial results, and the company's stock price. These risks and other factors are detailed in the Company’s regular filings with the U.S. Securities and Exchange Commission. Most of these factors are difficult to predict accurately and are generally beyond the Company's control. Forward-looking statements speak only as to the date they are made and China Education Technology, Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Contacts:
For China Education Technology Inc.
Marvin Zhu, 314-898-8910
Marvin_Zhu@gmail.com
