SOURCE: Serebra Learning Corporation

July 25, 2005 13:36 ET

Serebra Reports Financial Results for the Year Ended March 31, 2005; Posts Two Sequential Profitable Quarters

VANCOUVER, BC -- (MARKET WIRE) -- July 25, 2005 -- Serebra Learning Corporation (TSX-V: SBR), a leading provider of e-learning solutions, today reported financial results for the year ended March 31, 2005.

Revenue for the year ended March 31, 2005 was $1,978,392 compared to $2,094,015 a year earlier. This decrease of 5% was primarily due to the changing revenue mix of the Company, as international customers became an increased part of Serebra's market base.

The loss for the year ended March 31, 2005 was $330,486 compared to $670,387 for the year ended March 31, 2004, and the respective losses per share were $0.01 and $0.02. Quarterly profits for the third and fourth quarters of the year were $66,813 and $95,407 respectively, which resulted from the Company realizing its first significant revenue from international sales.

Serebra's focus on operating efficiency during the past year has resulted in the following highlights:

--  Profitability in each of the third and fourth quarters
--  An improvement in the current ratio from 0.94 to 1.15
--  Reduced administrative salaries and wages by $127,956
--  Reduced office and other expenses by $79,054
Richard Walton, Serebra's chief financial officer, stated, "We are pleased that we ended the year with a strengthened balance sheet and positive working capital. March 31 marks the second consecutive quarter that Serebra has generated positive cash flow from operations. Delivering growth and profits in those quarters while we continue to put into place the key relationships and internal changes necessary to build the business is a great way to end the year."

"We enter the new fiscal year delivering e-learning innovations based on Serebra's proprietary and coveted EasyLearning technologies, the lifeblood of our company. In fiscal 2006, we are focusing on growing both revenue and the breadth of our market reach, while continuing to maintain positive cash flow from operations, achieving sustained profitability, and rewarding long-term shareholders," said Ted Moorhouse, president and chief executive officer. "With stunning EasyLearning market reviews and powerful technology at our disposal to deliver on our model for recurring revenue, we are clearly making progress."

Moorhouse concluded, "We are confident that with Serebra's continued commitment to EasyLearning developments, along with our ongoing focus on operating efficiency and quality, we will deliver increasing value to our customers and partners worldwide."

On Behalf of the Board of Directors,


Ted Moorhouse
President and CEO
About Serebra Learning Corporation

Serebra Learning Corporation (TSX-V: SBR) designs and delivers e-learning solutions for Fortune 1000 and other corporations, universities and schools, government organizations, and individuals. Backed by a library of over 2,700 courses and a global network of partners, Serebra's powerful Learning Management System, Serebra Cortex, hosts and manages information technology, desktop skills, and professional development titles. The EasyLearning program utilizes Serebra's proprietary Synapse technology to enable fast and reliable course downloads in countries with limited bandwidth. Serebra is uniquely positioned to provide a broad range of on-line learning solutions to individuals who wish to advance their personal and professional development. For more information about Serebra, visit or call 800 567.7766.

The audited consolidated financial statements for the years ended March 31, 2005 and 2004, as well as additional information and the Management's Discussion and Analysis of financial condition and results of operations, have been filed with the relevant securities regulatory authorities and are available on Serebra's website at and on SEDAR at

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Serebra Learning Corporation
Suite 600 - 1188 West Georgia Street
Vancouver, BC Canada V6E 4A2

T 604 676.5480 F 604 676.5490
Toll Free 1 800 567.7766

Contact Information

  • For further information, please contact:

    Richard Walton, CA
    Chief Financial Officer
    Serebra Learning Corporation

    Telephone: 604-676-5480
    Facsimile: 604-676-5490
    Toll Free: 1-800-567-7766
    Email: Email Contact