SOURCE: Serebra Learning Corporation

August 25, 2005 16:38 ET

Serebra Reports First Quarter Fiscal 2006 Financial Results

VANCOUVER, BC -- (MARKET WIRE) -- August 25, 2005 -- Serebra Learning Corporation (TSX-V: SBR), one of Canada's leading providers of e-learning solutions, today reported financial results, as well as an update on operations, for the fiscal 2006 first quarter, which ended June 30, 2005.

Key Quarterly Financial Highlights:

--  Revenue of $261,693 compared to $318,539 for the same quarter a year
--  Direct cost of revenue of $326,355 compared to $408,337 a year ago.
--  General and administrative costs excluding amortization of $145,181
    compared to $233,651 for the same period last year.
--  Loss of $224,446, compared to a net loss of $342,044 for the quarter
    ended June 30, 2004.
The operating results in the first quarter were a setback to the recent financial progress the company demonstrated in the previous two sequential profitable quarters. The decline in revenue in the first quarter was the result of unexpected delays in closing a number of substantial new EasyLearning orders from the Middle East, North Africa and Central Africa.

"The first quarter was a strategic turning point for our business. With the EasyLearning order delays, we have further reduced our cost structure and refocused the company on building additional marketing channels in previously untapped regions of the world where we believe there is significant growth opportunity," said Ted Moorhouse, President and Chief Executive Officer. "During the quarter, we achieved business development milestones associated with EasyLearning with our new alliance with Virginia Tech and with our exploration of EasyLearning opportunities in China. We expect these initiatives to provide the foundation for our planned return to profitability."

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 corporations, including the Fortune 1000, universities and schools, government organizations and individuals. Backed by a library of over 3,500 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. 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 on Serebra, visit or call 800 567.7766.

In addition to the unaudited quarterly financial statements, 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:

    Ted Moorhouse
    President & CEO
    Serebra Learning Corporation

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