SOURCE: Serebra Learning Corporation

August 29, 2006 09:30 ET

Serebra Reports Results for First Quarter of Fiscal 2007 and July 2006 Revenues in Excess of $1 Million

VANCOUVER, BC -- (MARKET WIRE) -- August 29, 2006 -- Serebra Learning Corporation (TSX-V: SBR), a global provider of e-learning solutions, today reported its results for the first quarter of fiscal 2007, which ended June 30, 2006. The Company also announced July 2007 revenues exceeding $1 million.

Key First Quarter Financial Highlights:

--  Revenue of $277,591 compared to $261,693 for the same quarter a year
    ago
--  Royalties, selling and support costs of $253,111 compared to $326,355
    a year ago
--  General and administrative costs including amortization of $208,206
    compared to $159,785 for the same period last year
--  Loss of $183,726, compared to a loss of $224,447 for the quarter ended
    June 30, 2005
    

"Serebra began its new fiscal year by securing large, repeat international orders, with final negotiations and delivery in early July," said Ted Moorhouse, president and CEO, Serebra Learning Corporation. "It is clear we are delivering the long-term strategy we have outlined in our business plan, and we are poised for continued growth."

"During the quarter, we also launched our EasyLearning and Quest programs in South Africa and we established a channel program in India, and we are pleased with the early key indicators," Moorhouse continued. "By coupling our advanced technologies with the local marketing presence of our partners, we are fundamentally strengthening our Company."

On Behalf of the Board of Directors,

SEREBRA LEARNING CORPORATION

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 www.serebra.com and www.easylearning.org or call 800 567.7766.

About EasyLearning

The EasyLearning program (www.easylearning.org) facilitates and enhances a culture of lifelong learning. EasyLearning improves the lives of its users by providing the skills and tools needed to succeed in the new knowledge-based economy. EasyLearning was designed by Serebra to overcome a number of significant e-learning issues that have long been impediments to the dissemination of educational material: inconsistent infrastructure and intermittent on-line access. With this breakthrough, those enrolled in a Serebra course will experience cost-effective Internet connections, straightforward log-in procedures and timely courseware delivery.

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

For further information, please contact:

Contact Information

  • Ted Moorhouse
    President and CEO
    Serebra Learning Corporation
    Tel: 604 676.5480
    Fax: 604 676.5490
    Toll Free: 800 567.7766
    Email Contact

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