SOURCE: Chegg.com

August 16, 2007 07:30 ET

Chegg Promises to Plant One Tree for Every Textbook Rented via Textbookflix.com

"Chegg for Trees" Already Responsible for More Than 570 Planned Plantings; Chegg Partners With Eco-Libris to Plant Trees at Strategic Locations Across the Globe

SANTA CLARA, CA--(Marketwire - August 16, 2007) - Chegg.com, a leading local student marketplace and provider of the revolutionary textbook rental service,Textbookflix.com (www.textbookflix.com), today announced the launch of a new program designed to raise awareness for environmental issues that impact the multi-billion dollar textbook industry. "Chegg for Trees" will ensure that a tree is planted in a needy area every time a textbook is rented via the Textbookflix.com service.

Chegg is delivering this program in partnership with the newly founded Eco-Libris (www.ecolibris.net), an organization that seeks to balance out the trees cut down for the production of books by planting trees in developing countries. Although multiple textbooks are made from a single tree, Chegg for Trees will still plant one tree for every book that is rented.

"Every year, tens of millions of trees are cut down in the production of textbooks, yet the textbook industry -- and the $40 billion book industry -- have demonstrated limited leadership in terms of the impact this business has on the environment," said Osman Rashid, co-founder and CEO of Chegg. "Textbook production requires the use of more than 20 million trees each year. This is our way of giving something back for the privilege of using these valuable natural resources."

Chegg, through programs like Chegg for Trees, is intending to assist plantation efforts in areas facing critical levels of degradation, in order to more effectively combat global warming. Chegg plans to announce similar programs and partnerships in the coming weeks, including an initiative to support global literacy.

"The core focus at Eco-Libris is to give people an easy and affordable way to balance out the trees used for book production," said Raz Godelnik, CEO of Eco-Libris. "We are excited to be working with Chegg on their Chegg for Trees initiative to balance out trees being used to produce textbooks."

Textbookflix.com, which offers over two million used books and 800,000 new book titles, is a response to the high cost of college textbooks that is foisted upon students each semester. Textbookflix.com reduces this cost by enabling students to rent, rather than buy their books. In addition to the cost savings provided by Textbookflix.com, students need no longer worry about expiring editions and refusals by bookstores to repurchase books.

According to recent polls on Facebook, 71 percent of students have been unable to sell more than half of their textbooks back to the bookstore. This leads to students taking a total loss or being forced to sell their books at 5 - 25 percent of cost to wholesalers. Textbookflix.com further mitigates costs by providing students a pre-paid return shipping label.

Textbook purchases are among the greatest costs incurred by college students each semester. A multi-billion dollar industry, sales of new and used textbooks continues to grow, with prices having tripled since the mid-1980s, according to a 2005 Government Accountability Office report. Many students spend as much as $900 per school year on textbooks alone.

About Chegg

Chegg, Inc. (http://www.chegg.com), a local student marketplace, is the parent company of Textbookflix.com. Chegg, venture-backed and online since 2003, is now available to students at more than 2,000 campuses across the United States.

Contact Information