SOURCE: Serebra Learning Corporation

July 31, 2006 11:00 ET

Serebra Reports Financial Results for the Year Ended March 31, 2006; Posts 46% Growth in Revenues

VANCOUVER, BC -- (MARKET WIRE) -- July 31, 2006 -- Serebra Learning Corporation (TSX-V: SBR), a leading global provider of e-learning solutions, today reported financial results for the year ended March 31, 2006.

Revenue for the year ended March 31, 2006 was $2,889,252 compared to $1,978,392 a year earlier. This increase of 46% was primarily due to significant improvements in international revenue from the EasyLearning program. The loss for the year ended March 31, 2006 was $297,888 compared to $330,486 for the year ended March 31, 2005, and the respective losses per share were $0.01 and $0.01.

The Company built upon its previous year's success in the international market through its EasyLearning program, which provides Information Technology, Desktop and Professional Development training. E-learning is being provided through Serebra Synapse, which combines the Company's fully secured course delivery technology, its pre-paid EasyLearning cards and its library of high quality certification level courses that ensure instructional competency and a proper curriculum. At fiscal year end, the Company had delivered access to well over 900,000 course registrations.

"The growing international revenues demonstrate that our EasyLearning strategy is working," said Ted Moorhouse, president and CEO, Serebra Learning Corporation. "We are beginning to achieve a balance across geographies, content library expansion and product technology evolution. The e-learning industry is being redefined by EasyLearning. We anticipated this evolution three years ago, and today we are starting to see the benefits from our investments."

Moorhouse continued, "During the past several quarters, our North American business was adversely impacted by a slowdown in spending on some of our e-learning solutions. However, we are beginning to see some of our customers move toward the next phase of our development: Serebra Quest, our on-line monitored examination system. In fact, we recently announced its commercial availability, and revenues have begun. Overall, our year-to-date results also have been affected to some extent by delays in corporate and government spending, but we believe our business partners will lead us to more opportunities as so many organizations realize the power of education in solving complex issues."

Moorhouse concluded, "Serebra's long-term EasyLearning strategy is taking hold. Going forward, we will continue to foster a culture of e-learning innovation, incorporating internal development and partnerships to anticipate the evolving needs of customers and extend our core competitive advantage."

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 2,600 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 students by providing the skills and tools they need 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, students enrolled in a Serebra course experience cost-effective Internet connections, straightforward log-in procedures and timely courseware delivery.

The audited consolidated financial statements for the years ended March 31, 2006 and 2005, 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 www.serebra.com and on SEDAR at www.sedar.com.

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

Contact Information

  • For further information, please contact:

    Ted Moorhouse
    President and Chief Executive Officer
    Serebra Learning Corporation

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

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