SOURCE: Serebra Learning Corporation

July 07, 2008 09:00 ET

Serebra Reports Record Revenues and Net Income for the Year Ended March 31, 2008

VANCOUVER, BC--(Marketwire - July 7, 2008) - Serebra Learning Corporation (TSX-V: SLC), a leading e-learning provider, today reported profitable financial results for the year ended March 31, 2008.

Revenue for the year ended March 31, 2008 was up a record 270% to $5,336,371 compared to $1,975,635 a year earlier. Net income for the year was $466,460 compared to a loss of $828,538 for the year ended March 31, 2007. Earnings per share were $0.03 compared to a loss per share of $0.07 a year earlier.

During the fiscal year, Serebra completed and released, on time and under budget, its largest project since the Company's inception: Serebra Connect (www.serebraconnect.com). Serebra Connect, a web application for international task outsourcing, pulls together Serebra's existing product and service lines into a product suite that is unique in its offering and reach.

The Company continued to upgrade its Cortex technology platform for its learning management system, course and examination deployment technologies, as well as its e-commerce engine, with a view to enhancing the feature sets and better integrating with Serebra Connect.

"The easyLearning program had a terrific year, with continued successes in the Middle East and in many countries across Africa through respected channel partners who are encouraged by the strength of Serebra Connect as the basis of expanding the easyLearning program," said Ted Moorhouse, chairman and CEO, Serebra Learning Corporation. "We are equally excited about the Serebra Connect and Cortex technologies, and we are focusing all of our energy on making these three pillars of our company a success. We are committed to being innovative and customer-focused to allow us to grow and deliver for our shareholders long into the future."

On Behalf of the Board of Directors,

SEREBRA LEARNING CORPORATION

Ted Moorhouse
Chairman and CEO

The audited consolidated financial statements for the years ended March 31, 2008 and 2007, as well as additional information and the Management's Discussion and Analysis of financial condition and results of operations, will be filed with the relevant securities regulatory authorities and will be available on Serebra's website at www.serebra.com and on SEDAR at www.sedar.com.

About Serebra Learning Corporation

Serebra Learning Corporation has a 21-year track record using the latest technology to deliver innovative personal and professional development courses to individuals and companies worldwide. Through easyLearning (www.easylearning.org), Serebra helps people in developing nations gain valuable skills and qualifications. Through Serebra Connect (www.serebraconnect.com), Serebra provides easyLearning students, and other qualified individuals, with access to jobs. Shop Serebra Connect (http://shop.serebraconnect.com) lets Serebra Connect users upgrade their skills and accredit their existing education. For more information about Serebra, visit www.serebra.com or call 800 567-7766.

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
    Chairman 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