This is excellent EDUV news as well as XNET news.
EDUVERSE and Internet Service Provider Xin Net Corporation Sign Agreement to Deliver freeENGLISH in China
RENO, Nev.--(BUSINESS WIRE)--April 23, 1999--EDUVERSE(TM) Accelerated Learning Systems, Inc. (OTC BB: EDUV), a technology-based company focused on developing and marketing proprietary educational software products, specializing in English language instruction and Internet delivery, today announced the signing of an agreement with Chinese Internet Service Provider (ISP) Xin Net Corporation (OTC BB: XNET) to provide freeENGLISH instruction in China.
''China presents large and unique opportunities for freeENGLISH,'' stated Mark E. Bruk, President and CEO of EDUVERSE. ''In order for us to service emerging markets such as China, it is imperative that we provide the population with easy access to our products through domestic ISP partners. By leveraging the existing user bases of established ISP's that are poised for rapid growth in their markets, freeENGLISH gains global exposure quickly. Xin Net Corp. is a prime example of the type of ISP that complements our freeENGLISH mission in defining the educational model for the new millennium.''
''There is a very large demand for English language instruction in China,'' explained Marc Hung, President of Xin Net Corp. ''EDUVERSE, with freeENGLISH, allows us to deliver a valuable service to our customer base while adding revenue and value to our ISP network. Xin Net's implementation of free quality education not only distinguishes us from our competitors - it becomes an integral part of our aggressive campaign to attract new subscribers.''
freeENGLISH is a premium English as a Second Language (ESL) computer program that teaches spoken English over the Internet. The program is completely free to use and generates revenue by displaying embedded advertising throughout the course content. In a 30 minute session, a user is exposed to 120 advertisements that rotate every 15 seconds. Advertisers pay an average of one penny per advertisement. An average user generates a $1.20 in gross revenue per session. With millions of Internet users in China, the daily revenue potential for freeENGLISH is impressive.
Under the terms of the agreement, EDUVERSE will provide a localized Mandarin version of freeENGLISH to Xin Net Corp. for launch on June 1, 1999. Both companies will participate in marketing activities to attract new users to the Xin Net network and the freeENGLISH application.
China is experiencing rapid Internet growth with over 2 million current users and is estimated to have over 10 million users by the end of the year 2000.
About Xin Net Corp.
Xin Net Corporation is an Internet Service Provider (ISP) and Internet Content Provider (ICP) in China that has attracted more than 20,0000 subscribers. The company has approximately 50 employees and at present its clients are located in Beijing and Shenyang (combined population of 26 million). Xin Net is currently offering a ''flea market'' E-Commerce product to its subscribers with over 10,000 items offered for sale. An expanded service will be made available during the second quarter of 1999, which will coincide with the start of new operations in Shanghai and Taiyuan (population 14 million and 8 million). Licenses have already been granted for these cities.
About EDUVERSE Accelerated Learning Systems, Inc.
EDUVERSE Accelerated Learning Systems, Inc. is a technology-based company focused on developing and marketing proprietary educational software products specializing in English language instruction and Internet delivery.
EDUVERSE has combined three of the largest markets in the world - English language instruction, the Internet and advertising, resulting in an initiative called www.freeENGLISH.com. This initiative has redefined distance education and advertising on the Internet for the next millennium. The web site provides free English language instruction and activities while generating revenue through a unique proprietary advertising model. A recent British Council report states that over 1 billion people are currently studying English globally.
In addition to providing leading-edge Internet educational solutions, EDUVERSE maintains a traditional software development and marketing mandate with its flagship product ENGLISH PRO - a software program with award-winning technology proven to teach spoken English up to 5 times quicker to anyone, regardless of their native tongue. ENGLISH PRO is available on computer store shelves, bookstores and through Internet resellers in North America, South America, Asia and Europe.
Additional EDUVERSE products and services include TheGlobalStore.net and Eduversity.net web sites that generate revenue through product sales and corporate training.
EDUVERSE Accelerated Learning Systems, Inc. is based in Reno, Nevada. For more information on the Company, call 775.332.3325 or visit the EDUVERSE Accelerated Learning Systems, Inc. web site at www.eduverse.com or email info@eduverse.com.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the company's domestic and international operations, imprecision in estimating product reserves and the company's ability to replace and expand its holdings. |
