China Education Technology, Inc. Has Been Verified as a High-Tech Company by the Ministry of Science and Technology of China and State Administration of Taxation
GUANGZHOU, China-(Business Wire)-September 17, 2009 - China Education Technology Inc. (OTC Bulletin Board:CEDT)(“CEDT”), a Chinese leader in school lab experiment products, today announced that it has been verified as a High-Tech Company by the Ministry of Science and Technology of China and State Administration of Taxation.
A High-technology Company is entitled to have a tax deduction of 10% (from original 25% to 15%). Besides that, as CEDT’s expense on the development of new products and new technology is increased by more than 10% annually, the taxable income of CEDT will also have a 50% off according to tax reduction regulation.
“We benefit from these two tax-cut policies,” said Yanbin Guo, president of CEDT, “and we expect they will help the Company increase net income significantly in the future.”
About the Company
CEDT is a Guangzhou based Hi-tech Company dedicated to develop lab experiment products which are specially designed to meet the new standard of China’s education reform.
The exploration lab system (“Discover the World”) and related products developed by CEDT are specially designed to be in conformity to the new standard of experimental classes of science courses in China and mainly be used by students of grade 7-12. The system uses the advanced technology of data collection, sensor, wireless control and video image with handy appearance. The system is a necessary tool for students to conduct the exploring activities that it is an important constituent of China’s education reform. CEDT implements a high quality control system that its products are recommended by the ministry of education for school experiments. Its comprehensive customer service system enables CEDT to provide excellent after-sales services and technical support to its clients in a timely manner.
Safe Harbor Statement
This press release contains certain statements that may include 'forward-looking statements' as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes, expects, anticipate, optimistic, intend, will" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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