Gadgets & Electronics

Tengtu Reports $3.3 Million In New Contracts

Tengtu International (OTCBB: TNTU) reported today reported that Tengtu China, on behalf of Tengtu United, has signed contracts for CNY $27.5 million, or U.S. $3.3 million.

The new contracts include approximately CNY $17.5 million awarded under the Western Rural School Project since August. Additionally the company received CNY $9.0 million under Phase II of the Jiangxi Central Rural Schools Distance Learning Project, and approximately CNY $1 million in other projects.

The PRC Ministry of Education recently announced that the government would be providing an additional allocation of resources of CNY $20 million (USD $2.4 million) annually to assist elementary and middle schools in the Western Rural Project to purchase learning and teaching content addressing the new curriculum requirements in China. Approximately one year ago the government announced a new funding program of CNY $10 billion (USD $1.2 billion) over 5 years to fund the modernization and content needs of China's western rural schools.

Separately, the award of the CNY $9.0 million in contracts for Phase II of the Jiangxi Central Rural Schools Distance Learning Project (Jiangxi Phase II Project) is to provide hardware, software and training to 525 schools. The Jiangxi Phase II Project is the first project allocated by a provincial government for the development of central rural primary school distance learning.

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