January 15, 2010 (FinancialWire) — ChinaNet Online Holdings, Inc. (OTCBB: CHNT) said it has entered into a co-operation agreement with China's Social Welfare & Education Foundation to fund public service programs in support of the government's social goal of raising employment rates among college graduates in China.
ChinaNet runs a networking website in China for matching entrepreneurs with business opportunities. The company said it anticipates this agreement could yield an additional 50 to 100 clients annually who would utilize the portal to advertise to this population of college students and graduates, their products, services and business opportunities over the internet.
ChinaNet estimates that each new client would contribute around $30,000 in annual revenues.
According to the agreement, ChinaNet will donate around $1.5 million per year for the next three years starting in 2010 to China's Social Welfare & Education Foundation. The funds will help to support the Venture Resources Program. Through the program, college graduates will apply for grants that will help offset the costs associated with starting a new business.
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