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Bluedrop Reports Interim Financial Results for Blue Drop Inc.

St. John's, NL, April 02, 2012 /FSC/ - Bluedrop Performance Learning Inc. (BPL - TSX Venture),(the "Company") today reported the financial results for Blue Drop Inc. for the three months ended December 31, 2011.

The Company (formerly Serebra Learning Corporation) completed a business combination with Blue Drop Inc. on January 26, 2012 which constituted a reverse takeover of the Company by Blue Drop Inc. The release of these interim financial statements for Blue Drop Inc. satisfies specific continuous disclosure obligations pursuant to National Instrument 51-102.

These interim financial statements for Blue Drop Inc. also establish a new foundation for future financial reporting for the Company. In accordance with prescribed accounting standards for reverse takeovers, Blue Drop Inc. is considered to be the accounting acquirer in the business combination transaction. Therefore the next interim financial report for the Company, for the period ended March 31, 2012, will reflect a continuation of the financial statements of Blue Drop Inc. (adjusted to reflect the legal capital of the Company), the reverse takeover of the Company effective January 26, 2012 and the combined operations from that date forward.  The Company will have a September 30 year end going forward.

Financial highlights for Blue Drop Inc. for the first quarter ended December 31, 2011:

* Revenue of $2,080,448 ($869,935 for the same quarter a year ago)

* Gross profit of $972,440 (F2011 Q1 - $343,287)

* Net expenses of $616,502 (F2011 Q1 - $654,812)

* Profit before income taxes of $355,938 (F2011 Q1 - $311,525 loss)

* Profit of $166,938 (F2011 Q1 - $265,525 loss)

Professional fees for the quarter increased by $202,504 over the same period a year ago, attributed primarily to costs related to the reverse takeover.  Expenses for the quarter were offset by $725,000 of credits under the Scientific Research and Experimental Development (SRED) program.

The complete interim financial statements for Blue Drop Inc. are available on the Company's profile on www.sedar.com.

About Bluedrop

Bluedrop Performance Learning Inc. (TSX-V: BPL) is an innovator in effective workplace learning for individuals, corporations and the public sector. Through the development and implementation of pragmatic learning technologies and content, Bluedrop improves opportunities for individuals and the overall performance of corporations.  CoursePark(r) (www.coursepark.com)is Bluedrop's cloud based learning management solution and contains over 5000 third party online courses.  The CoursePark platform launched in early 2011 and has almost 50,000 users in 100 countries.  Bluedrop has become a recognized leader in producing mission critical training solutions for Defence and Aerospace, and provides custom online courseware, virtual training devices and virtual reality simulation for international military and commercial aviation clients.   Founded in 1992, Bluedrop has over 100 employees and is based in St. John's NL with Canadian offices in Halifax, Fredericton, Ottawa and Vancouver.   For further information, please visit www.bluedrop.com.  

Bluedrop Contact:
Jenny Carroll, Director of Marketing
(P) 709.739.4981
(E) jennycarroll@bluedrop.com  



The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.


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Source: Bluedrop Performance Learning Inc. (TSX-V: BPL) http://www.bluedrop.com
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