To accelerate the Company's business expansion in the
vocational education industry
BEIJING, June 10,
2022 /PRNewswire/ -- China Liberal Education
Holdings Limited (Nasdaq: CLEU) ("China Liberal," the "Company," or
"we"), a China-based company that provides smart campus
solutions and other educational services, today announced that on
June 9, 2022, the Company, through
its wholly-owned subsidiary, China Liberal (Beijing) Education Technology Co., Ltd.
("China Liberal Beijing"), entered into a definitive stock purchase
agreement (the "Agreement") with Beijing Cloud Class Technology
Co., Ltd. ("Cloud Class") to acquire from Cloud Class 100% of the
issued equity interests of Beijing Oriental Wisdom Cultural
Development Co., Ltd. ("Oriental Wisdom"), an integrated education
service provider focusing on operating jointly-managed academic
programs in the vocational higher education industry in
China. This acquisition is a
critical initiative of the Company's business strategy of boosting
the Company's development in the vocational education industry
through integrating enterprises and developing vocational education
across various industries.
Pursuant to the Agreement, China Liberal Beijing agrees to
acquire 100% of the equity interests of Oriental Wisdom from Cloud
Class in consideration of 7,000,000 ordinary shares of the Company,
subject to certain payment schedules set forth in the Agreement.
The transaction contemplated by the Agreement has been approved by
the Company's board of directors at a special meeting on
June 1, 2022, with the closing
expected to occur near the end of June
2022.
The acquisition of Oriental Wisdom is expected to bring synergy
to the Company in the vocational education industry, enhancing the
collaboration between educational institutions and companies, and
improving the Company's management capabilities. Following the
completion of the acquisition, the Company believes that it will be
able to develop curriculum systems with trusted teacher resources
and integrate professional skills and knowledge into liberal arts
education, overcoming the obstacles many higher education
institutions face in professional studies and reformations.
Meanwhile, with a large and increasing number of students, the
Company expects to expand its services to internship referrals,
project outsourcing, and multi-level cooperation with leading
companies for talent recruitment and training, providing students
with premium employment opportunities.
Ms. Ngai Ngai Lam, Chairperson and CEO of China Liberal,
commented, "We are excited to acquire Oriental Wisdom and it is
another milestone for the Company to move toward our goal of
contributing to the vocational education sector in China. With the recent favorable governmental
policies and increasing government budgets for vocational
education, we believe this acquisition demonstrates China Liberal's
long-term strategic vision. Additionally, as the demand for
digitalization grows in the education sector, we expect to leverage
our advantages in technology, research and development (R&D)
resources, and patented products to further cooperate with
universities and colleges and assist them in fulfilling their needs
for smart-campus management by enhancing their software system in
order to achieve campus planning and inter-department coordination.
The all-in-one teaching machine, AI-Space, will serve as the core
of our hardware system and deliver online and in-person integrated
teaching solutions to various educational institutions, allowing
them to adapt to various teaching scenarios and improve the overall
teaching quality. Looking forward, we will proactively expand our
business in vocational education and continue to put efforts into
education digitalization as we aim to benefit more students who are
in vocational education and create more value for our
shareholders."
About Beijing Oriental Wisdom Cultural Development Co.,
Ltd.
Beijing Oriental Wisdom Cultural Development Co., Ltd. is an
integrated services provider in the higher education industry in
China. Through the research of
industry-education integration education model, school-enterprise
cooperation in running schools, professional practice, practical
training and employment, teacher training and other businesses, it
currently cooperates with 10 colleges and universities in Inner
Mongolia, Gansu, Shandong, and other provinces to operate
school-enterprise jointly-managed programs covering various majors.
There are about 4,000 students in these jointly-managed programs of
these partner colleges and universities, including about 3,700
undergraduates, 250 junior college students, and about 50 unplanned
enrollments.
About China Liberal Education Holdings Limited
China Liberal, headquartered in Beijing, is an educational
service provider in China. It provides a wide range of
services, including those under sino-foreign jointly managed
academic programs; overseas study consulting services;
technological consulting services for Chinese universities to
improve their campus information and data management system and to
optimize their teaching, operating and management environment,
creating a "smart campus"; and tailored job readiness training to
graduating students. For more information, please visit the
Company's website at ir.chinaliberal.com.
Forward-Looking Statements
This document contains forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on the Company's expectations and
projections about future events, which the Company derives from the
information currently available to the Company. Such
forward-looking statements relate to future events or our future
performance, including: our ability to successfully integrate the
newly acquired business; our financial performance and projections;
our growth in revenue and earnings; and our business prospects and
opportunities. You can identify forward-looking statements by those
that are not historical in nature, particularly those that use
terminology such as "may," "should," "expects," "anticipates,"
"contemplates," "estimates," "believes," "plans," "projected,"
"predicts," "potential," or "hopes" or the negative of these or
similar terms. In evaluating these forward-looking statements, you
should consider various factors, including: our ability to change
the direction of the Company; our ability to keep pace with new
technology and changing market needs; and the competitive
environment of our business. These and other factors may cause our
actual results to differ materially from any forward-looking
statement. Forward-looking statements are only predictions. The
forward-looking events discussed in this press release and other
statements made from time to time by us or our representatives, may
not occur, and actual events and results may differ materially and
are subject to risks, uncertainties and assumptions about us. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
review risk factors that may affect its future results in the
Company's registration statement and in its other filings with the
U.S. Securities and Exchange Commission.
Investor Relations Contact
China Liberal Education Holdings Limited
Email:ir@chinaliberal.com
Ascent Investor Relations LLC
Ms. Tina Xiao
Email: tina.xiao@ascent-ir.com
Tel: +1 917 609 0333
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SOURCE China Liberal Education Holdings Limited