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China Liberal Education Holdings Limited (Nasdaq: CLEU) today announced that on June 9, 2022, the company, through its wholly owned subsidiary, China Liberal (Beijing) Education Technology Co., Ltd. (“China Liberal Beijing”), has entered into a definitive share 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 educational service provider focused on operating jointly managed academic programs in the professional higher education sector in China. This acquisition is a key initiative of the Company’s business strategy aimed at stimulating the Company’s development in the vocational education sector through the integration of businesses and the development of vocational education in various sectors.
Pursuant to the Agreement, China Liberal Beijing agrees to acquire 100% of the equity interests of Oriental Wisdom from Cloud Class in exchange for 7,000,000 ordinary shares of the Company, subject to certain payment schedules set out in the Agreement. ‘OK. The transaction contemplated by the agreement was approved by the company’s board of directors at a special meeting on June 1, 2022, with closing expected to occur around the end of June 2022.
The acquisition of Oriental Wisdom is expected to bring synergy to the company in the vocational education sector, strengthen collaboration between educational institutions and enterprises, and improve the company’s management capabilities. After the acquisition is completed, the Company believes it will be able to develop curriculum systems with reliable educational resources and integrate professional skills and knowledge into liberal arts education, overcoming barriers faced by many higher education institutions in studies and professional reforms. Meanwhile, with a large and growing number of students, the company plans to expand its services to internship recommendations, project outsourcing and multi-level cooperation with leading companies for recruitment and training. of talent, providing students with quality employment opportunities.
Ms. Ngai Ngai Lam, Chairman and CEO of China Liberal, said, “We are delighted to acquire Oriental Wisdom and it is another important step for the company to move forward towards our goal of contributing to the education sector. professional in China. government policies and increasing government budgets for vocational education, we believe this acquisition demonstrates China Liberal’s long-term strategic vision. Moreover, as the demand for digitization increases in the education sector, we plan to leverage our advantages in technology, research and development (R&D) and patented products to further cooperate with universities. and colleges and help them meet their intelligent campus management needs by improving their software system to realize campus planning and cross-departmental coordination. , AI-Space, will serve as the core of our hardware system and provide an integrated online and in-person teaching solution to various educational institutions, allowing them to adapt to various teaching scenarios and improve the overall quality of education. Going forward, we will proactively expand our business in vocational education and continue to make efforts in the digitalization of education, as we aim to benefit more students in vocational education and create more value for our shareholders. »