MARKHAM, CANADA, August 17, 2022 (GLOBE NEWSWIRE) — Visionary Education Technology Holdings Group Inc. (the “Company”) (Nasdaq: VEDU) is a Canadian private education provider that provides quality educational resources to students. offers. today, August 8, 2022, through its wholly-owned subsidiary, Visionary Education & Service Management Inc., Beijing InnoBuddy Technology Co., Ltd. (“IBT”), an educational technology company in Beijing, China, announced that IBT Acquisition of a 75% interest in wholly-owned Shanghai Jinhuiercheng Technology Co., Ltd. (“OMO”). OMO owns international education platforms, smart systems and related intellectual property rights, in Shanghai he has 6 directly operated online-merge-offline learning centers and nearly 100 school customers in China. I’m here. LOIs are subject to our due diligence and negotiation and execution of the final share purchase agreement. Both parties agree to proceed with the transaction in good faith and IBT and OMO will not participate in any solicitations from third parties seeking or inquiring to acquire OMO until December 31, 2022, or I have agreed to accept any offer.
Pursuant to the LOI, the Company will purchase a 75% stake in OMO and pay $7.2 million in cash to IBT. After the acquisition of these shares, IBT shall hold the remaining 25% of the shares.
Our Chief Executive Officer and Chief Operating Officer, David Xu, commented: Leveraging OMO’s artificial intelligence and deep learning technology, we plan to expand OMO centers to other major cities in China and potentially to more regions in Asia Pacific. With his OMO Center advantage of providing high quality course videos, exams and test reviews for high schools and language schools in an online format, OMO Center helps students improve their learning experience and pass the language proficiency test. We hope that we can help you effectively. He also plans to integrate his OSSD program in Canada and the US GIA high school course in Griggs China into his OMO platform in China and potentially the broader Asia-Pacific region. Through technological innovation, we strive to provide students around the world with access to Canadian secondary, university, undergraduate, postgraduate and vocational education. This enables more students to learn, grow and reach their full potential. With the acquisition of OMO, we are optimistic about seizing the opportunities at hand and committed to growing our business to create more value for our shareholders over the long term. ”
About Shanghai jinhu yelchen Technology Co., Ltd.
Shanghai Jinhuiercheng Technology Co., Ltd (“OMO”) owns international education platforms, smart systems and related intellectual property rights, and has six directly operated online-merge-offline learning centers in Shanghai. There are about 100 school customers in China. Using artificial intelligence and deep learning technology to provide a standardized and personalized online and offline learning platform to her Grade 9 through Grade 12 students around the world.
About Visionary Education Technology Holdings Group Inc.
Headquartered in Markham, Canada, Visionary Education Technology Holdings Group Inc. is a private Canadian educational institution that provides quality educational resources to students around the world. The company aims to provide Canadian students with access to secondary, undergraduate, graduate and vocational education through technological innovation, enabling more people to learn, grow and reach their full potential. I’m here. As a fully integrated provider of Canadian education programs and services, we serve both Canadian and international students and will continue to do so. For more information, please visit the company’s website https://ir.visiongroupca.com.
forward rowstatement
All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on our current expectations.statements and projections of future events that we believe may affect our financial condition, results of operations, business strategy and financial needs; Investors can identify these forward-looking statements by a word or phrase such as “belie”.ves”, “expects”, “anticipates”, “estimates”, “intends”, “would”, “continue”, “should”, “may” or similar expressions. We undertake no obligation to publicly update or revise any forward-looking statements to reflect future events. Changes in circumstances or expectations, except as required by law. Although we believe the expectations expressed in these forward-looking statements are reasonable, we cannot give any assurance that such expectations will materialize. We warn investors that actual results may differ materially from expected results and advise investors in our registration statements and other reports that we may affect future results. We encourage you to consider other possible factors.her filing with the SEC.
For more information, please contact:
Visionary Education Technology Holdings Group Co., Ltd.
Investor Relations Department
Email: ir@farvision.ca
Ascent Investors Relations LLC
Tina Xiao
president
Phone: +1 917-609-0333
Email: tina.xiao@ascent-ir.com
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