BEIJING, Sept. 2,
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 it has closed its
previously announced acquisition of Wanwang Investment Limited
("Wanwang"), the operator of an independent three-year college and
a four-year college in China with
a total student enrollment of over 4,200. This acquisition
represents a transformational milestone for China Liberal to
directly operate colleges and further expand business scale toward
its growth goals.
As previously disclosed, on February 1,
2022, the Company entered into a stock purchase agreement
with Wanwang, Xiaoshi Huang and
Thrive Shine Limited, to acquire all the equity interests of
Wanwang Investment Limited from Xiaoshi
Huang and Thrive Shine Limited in consideration for
US$60 million, subject to certain
adjustments and payable in installments (the "Stock Purchase
Agreement"). The Company, Xiaoshi
Huang, Thrive Shine Limited and Wanwang entered into
Amendment No.1 to Stock Purchase Agreement (the "Amendment") on
February 16, 2022. As of February 17, 2022, 100% of the equity interests
in Wanwang has been successfully transferred from Xiaoshi Huang and Thrive Shine Limited to China
Liberal, and the sole director of Wanwang and its affiliate,
Wanzhong (Hong Kong) Education
Investment Management Co., Ltd, has been updated to Ms.
Ngai Ngai Lam, Chairperson and CEO
of China Liberal. The Company's auditor AUDIT ALLIANCE LLP®
completed the audit of Wanwang's financial results for the fiscal
years 2021 and 2020 on August 30,
2022, and the closing consideration deposited in the joint
account held by Xiaoshi Huang and
Ms. Ngai Ngai Lam pursuant to the
terms of the Amendment was subsequently released to Xiaoshi Huang.
Ms. Ngai Ngai Lam, Chairperson and CEO of China Liberal,
commented, "We are excited to bring Wanwang's extensive operational
experience and infrastructure to China Liberal as we continue to
execute on our strategic objectives. The acquisition demonstrates
our strategic initiatives to increase our student base, diversify
our business to the operation of colleges and improve our brand
awareness. We will aim to leverage our strengths and deep expertise
to continue to deliver superior services and products to students
and create further value for our shareholders."
About Wanwang Investment Limited
Wanwang Investment Limited operates an independent three-year
college and a four-year college through its subsidiaries, which
were formed by a public school but operated as private schools.
These two colleges cover an area of about 200 mu (approximately 81
hectares) and a gross floor area of 33,000 square meters
(approximately 355,209 square feet), and with more than 4,200
students currently enrolled.
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