Business
Visionary Education Technology Holdings Group Inc. to Acquire 100% Equity Interest in Griggs International Academy China Co. Ltd.
Markham, Canada, July 21, 2022 (GLOBE NEWSWIRE) -- Visionary Education Technology Holdings Group Inc. (the “Company”) (Nasdaq: VEDU), a private education
About this update from Visionary Holdings Inc.
[{"type":"text","content":"Markham, Canada, July 21, 2022 (GLOBE NEWSWIRE) -- Visionary Education Technology Holdings Group Inc. (the “Company”) (Nasdaq: VEDU), a private education provider located in Canada that offers high-quality education resources to students around the globe, today announced that the Company, through its wholly-owned subsidiary Visionary Education Services and Management Inc. has entered into a definitive Capital Increase and Share Expansion Agreement on July 14, 2022, with Griggs International Academy China Co. Ltd. (“Griggs China”) and its shareholders and a separate definitive Sale and Purchase Agreement on July 19, 2022 with shareholders of Griggs China, under which the Company will acquire a 100% equity interest in Griggs China. Griggs China is a private consulting and investment holding company in Hong Kong offering United States K-12 diploma programs and services of Griggs International Academy USA at four locations in China. This transaction aligns with the Company’s growth strategies of collaborating with other educational businesses and expanding course and degree offerings. Pursuant to the Capital Increase and Share Expansion Agreement, Griggs China agrees to increase its capital by US$900,000 and to issue 9,000 shares to the Company, which will constitute a 90% of equity interest in Griggs China. Under the Sale and Purchase Agreement, the Company has agreed to acquire the remaining 10% equity interest in Griggs China from its shareholders for US$50,000. The transactions have been approved by the Company’s Board of Directors at special meetings held on July 6, 2022, and July 18, 2022. The closing of the Company’s purchase of 9,000 shares from Griggs China is subject to completion of the Company’s due diligence to the Company’s satisfaction, among other conditions, and is scheduled to occur on or before July 31, 2022. The closing of the purchase of shares from Griggs China’s shareholders is subject only to registration of the transfer of the shares in Hong Kong and payment of the purchase price and is currently expected to occur on or before August 31, 2022. Mr. David Xu, Chief Executive Officer and Chief Operating Officer of the Company, commented, “We believe that the education market in the Asia Pacific region possesses enormous growth potential, especially for the China market. Through the investment in Griggs, we expe...