NEW YORK, Jan. 25, 2017 /PRNewswire/ -- American Education Center Inc. ("AEC" or the "Company;" OTCQB: AMCT), a publicly reporting, emerging growth company providing educational and career enrichment opportunities for students, teachers, enterprises and educational institutions between China and the United States, announced today that it has entered into a service agreement with a veteran education and training consultant in China to secure contracts on behalf of AEC Southern (Shenzhen) Management Co. Ltd., ("AEC Southern"), a wholly owned subsidiary of the Company. The acquisition of AEC Southern was previously announced in December of last year.
Pursuant to this service agreement, AEC Southern's consultant shall provide business development services, subject to certain performance requirements, including but not limited to securing contracts on behalf of AEC Southern. As compensation for these services, the Company has issued 6,000,000 shares of its common stock to AEC Southern's consultant, and may issue up to 4,000,000 additional shares, over time, and subject to specific revenue generation milestones.
Jay F. McKeage, Chief Executive Officer of AEC, commented, "The execution of this service agreement confirms our intention to develop our China-based education and training business through our newly-acquired subsidiary in Shenzhen, China. AEC Southern's consultant has decades of experience in providing education and training services in this dynamically growing region, one of China's Special Economic Zones. We believe that AEC Southern can provide significant contributions to the Company's revenues and earnings in the coming quarters, and we intend to keep the investment community informed of our progress in this regard."
For detailed information regarding the terms of the service agreement, please refer to the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on January 6, 2017.
About American Education Center Inc. (OTCQB: AMCT)
AEC's rapidly growing business provides one-stop comprehensive consulting services for international students, educators, and institutions. The Company's services are focused on international education exchange, by providing educational and career enrichment opportunities for students, teachers, and educational institutions between China and the United States. The Company currently provides admission, housing and other consulting services to Chinese students wishing to study in the United States. The Company also provides exchange and placement services for qualified United States educators to teach in China. In addition, the Company provides localization consulting services for employees coming to the United States to work for multi-national companies with operations here.
American Education Center Inc.
2 Wall Street
New York, NY 10005
Disclaimer: Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. American Education Center Inc. does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will AEC and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.
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SOURCE American Education Center Inc.