China Education International Enters a Letter of Intent to Acquire Edu Cloud, Inc.
NEW YORK, March 27, 2013 /PRNewswire/ -- China Education International, Inc. (OTCQB: CEII) (the "Company"), with the goal of managing and operating private schools and educational organizations worldwide, today announced that it has entered a letter of intent to acquire Edu Cloud, Inc. ("EDUX"), a New York based corporation.
EDUX is a multi-functional online education provider and is in active process of building up online education platform by providing access and technique support to users of the online education platform, including both students subscribers and individuals and schools who offer online education and classes. EDUX's mission is to an open education platform to provide one-stop education service, a combination of e-commerce, online education and operating management, to provide high quality online courses and learning services to anyone who wants to learn, and to provide online teaching system for anyone who wants to teach.
China Education's President and Chief Executive Officer, Lisa Liu, commented on the letter of intent, "We are particularly pleased to have this opportunity to acquire EDUX. Over the last several years, the founders of EDUX have created a unique business model to develop an open online education platform. We believe such platform will be in high market demand with promising potential market development. We believe such acquisition will elevate our company to the next level and create substantial shareholder value for years to come."
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SOURCE China Education International, Inc.