Edulink, Inc. To Acquire Leading Chinese Educational Company

By TechSecurityChina.com Editor
January 09, 2004

Charlie Guy, CEO of Edulink, Inc., announced today the signing of a definitive agreement with BonAirGroup Limited, the sole shareholder of Bloomen Limited d/b/a ICUrls.com, operating in China and formerly called OnLine Education Network, a Division of HRDQ, China, relating to Edulink’s acquisition of 100% of the stock of Bloomen in return for shares of Edulink’s common stock.

The number of shares of Edulink’s common stock to be issued is conditioned upon various factors which include, among other things, the market price during the five business days prior to closing the transaction and the revenue generated by Bloomen during 2004. The closing is scheduled for January 31, 2004 and is conditioned upon the approval of Edulink’s Board of Directors after reviewing and approving additional due diligence materials now being provided by Bloomen, including audited financial statements, material agreements and patent documentation.

Bloomen is a leading online learning platform and provider of technology and services to educational markets in China. Bloomen currently has a customer base which includes in excess of 2,000 schools, 2 million students, 1 million parents, 45,000 teachers and 840 enterprises. Bloomen has generated revenue in 2003 of $1,800,000 (unaudited), and projects revenue in 2004 of over $10 Million.

The acquisition agreement follows a Memorandum of Understanding which was concluded in November, 2003. It is intended that following the closing of the acquisition, ICUrls.com will operate as a subsidiary of Edulink, with Bloomen’s current management to remain in place.

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