Elite Education Group International Limited (NasdaqCM:EEIQ) entered into a non-binding letter of intent to acquire 70% stake in Ameri-Can Education Group Corp. on October 18, 2021. Pursuant to the LOI, if the acquisition is successful, Elite Education Group would acquire 70% of Ameri-Can, with 77.78% of voting rights, at an acquisition price of $2.5 million, with 50% of the payment to be made in cash and 50% in EEIQ common shares at a price of $6.20, with an additional cash investment of $2.5 million to be made in Ameri-Can immediately following the closing of the transaction. The completion of the transaction is subject to due diligence, the execution of a definitive agreement, the approval of the Company's Board of Directors and the satisfaction of other customary closing conditions. The Company notes that there can be no assurance that a definitive agreement will be entered into or that the proposed acquisition will be consummated.