Visionary Education Technology Holdings Group Inc. entered into a non-binding Letter of Intent to acquire 85% of Shanghai Heerbanti Education Technology Co., Ltd.

Visionary Education Technology Holdings Group Inc. (NasdaqCM:VEDU) entered into a non-binding Letter of Intent to acquire 85% of Shanghai Heerbanti Education Technology Co., Ltd. on October 30, 2022. The Visionary Education Technology intends to acquire the equity interest of HEBT in three stages. It will pay $2,748,401 in its ordinary shares at a price of $4 per share in the first stage for a 35% equity interest of HEBT and the first stage transaction is expected to be closed by November 30, 2022, the second stage for an additional 35% equity interest of HEBT it will pay $4,947,121 ordinary shares and $2,983,040 in its ordinary shares in the third stage for an additional 15% equity interest in HEBT.

The Visionary Education Technology will have an option to acquire between 15% and 30% of the equity interests in HEBT at the third stage. The LOI is subject to the Company's due diligence, negotiation, further evaluation, and execution of a definitive agreement.