Charlie Guy, CEO of Edulink, Inc, announced recently the completion of a Memorandum of Understanding 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, calling for the formation of a joint venture to integrate Edulink's learning content management system with Bloomen's technology platform for use in the vast Chinese education and corporate training markets.
The primary focus and intent of the parties pursuant to the Memorandum of Understanding is Edulink's acquisition of between 60% and 100% of the stock of Bloomen in return for a to be determined number of shares of Edulink's common stock. Secondary stage due diligence activities are to commence immediately by both parties.
ICUrls.com is a leading online learning platform and provider of technology and services to educational markets in China. ICUrls.com currently has a customer base which includes 2,330 schools, 2 million students, 1 million parents, 45,000 teachers and 840 enterprises. ICUrls.com has generated revenue in 2003, through October of $1,300,000 with net profits at $420,000, an increase of 1200% vs. 2002; the projected revenue for 2003 equals $1,800,000, and projected for 2004 exceeds $10,000,000.The Company's booked asset value is at $1,200,000. Audited financial statements will be prepared as part of the intended acquisition terms.
Bloomen Limited and Edulink believe that with the integration of the System and the Platform, the penetration into the education and corporate training market in China can exponentially increase, resulting in a corresponding increase in revenue and profits.