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Skillful Craftsman Announces Strategic Alliance to Develop Smart Technical Skills Training Metaverse Platform

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WUXI, China, March 2, 2022 /PRNewswire/ -- Skillful Craftsman Education Technology Ltd. ("the Company") (NASDAQ: EDTK), an education technology company providing interactive online learning services, announced that the Company entered into a strategic cooperation agreement (the "Agreement") with Jiangsu Hibao Tech Software Co., Ltd. ("Hibao"), a smart factory technology provider, to develop its Meta-Factory, a smart technical skills training Metaverse platform.

Pursuant to the Agreement, both parties agree to develop Meta-Factory for providing vocational colleges and manufacturing industry customers with multi-person collaborative and multi-scene simulation training bases, which are designed to help them effectively cater to the fast-evolving labor market of manufacturing factories. Hibao agrees to provide basic data of manufacturing industry, and the Company agrees to be responsible for building the virtual reality ("VR") smart operation platform and constructing vocational training bases.

Applied VR and augmented reality ("AR") technology with advanced immersive user interaction designing, Meta-Factory is designed to help students simulate the operation of each step in a smart factory and enhance their learning experience in a high-quality virtual simulation environment. Integrated various types of production data, three-dimensional spatial data, management data, personnel data, and other static data input by sensors and networks, Meta-Factory is expected to duplicate virtual factory buildings, workshops, equipment, personnel, production environment, and dynamic production process of a factory on a full scale with three-dimensional simulation display and full range adjustment and scene switching. Based on the cloud-based collaborative application module, Meta-Factory can achieve synchronization of time, data, location, production process, and personnel, leading to real-time production process monitoring and monitoring and management of production, logistics, and space, equipment, and personnel. Meta-Factory will also support the interaction and communication between students in different positions.

Mr. Xiaofeng Gao, Chairman and Co-CEO of Skillful Craftsman, commented, "We are very excited to cooperate with Hibao to develop our Meta-Factory by leveraging respective advantages and have a high expectation for what Meta-Factory can bring to the vocational education industry. Building a Metaverse platform is significant for vocational students to have an immersive skills training experience that meets the trend of the industry. Following the guideline of the Chinese government and its plan to promote vocational education, we are committed to serving students and vocational colleges with our technologies and upgraded skill training platform and helping them meet the rapid development trend of the modern smart factories. The development of Meta-Factory is a significant milestone for the Company to pave the way to achieve a long-term goal of providing high-quality trainings to students."

About Jiangsu Hibao Tech Software Co., Ltd.

Founded in 2009, Jiangsu Hibao Tech Software Co., Ltd. is a high-tech enterprise specializing in providing "Cloud + Terminal + Application" smart factory solutions for manufacturing enterprises and software and hardware development based on "Integration of Informatization and Industrialization" and "industry 4.0". It has provided smart factory construction and transformation services for more than 500 domestic and abroad customers over years. It has rich experience in the digitization, transparency and intelligence of the whole process of manufacturing enterprises.

About Skillful Craftsman

Skillful Craftsman is an education technology company that provides interactive online vocational training and virtual simulation experimental training courses. The Company began operations in Wuxi, China in 2013 and is a key supporter for China education reform and development for labor employment. For more information, please visit: http://ir.kingwayup.com/.

Safe Harbor Statement

This report contains "forward-looking statements" for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that represent our beliefs, projections and predictions about future events. All statements other than statements of historical fact are "forward-looking statements," including any projections of earnings, revenue or other financial items, any statements of the plans, strategies and objectives of management for future operations, any statements concerning proposed new projects or other developments, any statements regarding future economic conditions or performance, any statements of management's beliefs, goals, strategies, intentions and objectives, and any statements of assumptions underlying any of the foregoing. Words such as "may", "will", "should", "could", "would", "predicts", "potential", "continue", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar expressions, as well as statements in the future tense, identify forward-looking statements.

Forward-looking statements are based on information available at the time those statements are made and management's belief as of that time with respect to future events. These statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements described in or implied by such statements. Such risks, uncertainties, and other factors include, but are not limited to, our ability to improve launch and leverage new technologies and cooperative relationships or anticipate market demand in a timely or cost-effective manner, and those factors discussed under the headings "Risk Factors", "Operating and Financial Review and Prospects," and elsewhere in our Annual Report on Form 20-F. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved. Actual results may differ materially from expected results described in our forward-looking statements, including with respect to correct measurement and identification of factors affecting our business or the extent of their likely impact, and the accuracy and completeness of the publicly available information with respect to the factors upon which our business strategy is based or the success of our business. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.

For investor and media enquiries, please contact:

Skillful Craftsman
Investor Relations Department
Email: iredtk@kingwayedu.cn

Ascent Investor Relations LLC
Tina Xiao
Tel: +1 917-609-0333
Email: tina.xiao@ascent-ir.com


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SOURCE Skillful Craftsman Education Technology Ltd.