HeartCore Enterprises Enters Into Consulting Agreement With Japanese Corporation ALI; Expects To Generate $860,000 In Initial Fee Sales

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HeartCore Enterprises, Inc. entered into a Consulting and Services Agreement by and between the company and A.L.I. Technologies Inc., a Japanese corporation (ALI). Pursuant to the terms of the Consulting Agreement, HeartCore Enterprises agreed to provide ALI certain services, including the following:

 (i)    Assistance with the selection and negotiation of terms for a law firm,

         underwriter and auditing firm for ALI;

  (ii)   Assisting in the preparation of documentation for internal controls

         required for an initial public offering or de-SPAC by ALI;

  (iii)  Providing support services to remove problematic accounting accounts upon

         listing;

  (iv)   Translation of requested documents into English;

  (v)    Attend and, if requested by ALI, lead meetings with ALI's management team

         and employees;

  (vi)   Provide ALI with support services related to ALI's NASDAQ listing;

  (vii)  Conversion of accounting data from Japanese standards to US GAAP;

  (viii) Services to remove problematic accounting accounts upon listing;

  (ix)   Support for the ALI's negotiations with the audit firm;

  (x)    Assist in the preparation of S-1 or S-4 filings;

  (xi)   Creation of English language website; and

  (xii)  Preparing an investor presentation/deck and executive summary of ALI's

         business and operations.

Pursuant to the terms of the Consulting Agreement, ALI agreed to compensate HeartCore Enterprises as follows in return for the provision of Services during the six-month term:

 (a) $400,000, to be paid as follows: (i) $200,000 on the Effective Date; (ii)

      $100,000 on the three-month anniversary of the Effective Date; and (iii)

      $100,000 on the six-month anniversary of the Effective Date; and

 (b) Issuance by ALI to the Company of a warrant to acquire a

      number of shares of capital stock of ALI, to initially be equal to 1% of the

      fully diluted share capital of ALI as of the Effective Date, subject to

      adjustment as set forth in the Warrant.

On May 11, 2022, HeartCore Enterprises issued a press release announcing its engagement by two private companies for Go IPO, the company's latest consulting service offering for Japanese companies interested in listing on the Nasdaq Stock Market. Through these recent engagements with two private companies, the company expects to generate an aggregate of $860,000 in initial fee sales. In addition, the company has received warrants to acquire 3% of Moveaction Co., Ltd.'s common stock, on a fully diluted basis, as well as 1% of A.L.I. Technologies Inc.'s common stock, on a fully diluted basis.

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