Markham, Canada, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Visionary Education Technology Holdings Group Inc. (the "Company") (NASDAQ: VEDU), a backstage acquisition supplier located successful Canada, with subsidiaries successful Canada and marketplace partners successful China, contiguous announced that connected October 14, 2022, the Company and 4 dedicated movie and animation companies (the “Partners”) person entered into a practice statement (the “Agreement”) to found a associated task named Visionary Film & Media Co. Ltd. (the “Joint Venture”). The Partners see Eastern Bluesky Animation Culture (Beijing) Co., Ltd. (“Eastern Bluesky”), JH Films PEK, Ltd (“JH Films”), BON IO Distribution, LLC (“BON IO”), and North America Technology & Culture Co., Ltd. (“NATC”). The Company with the Joint Venture expects to materialize its platformed, to strive successful film, animation, media accumulation and net trade.
Pursuant to the Agreement, the Company volition ain an 80% controlling equity involvement of the Joint Venture. The Company agrees to cooperate with Partners to physique oregon see Toronto Visionary Communication University, Toronto Film & Media Center, Olympic Arts North American Committee, Visionary Young Artist Film Training and Production Center, and aggregate net commercialized and media entities.
Through the Joint Venture, the Company expects to physique retired its Max the Mutt College of Animation, Art & Design (“MTM”) from an established assemblage assemblage into the first-class modern-tech acquisition institute successful Canada. It continues to focuses connected skill-trainings successful movie and animation, but get invested successful endowment trainings to maestro trendy multimedia mixed-reality (VR, AR and XR) originative development, production, organisation and means of concern absorption (such arsenic accumulation issuance). The Company realizes vertical-integrated endowment grooming successful wide sum and transportation of the media industry. Its extensions reachs retired worldwide vocational education, concern associations and large online contented commercialized portals. Thus the Joint Venture volition lend media talents and productions, arsenic good products to the Canadian movie and animation industry.
Meanwhile, the Company determine to cooperate with the Partners, to elevate and enrich the applicable grooming of MTM’s section curriculums from academy to industry, by fortify the collaboration with adjacent institutes who certified for broader and higher grade programs, by further processing MTM’s proprietary acquisition programs, expanding Film and Television Production, Digital Media Design, and Game Development. BON IO and NATC agreed to stitchery nonrecreational accumulation squad resources, with co-developed short-term online and hybrid trainings by MTM’s, to practically signifier accumulation capableness successful film, media, animation, virtual net personage (social web influencers) and online game. And we instantly commencement to supply contracted productions successful the marketplace place, of themed acquisition based connected accepted and trendy presumption format. Proven precocious performance-cost ratio solutions of contented creation, plan and solutions see architecture projection mapping, question graphic and airy show, themed mixed-reality venues, immersive VR rides and thriller experiences successful taxable parks and commerce-entertainment complexes. MTM is acceptable to connection focused job-training, trained young talents and skilled engineers to participating world activities and nonrecreational accumulation projects successful Canada and China, soon volition scope a ample scale.
Mr. David Xu, Chief Executive Officer and Chief Operating Officer of the Company, commented, “We are pleased to enactment with the Partners to unlock the hidden imaginable of this Joint Venture. We are assured that the Joint Venture volition accelerate our power successful the movie and animation acquisition manufacture by leveraging the Partners’ extended acquisition and knowledge. We are besides excited to person Dr. Leon Xiao, the CEO of Eastern Bluesky, articulation the squad of the Joint Venture arsenic helium is the 1 of the world's apical talents successful the fields of acquisition management, animation and movie & originative integer accumulation and holds a master’s grade successful higher acquisition & medication successful the U.S. and a PhD successful applied computing. Dr. Xiao has extended creator and integer media concern achievements and planetary resources from industry. He and unneurotic with colleagues won the 71st Academy Award for Animated Short Film. He completed his postdoctoral probe successful 3 interdisciplinary fields, including Stanford University, by his high-tech visualization technology. He besides created and completed a caller subject strategy of integer media successful China aft his acquisition arsenic a method Chief of BlueSky Studio successful the U.S. Dr. Xiao has extended teaching, probe and acquisition absorption acquisition successful Beijing Normal University and New York University. We judge Dr. Xiao volition assistance the Company execute the extremity of processing acquisition and grooming businesses.”
Mr. Xu continued, “We besides felt fulfilled to person Mr. John Patrick Hughes and Mr. Jin Luo progressive successful the Joint Venture. Hughes is presently the Executive Director of JH Films PEK and was the founder, shareholder and Chief Executive Officer of R&H, 1 of the largest planetary ocular effects declaration producers successful Hollywood and the world. For immoderate 26 years. R&H produced ocular effects for implicit 150 Hollywood movies, including 3 who won Academy Awards for Best Visual Effects, and 4 Academy Awards for Best Technology Achievements. Hughes received an honorary Doctorate successful Fine Art from Otis College of Art and Design. He is simply a subordinate of the Academy of Motion Pictures Arts and Sciences, and actively hosted assemblage organizations of Hollywood section vocation and skilled movie workers. Mr. Jin Luo, the co-founder of JH Films PEK, received his mater grade successful machine subject from Caltech. He focused connected the invention of ocular integrated circuits, real-time implementation of algorithms. From a Pasadena, CA exertion firm, helium was a unit researcher for US authorities probe contracts and for planetary exertion startups from Eurasia. His transportation with movie manufacture is done ocular technology, plan tools and cinematic literature. BON IO, which helium founded successful the US, brings unneurotic years of palmy experiences and achievements successful movie ocular effects, question graphics, machine animation and movie productions.”
Mr. Xu concluded, “This Joint Venture is simply a captious inaugural of the Company's concern strategy of expanding the acquisition programs and providing much vocation opportunities for students from antithetic backgrounds. We are assured that the Joint Venture volition heighten our competitory strengths, elevate our marque worth and make important revenue, profit, plus and IP (intellectual property) worth successful the mid-long term.”
About Visionary Education Technology Holdings Group Inc.
Visionary Education Technology Holdings Group Inc., headquartered in Markham, ON, Canada, is simply a backstage acquisition supplier located based in Canada, that offers high-quality acquisition and concern resources to students astir the globe. The Company aims to supply entree to secondary, college, undergraduate and postgraduate and vocational acquisition to students in Canada. Through technological innovations, that fulfill concern standards, much radical tin learn, turn and succeed, to merchandise their afloat vocation potential. As a afloat integrated supplier of acquisition programs and services in Canada, the Company has been serving, and volition proceed to serve, some Canadian and planetary students and contributing to the industry. For much information, sojourn the Company’s website at https://ir.visiongroupca.com/.
Forward-Looking Statements
All statements different than statements of humanities information successful this announcement are forward-looking statements. These forward-looking statements impact known and chartless risks and uncertainties and are based connected the Company’s existent expectations and projections astir aboriginal events that the Company believes whitethorn impact its fiscal condition, results of operations, concern strategy and fiscal needs. Investors tin place these forward-looking statements by words oregon phrases specified as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “would,” “continue,” “should,” “may,” oregon akin expressions. The Company undertakes nary work to update oregon revise publically immoderate forward-looking statements to bespeak consequent occurring events or circumstances, oregon changes successful its expectations, but arsenic whitethorn beryllium required by law. Although the Company believes that the expectations expressed successful these forward-looking statements are reasonable, it cannot guarantee you that specified expectations volition crook retired to be correct, and the Company cautions investors that existent results whitethorn disagree materially from the anticipated results and encourages investors to reappraisal different factors that whitethorn impact its aboriginal results successful the Company's registration connection and successful its different filings with the SEC.
For much information, delight contact:
Visionary Education Technology Holdings Group Inc.
Investor Relations Department
Email: ir@farvision.ca
Ascent Investors Relations LLC
Tina Xiao
President
Phone: +1 917-609-0333
Email: tina.xiao@ascent-ir.com
/cdn.vox-cdn.com/uploads/chorus_asset/file/24020034/226270_iPHONE_14_PHO_akrales_0595.jpg)
English (US)