Proposal to Suspend Chief Executive Officer Mr. Xiyong (Frank) Hou and Initiate an Internal Investigation
Oct. 19, 2025 – Visionary Holdings Inc. (the “Company”) (NASDAQ: GV), The Board reviewed allegations and concerns regarding the conduct of Mr. Xiyong (Frank) Hou, CEO of Visionary Holdings Inc., which may constitute breaches of fiduciary duty and corporate governance. Key concerns included: 1. Unauthorized termination of legal counsel — Mr. Hou unilaterally terminated the Company’s cooperation with attorney Steven Schuster and attempted to engage counsel associated with Mr. Fan Zhou, which nearly resulted in the loss of control over Company shares and EDGAR filing credentials. 2. Breach of confidentiality and fiduciary duty — Mr. Hou allegedly maintained undisclosed communications with Mr. Fan Zhou and disclosed confidential information for personal benefit. 3. Assisting in dissemination of false information — Despite an existing court order, Mr. Hou allegedly participated in issuing a false press release under the Company’s name, misleading investors and potentially engaging in market manipulation. 4. Failure to perform duties — Mr. Hou has not reported to the office for nearly three months. The Board also noted that Mr. Juhuang is not a Co-CEO of Visionary Holdings Inc. despite publicly claiming such a title, and that Mr. William Chai has formally resigned. Resolution: After discussion, the Board passed the proposal to suspend Mr. Xiyong (Frank) Hou from his position as Chief Executive Officer pending the outcome of an internal investigation. For more information, please contact: Visionary Holdings Inc.Investor Relations DepartmentEmail: ir@gvisionary.ca SOURCE Visionary Holdings Inc.