In order to encourage Visionary Group’s contribution to Canada’s education and its work in building Canadian multiculturalism, the Canadian federal, provincial and municipal three-level governments hereby sent the following congratulatory letters to Visionary Group to commend its work.
Toronto, Canada, Nov. 30, 2022 (GLOBE NEWSWIRE) — Visionary Education Technology Holdings Group Inc. (the “Company”) (NASDAQ: VEDU), a private education provider located in Canada, with subsidiaries in Canada and market partners in China, today announced the board of directors changes, effective on November 22, 2022. The Company’s board of directors (the “Board”) elected Mr. Marc Kealey as the Company’s Chairman of the Board of Directors and a member of the Board to succeed Dr. Thomas Traves, who resigned on November 22, 2022. Additionally, the Board elected Mr. William Chaias the Company’s member of the Board, Chairman of the Audit Committee, and member of the Nominating and Corporate Governance Committee, and the Compensation Committee of the Board. Dr. Zaiyi Liao, Mr. Colin Dodds and Dr. Haipeng Xiehave resigned from their roles in the Board on November 22, 2022. Mr. Kealey has over 30 years’ experience in business and advocacy. He is President of K&A Inc., a public policy and business management firm located in Mississauga, Ontario Canada since 2007 where he has been active in prescription drug reform, smoke free legislation, cannabis regulation and cross border healthcare initiatives. Prior to K&A Inc., Kealey served as CEO of Ontario Pharmacists’ Association, the largest professional organization serving the interests of pharmacists in Canada from February 2004 to September 2007. Prior to his role in pharmacy, Mr. Kealey served as General Manager at AECL from June 1999 to February 2004, where he led the CANDU technology team in Asia, particularly China and Eastern Europe; he helped to interface with governments where CANDU nuclear reactors were either in operation or under construction and integrated healthcare system delivery with projects in Qinshan, China and Cernavoda, Romania. Mr. Kealey sits on the University of Waterloo’s School of Pharmacy advisory board and sits on a number of boards in the for-profit and non-for-profit sectors including the Canada India Foundation and the Jamaica Disaster Relief and Resilience Initiative in Jamaica. He sits on the board of CITIZN, a global societal network. He was appointed to the Board of Wounds Canada in 2022. He was appointed to the Board of “Resilient Kids Canada” in 2022,a charity for young people. He is also a Director of CHG Inc.– a Canadian hospital development group. Mr. Kealey is a graduate of St. Jerome’s University at the University of Waterloo and attended Kent State University in Ohio and Queen’s University in Kingston, Ontario. Mr. Chai has over 35 years’ experience in business investment, venture capital investment, fund management, and fundraising. For the past five years, Mr. Chai has served as one of the founding partners of Global Call to Acton Against Poverty, a nonprofit organization and global network, which works with the United Nations and World Health Organization to support people in their struggles for justice and against poverty and inequality. Mr. Chai is also a senior advisor at Global Innovation Centre, a global think tank. He is a director at Alpha Ring International Ltd., a company headquartered in Californiathat provides software, industrial engineering, and green energy optics. Mr. Chai earned his Bachelor of Science in Electrical Engineering from National Cheng Kung University in Taiwan, a Master of Science in Systems Engineering from Arizona State University, a EMBA degree in Business Administration from National Chengchi University in Taiwan, and an honorary doctorate degree in Management from the International Academy of Public Welfare Corporation. Mr. David Xu, Chief Executive Officer of the Company, commented, “I’d like to express our great gratitude on behalf of the Board to Dr. Thomas Traves, Dr. Zaiyi Liao, Mr. Colin Dodds and Dr. Haipeng Xie for their dedicated services and significant contributions to the Company during our IPO process, and we wish them the best in their future endeavors. At the same time, we are excited to welcome Mr. Marc Kealey and Mr. William Chai to serve on the Board. Their experience is highly relevant and firmly aligned with our mission, making them ideal members to our Board. Mr. Kealey is a leading voice for transformation in critical infrastructure in Canada, where his success has been honed through years of extensive and practical experience in governance, public policy and management, and politics. Mr. Chai has over 35 years of experience in new business investment, venture capital investment, fund management, and fundraising. Mr. Chai has incubated and invested in many companies that have seen significant achievements. We believe Mr. Kealey’s well-versed expertise in business and advocacy and Mr. Chai’s proven track record as an investor will bring deep and valuable vision to guide the Company to the next level of success.” About Visionary Education Technology Holdings Group Inc. Visionary Education Technology Holdings Group Inc., headquartered in Toronto, Canada, is a private education provider located in Canada, with subsidiaries in Canada and market partners in China, that offers high-quality education resources to students around the globe. The Company aims to provide access to secondary, college, undergraduate and graduate and vocational education to students in Canada through technological innovation so that more people can learn, grow and succeed to their full potential. As a fully integrated provider of educational programs and services in Canada, the Company has been serving and will continue to serve both Canadian and international students. For more information, visit the Company’s website at https://ir.gvisionary.ca/. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “would,” “continue,” “should,” “may,” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC. For more information, please contact: Visionary Education Technology Holdings Group Inc.Investor Relations DepartmentEmail: ir@gvisionary.ca Source: Visionary Education Technology Holdings Group Inc.
Toronto, Canada, Nov. 16, 2022 (GLOBE NEWSWIRE) — Visionary Education Technology Holdings Group Inc. (the “Company”) (NASDAQ: VEDU), a private education provider located in Canada, with subsidiaries in Canada and market partners in China, today announced that on October 30, 2022, the Company entered into a non-binding Letter of Intent (the “LOI”) to acquire a minimum of an 85% equity interest of Shanghai Heerbanti Education Technology Co., Ltd. (“HEBT”), an education services company headquartered in Shanghai that offers postgraduate tutoring, test preparation and admission resources for students and working professionals in China primarily for the Graduate Management Admission Test (“GMAT”) in connection with graduate business applications. This proposed transaction aligns with the Company’s corporate goal to achieve sustainable growth by acquiring other high-quality education services companies and fits the Company’s growth strategies to expand its offering of education products and services. Pursuant to the LOI, the Company intends to acquire the equity interest of HEBT in three stages. The Company intends to pay US$2,748,401 in its ordinary shares at a price of $4 per share in the first stage for a 35% equity interest of HEBT and the first stage transaction is expected to be closed by November 30, 2022. The Company intends to pay US$4,947,121 in its ordinary shares in the second stage for an additional 35% equity interest of HEBT provided HEBT achieves a targeted net income for the year ending December 31, 2022 and US$2,983,040 in its ordinary shares in the third stage for an additional 15% equity interest of HEBT provided HEBT’s achieves a targeted net income for the year ended December 31, 2023. The Company will have an option to acquire between 15% and 30% of the equity interests in HEBT at the third stage. The LOI is subject to the Company’s due diligence, negotiation, further evaluation, and execution of a definitive agreement. Mr. David Xu, Chief Executive Officer and Chief Operating Officer of the Company, commented, “We are excited to enter the LOI to acquire HEBT and we expect this acquisition will increase our presence in the postgraduate education market in China. HEBT’s innovative approach to exam preparation and its proven track record of exam passing rate position it well in the top tier of the industry, which is expected to expand our high-quality education programs and training services offerings and increase our student bases. This acquisition will provide paths for our students to receive dedicated education services of GMAT training and for HEBT’ students to receive additional education programs and training services. We believe this acquisition will benefit both of our students and will continue to optimize our education services ecosystem. With the acquisition of HEBT, we are optimistic about seizing the opportunities ahead of us and are committed to growing our business to generate more value for our shareholders in the long term.” About Shanghai Heerbanti Education Technology Co., Ltd. Shanghai Heerbanti Education Technology Co., Ltd. (“HEBT”) is an education services company that offers postgraduate tutoring, test preparation and admission resources for students and working professionals primarily for the Graduate Management Admission Test (“GMAT”). HEBT delivers online interactive high-quality educational contents by its well-known and popular teachers from New Oriental Education & Technology Group Inc and TAL Education Group in both small group sessions and one and one settings to both students and professionals at various life and career stages. The company’s exam tutoring programs offer one and one high-end customized classes and all-around GMAT group classes. In addition, HRBT’s one-stop comprehensive training system is designed to provide college students and business executives who are pursuing advanced oversea education the access to interactive resources and study aids such as online practice and quizzes, online simulation and Q&A, live classes and pre-recorded video lessons, one-and-one tutoring and an online social media forum with full-time expert instructors’ support. The innovative approach to exam preparation and the proven track record of exam passing rate position the company in the top tier of the industry. About Visionary Education Technology Holdings Group Inc. Visionary Education Technology Holdings Group Inc., headquartered in Toronto, Canada, is a private education provider located in Canada, with subsidiaries in Canada and market partners in China, that offers high-quality education resources to students around the globe. The Company aims to provide access to secondary, college, undergraduate and graduate and vocational education to students in Canada through technological innovation so that more people can learn, grow and succeed to their full potential. As a fully integrated provider of educational programs and services in Canada, the Company has been serving and will continue to serve both Canadian and international students. For more information, visit the Company’s website at https://ir.gvisionary.ca/. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “would,” “continue,” “should,” “may,” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC. For more information, please contact: Visionary Education Technology Holdings Group Inc.Investor Relations DepartmentEmail: ir@gvisionary.ca Ascent Investors Relations LLCTina XiaoPresidentPhone: +1 917-609-0333Email: tina.xiao@ascent-ir.com Source: Visionary Education Technology Holdings Group Inc.
Markham, Canada, Oct. 25, 2022 (GLOBE NEWSWIRE) — Visionary Education Technology Holdings Group Inc. (the “Company”) (NASDAQ: VEDU), a private education provider located in Canada, with subsidiaries in Canada and market partners in China, today announced that on October 14, 2022, the Company and four dedicated film and animation companies (the “Partners”) have entered into a cooperation agreement (the “Agreement”) to establish a joint venture named Visionary Film & Media Co. Ltd. (the “Joint Venture”). The Partners include 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 in film, animation, media production and internet trade. Pursuant to the Agreement, the Company will own an 80% controlling equity stake of the Joint Venture. The Company agrees to cooperate with Partners to build or include Toronto Visionary Communication University, Toronto Film & Media Center, Olympic Arts North American Committee, Visionary Young Artist Film Training and Production Center, and multiple internet trade and media entities. Through the Joint Venture, the Company expects to build out its Max the Mutt College of Animation, Art & Design (“MTM”) from an established community college into the first-class modern-tech education institute in Canada. It continues to focuses on skill-trainings in film and animation, but get invested in talent trainings to master trendy multimedia mixed-reality (VR, AR and XR) creative development, production, distribution and means of industrial management (such as production issuance). The Company realizes vertical-integrated talent training in wide coverage and connection of the media industry. Its extensions reachs out worldwide vocational education, industrial associations and major online content trade portals. Thus the Joint Venture will contribute media talents and productions, as well products to the Canadian film and animation industry. Meanwhile, the Company decide to cooperate with the Partners, to elevate and enrich the practical training of MTM’s department curriculums from academy to industry, by strengthen the collaboration with peer institutes who certified for broader and higher degree programs, by further developing MTM’s proprietary education programs, expanding Film and Television Production, Digital Media Design, and Game Development. BON IO and NATC agreed to gather professional production team resources, with co-developed short-term online and hybrid trainings by MTM’s, to practically form production capacity in film, media, animation, virtual internet celebrity (social network influencers) and online game. And we immediately start to provide contracted productions in the market place, of themed experience based on traditional and trendy presentation format. Proven high performance-cost ratio solutions of content creation, design and solutions include architecture projection mapping, motion graphic and light show, themed mixed-reality venues, immersive VR rides and thriller experiences in theme parks and commerce-entertainment complexes. MTM is ready to offer focused job-training, trained young talents and skilled engineers to participating academic activities and professional production projects in Canada and China, soon will reach a large scale. Mr. David Xu, Chief Executive Officer and Chief Operating Officer of the Company, commented, “We are pleased to work with the Partners to unlock the hidden potential of this Joint Venture. We are confident that the Joint Venture will accelerate our influence in the film and animation education industry by leveraging the Partners’ extensive experience and knowledge. We are also excited to have Dr. Leon Xiao, the CEO of Eastern Bluesky, join the team of the Joint Venture as he is the one of the world’s top talents in the fields of education management, animation and film & creative digital production and holds a master’s degree in higher education & administration in the U.S. and a PhD in applied computing. Dr. Xiao has extensive artistic and digital media business achievements and international resources from industry. He and together with colleagues won the 71st Academy Award for Animated Short Film. He completed his postdoctoral research in three interdisciplinary fields, including Stanford University, by his high-tech visualization technology. He also created and completed a new discipline system of digital media in China after his experience as a technical Chief of BlueSky Studio in the U.S. Dr. Xiao has extensive teaching, research and educational management experience in Beijing Normal University and New York University. We believe Dr. Xiao will help the Company achieve the goal of developing education and training businesses.” Mr. Xu continued, “We also felt fulfilled to have Mr. John Patrick Hughes and Mr. Jin Luo involved in the Joint Venture. Hughes is currently the Executive Director of JH Films PEK and was the founder, shareholder and Chief Executive Officer of R&H, one of the largest global visual effects contract producers in Hollywood and the world. For some 26 years. R&H produced visual effects for over 150 Hollywood movies, including three who won Academy Awards for Best Visual Effects, and four Academy Awards for Best Technology Achievements. Hughes received an honorary Doctorate in Fine Art from Otis College of Art and Design. He is a member of the Academy of Motion Pictures Arts and Sciences, and actively hosted community organizations of Hollywood local career and skilled film workers. Mr. Jin Luo, the co-founder of JH Films PEK, received his mater degree in computer science from Caltech. He focused on the invention of visual integrated circuits, real-time implementation of algorithms. From a Pasadena, CA technology firm, he was a staff researcher for US government research contracts and for global technology startups from Eurasia. His connection with film industry is through visual technology, design tools and cinematic literature. BON IO, which he founded in the US, brings together years of successful experiences and achievements in film visual effects, motion graphics, computer animation and film productions.” Mr. Xu concluded, “This Joint Venture is a critical initiative of the Company’s business strategy of expanding the education programs and providing more career opportunities for students from different backgrounds. We are confident that the Joint Venture will enhance our competitive strengths, elevate our brand value and generate significant revenue, profit, asset and IP (intellectual property) value in the mid-long term.” About Visionary Education Technology Holdings Group Inc. Visionary Education Technology Holdings Group Inc., headquartered in Markham, ON, Canada, is a private education provider located based in Canada, that offers high-quality education and industrial resources to students around the globe. The Company aims to provide access to secondary, college, undergraduate and graduate and vocational education to students in Canada. Through technological innovations, that fulfill industrial standards,
Markham, Canada, Sept. 27, 2022 (GLOBE NEWSWIRE) — Visionary Education Technology Holdings Group Inc. (the “Company”) (NASDAQ:VEDU), a private education provider located in Canada, with partners in China, today announced that on September 23, 2022, the Company successfully completed the acquisition (the “Acquisition”) of two office buildings with a total of approximately 433,000 square feet of space at 95-105 Moatfield Drive, Toronto, which used to be the Canadian headquarters of IBM and Kraft Heinz. The Company completed the Acquisition for aggregate consideration of C$101 million. The Company plans to develop the two buildings to be the Visionary University Town, which is expected to build a solid foundation for its future development, expand its education programs, and greatly scale its business. The Company held a handover ceremony at No. 105 Building on September 23, 2022. Dr. Thomas Traves, Chairman of the Board of Directors of the Company; Mr. Ken Chen, Honorary Chairman of the Board of Director of the Company; Ms. Fan Zhou, Executive Director of the Company, Mr. David Xu, Chief Executive Officer and Chief Operating Officer of the Company; and Dr. Leon Xiao, Chief Education Advisor of the Company attended the handover ceremony. Mr. David Xu, Chief Executive Officer and Chief Operating Officer of the Company, commented, “We are excited to complete the Acquisition, which allows us to develop our Visionary University Town. Specifically, we will launch the 2+2 Articulation program, Public Private Partnership (and other education programs in cooperation with public universities such as Camosun University. We plan to establish one of the largest private film and animation colleges in Canada based on our Max the Mutt College of Animation, Art & Design. We aim to develop the 95-105 buildings into a leading comprehensive university facility in Toronto, mainly focused on digital art and supplemented with film and animation production. In addition, we intend to build two student apartment buildings, expand the sports field, and open dining facilities. We expect to accommodate 12,000 to 15,000 students in the next five years at Visionary University Town. We plan for Visionary University Town to become a first-class university campus in Canada with a beautiful campus, and a convenient study and living environment for students and faculty.” Mr. Xu continued, “As part of our strategic initiatives, we plan to lease portions of the facility to third party educational organizations with whom we may join in providing educational services. The building spaces are most leased out until year 2023 to 2025, which we expect to generate over US$10 million annual rent revenue from the existing and future tenants. We believe the establishment of Visionary University Town will promote the establishment of partnerships, joint ventures and cooperative enterprises and strategic alliances between us and other educational institutions and increase our influence in the film and animation education industry.”
TORONTO, ON / ACCESSWIRE / September 6, 2022 / Visionary Education Technology Holdings Group Inc. (the “Company”) (Nasdaq:VEDU), a private education provider located in Canada, with partners in China, attended the first Annual Orientation event held by its subsidiary; MAX the MUTT College of Animation, Art and Design (or MTM), since its recent acquisition by VEDU. The students were welcomed to the event by David Xu, CEO and COO of VEDU and Director of Operations at MTM and Dr. Harley d’Entremont, Chief Academic Officer of VEDU and Acting President of MTM. John Hughes, one of Hollywood’s leading icons in Visual Effects and Computer Graphics and Co-Founder, President and Executive Producer at The Tau Films, spoke with students about the exciting future ahead of them as visual artists pursuing careers in the entertainment industry. John is also a co-founder of Rhythm and Hues and led the studio for 26 years, earning 3 Oscars for Best Visual Effects (Babe, The Golden Compass, and Life of Pi) as well as 4 technical Oscars for achievements in science and engineering. VEDU plans for MTM include updates to the Animation, Illustration and Concept Art Diploma programs so students can be given the best possible education in their respective fields of study. Mr. David Xu, Chief Executive Officer and Chief Operating Officer of the Company, commented; “We are excited about the plans to add and improve the curriculum at MTM. It is already a well-established entity in training and education within the visual arts field. We want to give the college the tools to remain at the forefront of the ever-evolving visual entertainment industry, and maintain it’s well-earned reputation as an excellent training ground for students looking to break into the entertainment industry. About Visionary Education Technology Holdings Group Inc. Visionary Education Technology Holdings Group Inc., headquartered in Markham, Canada, is a private education provider located in Canada that offers high-quality education resources to students around the globe. Since it was founded in 2013, VEDU has educated tens of thousands of students, helping them build a solid academic foundation for successful personal development, including Degree-oriented education, Vocational Training and other Education Services. The Company aims to provide access to secondary, college, undergraduate and graduate and vocational education to students in Canada through technological innovation so that more people can learn, grow and succeed to their full potential. The Company has been developing relationships with a number of third parties either through acquisitions or cooperative operating agreements to expand it’s market reach, particular in China and other Asian markets. As a fully integrated provider of educational programs and services in Canada, the Company has been serving and will continue to serve both Canadian and international students. For more information, visit the Company’s website at https://ir.gvisionary.ca. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “would,” “continue,” “should,” “may,” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC. Contact: ir@gvisionary.ca SOURCE: Visionary Education Tech Holdings Group, Inc.accesswire.comhttps://www.accesswire.com/714731/Visionary-Education-Technology-Subsidiary-MAX-the-MUTT-Hosts-First-Annual-Orientation-Event-Since-Acquisition
MARKHAM, Canada, August 12, 2022 /PRNewswire/ — Visionary Education Technology Holdings Group Inc. (the “Company”) (Nasdaq: VEDU), a private education provider located in Canada that offers high-quality education resources to students around the globe, today announced its financial results for the fiscal year ended March 31, 2022. Fiscal Year 2022 Financial Highlights Mr. David Xu, Chief Executive Officer and Chief Operating Officer of the Company, commented, “In fiscal year 2022, we have invested and consolidated our education resources and built a solid foundation for our future development. On May 17, 2022, we completed our initial public offering, which was an important milestone in the history of the Company. Becoming a publicly traded company provides us with more opportunities to continue developing our education resources. We plan to invest in more profitable and higher growth business areas such as high school education for international students, integrated platform of technology and education, online standardized artificial intelligence driven central platforms and offline personalized education services which are expected to drive exponential tuition revenue growth in the near future. In addition, we intend to close the purchase of the properties at 95-105 Moatfield Drive, Toronto this month. This education facility is expected to generate about $10 million annual rent revenue. Looking forward, we will continue to provide high-quality education to students, execute our strategic initiatives and expand our market share. We believe our organic growth and strategic development will position us well for the future and we are confident in creating long-term values and returns for our shareholders.” Fiscal Year 2022 Financial Results Revenues Revenues decreased by $2.5 million, or 32.1%, to approximately $5.2 million in fiscal year 2022 from approximately $7.7 million in fiscal year 2021. The decrease in revenue was principally because the Company’s sales of vacant land decreased $4.3 million, partially offset by increased rent revenue of $1.6 million in fiscal year 2022. Revenue from rent increased by $1.6 million, or 240.5%, to $2.3 in fiscal year 2022 from $0.7 million in fiscal year 2021. The increase in rent revenue was mainly due to the revenue generated from two office buildings purchased by the Company on April 15, 2021. These two office buildings are located in Downtown Markham, Ontario, Canada. In addition, rent revenue from the Company’s facility located in 41 Metropolitan Road, Toronto, Ontario also increased due to an increase in the number of tenants as compared to fiscal year 2021. Revenue from tuition income increased by $0.3 million, or 86.9%, to $0.7 million in fiscal year 2022 from $0.4 million in fiscal year 2021. The increase in revenue was mainly from newly acquired Max the Mutt College of Animation, a private career college that offers diplomas in Classical & Computer Animation & Production, Illustration & Storytelling for Sequential Arts, and Concept Art for Animation & Video Games, and Lowell Academy, a private high school that offers high school education. Revenue from the Company’s online learning platform, Toronto ESchool remained stable. Revenue from the decoration and construction business decreased by $70,102, or 89.6%, to $8,117 in fiscal year 2022 from $78,219 in fiscal year 2021. The decrease was mainly due to the negative impact caused by the COVID-19 pandemic and less focus on this business segment. The Company had no significant income from its construction business in fiscal year 2022. The Company sold 8 lots of vacant land in fiscal year 2022 and generated revenue of approximately $2.3 million. The Company sold 19 lots of vacant land in fiscal year 2021 and generated revenue of approximately $6.6 million. As of March 31, 2022, the Company had no vacant land for future sales. Gross Profit and Gross Margin Total cost of revenue decreased by $0.8 million to $2.6 million in fiscal year 2022, from $3.4 million in fiscal year 2021. Gross profit decreased by $1.7 million, or 5.5%, to $2.6 million in fiscal year 2022, from $4.3 million in fiscal year 2021. Overall gross margin was 49.8% in fiscal year 2022, compared to 55.2% in fiscal year 2021. Gross margins for rent business, education business, construction business and sales of vacant land were 42.5%, 52.2%, 42.6% and 56.4%, respectively, for fiscal year 2022, compared to 61.9%, 65.2%, 75.0% and 53.8%, respectively, for fiscal year 2021. General and Administrative Expenses General and administrative expenses increased by $305,054, or 230.7%, to $437,278 in fiscal year 2022 from $132,224 in fiscal year 2021. The increase was mainly because the Company recorded arrear interest of $172,993 in fiscal year 2022 due to the late filing of tax returns. In addition, there was increased amortization and utility expenses from the Company’s newly purchased two office buildings in downtown Markham. Professional Fees Professional fees increased by $139,119, or 65.8%, to $350,636 in fiscal year 2022 from $211,517 in fiscal year 2021. The increase was mainly due to the increased legal fees and accounting fees related to the Company’s public offering process. Salaries and Compensations Salaries and compensations increased by $599,299, or 310.1%, to $792,546 in fiscal year 2022 from $193,247 in fiscal year 2021. The significant increase was mainly due to the expansion of the Company’s educational business and the increased compensation that the Company paid during fiscal year 2022 to attract and retain experienced senior management and professional employees. Interest Expense, Net Interest expense increased by $0.8 million, to $0.9 million in fiscal year 2022 from $0.1 million in fiscal year 2021. The significant increase was mainly due to a higher bank loan balance in connection with the purchase of two office buildings located in Downtown Markham, Ontario, Canada. The Company’s outstanding bank loan balance was approximately $18.8 million and $6.4 million as of March 31, 2022 and 2021, respectively. Government Subsidies In fiscal year 2022, the Company received $490,171 from the Canada Emergency Wage Subsidy program and Canada Emergency Rent Subsidy program. In fiscal year 2021, the Company applied for total loans of $143,136 under the Canada Emergency Business Account (CEBA) program, of which $45,450 is expected to be forgiven. In addition, the Company received $39,207 from the Canada Emergency Wage Subsidy program in fiscal year 2021. The increase of wage subsidy was consistent with the increase of the Company’s salary and compensation expenses. Impairment Expenses In fiscal year 2022, the Company recorded impairment loss of $379,165 for the intangible assets and goodwill in connection with the private high schools and Conbridge College, a private college because the Company is in the process of improving the efficiency of the operations, streamlining the business lines to focus on its core education sector, and optimizing the structure of the vocational educational business. Other income The Company had other income of $20,709 in fiscal year 2022. In fiscal year
Markham, Canada, July 06, 2022 (GLOBE NEWSWIRE) — Visionary Education Technology Holdings Group Inc. (the “Company”) (Nasdaq: VEDU), a private education provider located in Canada that offers high-quality education resources to students around the globe, today announced that on June 23, 2022, the Company, through its wholly-owned subsidiary Farvision Education Group Inc., entered into a non-binding Memorandum of Understanding (“MOU”) with Camosun College, a public college located in Victoria, British Columbia, Canada. Camosun College is accredited by the Province of British Columbia to deliver various education programs to international students who wish to obtain a two-year associates diploma, a four-year university degree, or a post-graduate diploma and who may eventually wish to transfer to another post-secondary institution in British Columbia to pursue a bachelor’s degree or master’s degree. Pursuant to MOU, the parties agreed to develop a cooperative arrangement whereby Farvision will establish “Study Abroad Prep Schools” in China in which Chinese students will begin their post-secondary education taking Camosun College courses for one year before coming to Camosun College to complete their degree programs at Camosun’s Vancouver campus. Earning a degree from Camosun will enable those students to transfer to other post-secondary institutions in British Columbia via the British Columbia Council on Admission and Transfer (BCCAT) system. Under the MOU Farvision and Camosun will explore other cooperation projects, which are expected to include a Public Private Partnership (“PPP”), a Camosun College-MTM Animation Game Joint Collaboration Center, and an English for Academic Purpose (“EAP”) program. Mr. David Xu, Chief Executive Officer and Chief Operating Officer of the Company, commented, “We are very pleased to embark on a partnership with Camosun College to offer diversified education programs and excited about the opportunity to provide international students with recruitment pathways to pursue education in Canada. The intended partnership with Camosun College is a reflection of our effort to continue our growth plan to collaborate with colleges and create more international academic opportunities for students. This partnership will help fulfill our mission to broaden access to the multicultural education system of Canada and facilitate the achievement of students’ full potential. Partnering with Camosun College will enable us to strengthen our education programs and access more than 100 different programs, certificates, and degrees offered by Camosun. We expect to help international students prepare for having an education in Canada and access to comprehensive education resources in the province of British Columbia in Canada.” About Camosun College Camosun College is located in beautiful Victoria, British Columbia with campuses on the Traditional Territories of the Lekwungen and W̱SÁNEĆ peoples. We acknowledge their welcome and graciousness to the students who seek knowledge here. Each year Camosun welcomes over 1,200 Indigenous students from First Nations, Métis, and Inuit groups, and over 2,100 international students from more than 80 countries. The college welcomed its first students in 1971 and adopted the name “Camosun”, a local Lkwungen (Songhees) First Nation name meaning “where different waters meet and are transformed.” Today, Camosun College offers over 160 innovative programs to help meet the needs of students and communities in Victoria and beyond. For more information, visit Camosun College’s website at https://camosun.ca/. About Visionary Education Technology Holdings Group Inc. Visionary Education Technology Holdings Group Inc., headquartered in Markham, Canada, is a private education provider located in Canada that offers high-quality education resources to students around the globe. The Company aims to provide access to secondary, college, undergraduate and graduate and vocational education to students in Canada through technological innovation so that more people can learn, grow and succeed to their full potential. As a fully integrated provider of educational programs and services in Canada, the Company has been serving and will continue to serve both Canadian and international students. For more information, visit the Company’s website at https://ir.gvisionary.ca. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “would,” “continue,” “should,” “may,” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.
Markham, Canada, May 19, 2022 (GLOBE NEWSWIRE) — Visionary Education Technology Holdings Group Inc. (the “Company”) (Nasdaq: VEDU), a private education provider located in Canada that offers high-quality education resources to students around the globe, today announced the closing of its initial public offering (the “Offering”) of 4,250,000 common shares at a public offering price of US$4.00 per common share. The Company received aggregate gross proceeds of US$17 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 637,500 common shares at the public offering price, less underwriting discounts and commissions. The common shares began trading on the Nasdaq Capital Market on May 17, 2022 under the ticker symbol “VEDU.” Proceeds from the Offering will be used for Public Private Partnership (“PPP”) projects, course development of Max the Mutt College of Animation, Art and Design (“MTM”), program partnerships with other universities, vocational education, development of global market and distribution channels, staff development and general corporate purposes, including working capital and operating expenses. The Offering was conducted on a firm commitment basis. Joseph Stone Capital, LLC acted as the representative of the underwriters and the lead underwriter for the Offering and Valuable Capital Limited acted as the co-underwriter for the Offering. McLaughlin & Stern, LLP acted as counsel to the Company, and Carmel, Milazzo & Feil LLP acted as counsel to the representative of the underwriters in connection with the Offering. A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (“SEC”) (File Number: 333-263290) and was declared effective by the SEC on May 16, 2022. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the prospectus relating to the Offering may be obtained from Joseph Stone Capital, LLC, by email at ccao@josephstonecapital.com, by calling +1 516.267.7001. In addition, copies of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov. This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. About Visionary Education Technology Holdings Group Inc. Visionary Education Technology Holdings Group Inc., headquartered in Markham, Canada, is a private education provider located in Canada that offers high-quality education resources to students around the globe. The Company aims to provide access to secondary, college, undergraduate and graduate and vocational education to students in Canada through technological innovation so that more people can learn, grow and succeed to their full potential. As a fully integrated provider of educational programs and services in Canada, the Company has been serving and will continue to serve both Canadian and international students. For more information, visit the Company’s website at https://ir.gvisionary.ca. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “would,” “continue,” “should,” “may,” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.
Markham, Ontario, May 16, 2022 (GLOBE NEWSWIRE) — Visionary Education Technology Holdings Group Inc. (the “Company”), a private education provider located in Canada that offers high-quality education resources to students around the globe, today announced the pricing of its initial public offering (the “Offering”) of 4,250,000 common shares at a public offering price of US$4.00 per common share. The common shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on May 17, 2022 under the ticker symbol “VEDU.” The Company expects to receive aggregate gross proceeds of US$17 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 637,500 common shares at the public offering price, less underwriting discounts and commissions. The Offering is expected to close on or about May 19, 2022, subject to the satisfaction of customary closing conditions. Proceeds from the Offering will be used for Public Private Partnership (“PPP”) projects, course development of Max the Mutt College of Animation, Art and Design (“MTM”) and program partnerships with other universities, vocational education, development of global market and distribution channels, staff development and general corporate purposes, including working capital and operating expenses. The Offering is being conducted on a firm commitment basis. Joseph Stone Capital, LLC is acting as the representative of the underwriters and the lead underwriter for the Offering. McLaughlin & Stern, LLP is acting as counsel to the Company, and Carmel, Milazzo & Feil LLP is acting as counsel to the representative of the underwriters in connection with the Offering. A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (“SEC”) (File Number: 333-263290) and was declared effective by the SEC on May 16, 2022. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the prospectus relating to the Offering may be obtained from Joseph Stone Capital, LLC, by email at ccao@josephstonecapital.com, by calling +1 516.267.7001, or by standard mail to Joseph Stone Capital, LLC 29 Broadway #1800, New York, NY 10006. In addition, copies of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov. Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. About Visionary Education Technology Holdings Group Inc. Visionary Education Technology Holdings Group Inc., headquartered in Markham, Canada, is a private education provider located in Canada that offers high-quality education resources to students around the globe. The Company aims to provide access to secondary, college, undergraduate and graduate and vocational education to students in Canada through technological innovation so that more people can learn, grow and succeed to their full potential. As a fully integrated provider of educational programs and services in Canada, the Company has been serving and will continue to serve both Canadian and international students. For more information, visit the Company’s website at https://ir.gvisionary.ca. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company’s proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “would,” “continue,” “should,” “may,” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.