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, more people can learn, grow and succeed, to release their full career 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 and contributing to the industry. For more information, visit the Company’s website at https://ir.visiongroupca.com/.
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 Department
Ascent Investors Relations LLC
Phone: +1 917-609-0333