Get instant notifications when there’s news about your stocks. Claim your 1 week free trial StreetInsider Premium here.
Visionary Education Technology Holdings Group Inc. (the “Company”) (NASDAQ: VEDU), a Canadian-based private education provider 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 collaboration agreement (the “Agreement”) to form a joint venture called Visionary Film & Media Co. Ltd. (the “Joint Venture”). 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 realize its platform endeavors in the areas of film, animation, media production and e-commerce.
Under the terms of the agreement, the Company will own an 80% controlling interest in the joint venture. The Company agrees to work with partners to build or incorporate Toronto Visionary Communication University, Toronto Film & Media Center, Olympic Arts North American Committee, Visionary Young Artist Film Training and Production Center and several eCommerce and media companies .
Through the joint venture, the Company intends to grow its Max the Mutt College of Animation, Art & Design (“MTM”) from an established community college into a premier advanced technology education institution in Canada. It continues to focus on skill training in film and animation, but invests in talent training to support trending multimedia mixed reality (VR, AR, and XR) creative development, production, distribution, and industrial management means (such as production output ) to dominate . The company implements vertically integrated talent training with broad coverage and connection to the media industry. Its extensions reach global professional education, industry associations and major online content commerce portals. As such, the joint venture will bring media talent, production and products to the Canadian film and animation industry.
In the meantime, the company decides to work with the partners to improve and enrich the practical training of the MTM department’s curricula from academy to industry by strengthening cooperation with peer institutes that provide broader and higher degree courses are certified, and by continuing to develop MTM’s proprietary educational programs, expanding film and television production, digital media design and game development. BON IO and NATC agreed to gather professional production team resources with jointly developed short-term online and hybrid training courses from MTMs to build production capacity in film, media, animation, virtual internet celebrity (social network influencer) and online -Build games practically. And we immediately start offering commissioned productions on the market, thematic experiences based on traditional and trendy presentation formats. Proven value-for-money solutions for content creation, design and solutions include architectural projection mapping, motion graphics and light shows, themed mixed reality venues, immersive VR rides and thriller experiences in theme parks and retail and entertainment venues entertainment complexes. MTM is ready to provide targeted professional training, educated young talents and qualified engineers to participate in academic activities and professional production projects in Canada and China, which will soon reach large scale.
Mr. David Xu, the Company’s Chief Executive Officer and Chief Operating Officer, commented, “We are excited to work with the partners to unlock the hidden potential of this joint venture. We are confident that the joint venture will accelerate our impact in the film and animation education industry by leveraging the partners’ extensive experience and knowledge. We are also pleased that Dr. Leon Xiao, the CEO of Eastern Bluesky, joins the joint venture team as he is one of the world’s brightest talents in education management, animation, and film and creative digital production and holds a master’s degree in higher education and administration in the US and a PhD in applied computer science. dr Xiao has extensive artistic and digital media business successes and international industry resources. He won the 71st Academy Award for Animated Short Film along with colleagues. He completed his postdoctoral research in three interdisciplinary fields including Stanford University through his high-tech visualization technology. After his experience as Technical Director of BlueSky Studio in USA, he also created and completed a new discipline system for digital media in China. dr Xiao has extensive teaching, research and education management experience from Beijing Normal University and New York University. We believe that dr. Xiao will help the company achieve the goal of developing education and training companies.”
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 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 around 26 years. R&H produced visual effects for over 150 Hollywood films, including three that won Academy Awards for Best Visual Effects and four Academy Awards for Best Technological Achievement. Hughes received an honorary doctorate in Fine Arts from the Otis College of Art and Design. He is a member of the Academy of Motion Pictures Arts and Sciences and has been an active host of community organizations for local career and film professionals in Hollywood. Mr. Jin Luo, the co-founder of JH Films PEK, received his master’s degree in computer science from Caltech. He focused on the invention of visual integrated circuits and the real-time implementation of algorithms. From a technology company in Pasadena, California, he has worked as a research associate for US government research contracts and for Eurasia global technology startups. His connection to the film industry is through visual technology, design tools, and cinematic literature. BON IO, which he founded in the USA, brings together years of successful experience and achievements in the areas of film visual effects, motion graphics, computer animation and film production.”
Mr. Xu concluded, “This joint venture is a key initiative of the company’s business strategy to expand educational programs and provide more career opportunities to students from diverse backgrounds. We are confident that the joint venture will strengthen our competitive strength, increase our brand value and generate significant revenues, profits, assets and IP (intellectual property) value in the medium term.”