In the news release, MOU for an Investment of up to USD 120 Million Signed between the Public
Investment Fund (PIF) of Saudi
Arabia and Visionary, issued 12-Sep-2024 by Visionary Holdings Inc. over PR
Newswire, we are advised by the company that the 1st paragraph, 1st
sentence, should read "On September 2,
2024, Visionary Holdings Inc. (NASDAQ: GV) officially signed
a Memorandum of Understanding (MOU) with the world's largest
sovereign wealth fund, the Public Investment Fund (PIF) of
Saudi Arabia (Asia Division)."
rather than "On September 2, 2024,
Visionary Holdings Inc. (NASDAQ: GV) officially signed a Memorandum
of Understanding (MOU) with the world's largest sovereign wealth
fund, the Public Investment Fund (PIF) of Saudi Arabia." as originally issued
inadvertently. The complete, corrected release follows:
MOU for an Investment of up to USD 120 Million Signed between the
Public Investment Fund (PIF) of Saudi Arabia and Visionary
TORONTO, Sept. 30,
2024 /PRNewswire/ -- On
September 2, 2024, Visionary Holdings
Inc. (NASDAQ: GV) officially signed a Memorandum of Understanding
(MOU) with the world's largest sovereign wealth fund, the Public
Investment Fund (PIF) of Saudi
Arabia (Asia Division). The two parties have become
close partners, with PIF investing USD
120 million to fully support the development of Visionary's
various industry projects. This includes debt replacement for four
of Visionary's commercial buildings (including debt replacement
with the Bank of China) and the
real estate redevelopment investment for these four buildings. PIF
will continue to invest in Visionary in the future, providing
strong financial, talent, and resource support for Visionary's
global mergers and acquisitions, industrial upgrades, debt
optimization, and rapid growth.
Additionally, both parties agreed to closely collaborate in the
fields of high technology, life sciences, and artificial
intelligence education. This includes, but not limited to,
international education, biomedical sciences, advanced technology,
life sciences, and AI education. The partnership with PIF not only
enhances Visionary's brand but also offers a great opportunity for
Visionary's future development, bringing significant momentum to
the dual growth of Visionary's market value and industrial
expansion.
The Public Investment Fund (PIF) of Saudi Arabia was established in 1971 and is
one of the largest sovereign wealth funds in the world, with total
assets estimated at USD 925 billion.
Mohammed bin Salman Al Saud serves
as the chairman of PIF.
Visionary was founded in August
2013, with its headquarter located in Toronto, Canada. It operates six schools in
Canada and owns four commercial
and educational buildings in downtown Toronto valued at over CAD 120 million. The company holds over 100
patents and intellectual property rights and has wholly-owned
subsidiaries in the United States,
Malaysia, and China. Visionary is the first publicly listed
education company in Canada and
the first publicly listed company established by overseas Chinese
in Canada. After more than two
years of development since its IPO, Visionary has adopted a
business model focused on mergers, acquisitions, and innovation,
evolving into a multinational group excelling in high technology,
education, and life sciences.
Visionary is committed to hard work and responsibility, striving
to contribute actively to the development of industries such as new
energy, biochips, AI-driven healthcare, and artificial intelligence
education in Canada. Additionally,
it promotes economic and educational cooperation between the U.S.,
Canada, and China, fostering friendly exchanges and
collaboration among the people of Canada and China. Visionary aims to create greater value
for its shareholders and the people of these three nations. The
partnership with PIF accelerates the realization of this
vision.
About Visionary Holdings Inc.
Visionary Holdings Inc. headquartered in Toronto, Canada, a private education provider
with technology of artificial intelligence and life science on the
cutting edge, with subsidiaries in Canada and market partners in China. 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.visiongroupca.com/.
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 Holdings Inc.
Investor Relations Department
Email: ir@farvision.ca
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SOURCE Visionary Holdings Inc.
