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
