VEDU Group Completes Acquisition of Two Buildings in Toronto for Developing its Visionary University Town

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.”

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