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PR Newswire

CRUNCHYROLL ANNOUNCES PLANS TO EXPAND ANIME AWARDS AND BRING THE LIVE EVENT TO JAPAN IN 2023

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Premiere Event to be a Celebration of International Fans’ Love of Anime;

Global Fans of Anime Will Vote for the Content and Creators That Have Captured Their Collective Hearts 

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CULVER CITY, Calif., Aug. 16, 2022 /PRNewswire/ — Crunchyroll, the global leader in bringing fans the ultimate anime experience everywhere, is announcing today that the seventh edition of the yearly, leading awards program for anime globally, the Crunchyroll Anime Awards, will take place in Japan for the first time ever for 2023.

The Anime Awards live ceremony will be held on Saturday, March 4, 2023 at the Grand Prince Hotel New Takanawa in Tokyo and will bring together the studios, creators, musicians and voice actors behind the anime community’s favorite series,  film and music. The event will also be streamed on many of Crunchyroll social channels. Crunchyroll will work with Sony Music Solutions, part of Sony Music Entertainment (Japan) Inc., to execute the event.

Crunchyroll also announced that the 2023 edition will be a premier event full of fans, celebrities, creators, musicians, performances and more in a style that is as unique as the artform of anime. Crunchyroll’s intention is to create a spectacular event that is an international outpouring of affection for anime.

“There is no better place to celebrate the Anime Awards than the birthplace of anime itself,” said Rahul Purini, President of Crunchyroll. “Anime is a rich storytelling medium, capturing the hearts and minds of fans all over the world. We can’t wait to showcase how much love the global anime fanbase has for the studios, creators, and our trusted partners behind anime.”

The Crunchyroll Anime Awards celebrate fan-favorite anime series, characters, and creators across streaming, film and music – voted for by fans and judges from across the globe. Last year, a record 16.9 million votes were cast for nominees representing nearly 40 anime studios across a record-high eight streaming platforms.

Nominees and voting will open early next year. More information will be shared across the Anime Awards website and across Crunchyroll social channels.

About Crunchyroll

Crunchyroll connects anime and manga fans across 200+ countries and territories with the content and experiences they love. In addition to free ad-supported and subscription premium content, Crunchyroll serves the anime community across events, theatrical, games, consumer products, collectibles, and manga publishing.

Anime fans have access to one of the largest collections of licensed anime through Crunchyroll and translated in multiple languages for viewers worldwide. Viewers can also access simulcasts — top series available immediately after Japanese broadcast.

The Crunchyroll app is available on over 15 platforms, including all gaming consoles.

Crunchyroll, LLC is an independently operated joint venture between US-based Sony Pictures Entertainment, and Japan’s Aniplex, a subsidiary of Sony Music Entertainment (Japan) Inc., both subsidiaries of Sony Group Corporation.

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PR Newswire

ENTREPRENEUR UNIVERSE BRIGHT GROUP Announces 2022 Q2 Financial Results

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XI’AN, China, Aug. 16, 2022 /PRNewswire/ — ENTREPRENEUR UNIVERSE BRIGHT GROUP (“EUBG” or the “Company”) (OTCBB: EUBG), a digital marketing consulting company, announced its unaudited financial results for the second quarter ended June 30, 2022.

Mr. Guolin Tao, CEO of Entrepreneur Universe Bright Group commented, “Due to the government measures taken to contain COVID-19, the offline activities of the Company’s PRC subsidiary were restricted from late January to May 2020, resulting in cancellations or postponements of the marketing efforts of our customers. Specifically, as a result of government mandated closures of non-essential business in China, many of the Company’s customers’ business were suspended while others permanently closed their businesses. From December 22, 2021 to January 24, 2022, Xi’an city, the PRC, went into lockdown following a coronavirus outbreak that officials attributed to the delta variant. From April 16, 2022 to April 19, 2022, the city was under temporary controls of social activities after reporting more than 40 infections in half month. This affected both the Company’s digital marketing consulting services and our KOL Training Related Services.”

Second Quarter 2022 Unaudited Financial Results

Three months ended
June 30,

2022

2021

Revenue

$

840,868

$

873,084

Cost of revenue

(113,332)

(199,451)

Gross profit

727,536

673,633

Selling expenses

(8,319)

(85,760)

General and administrative expenses

(331,385)

(351,935)

Total other income, net

58,099

32,392

Income before income tax

445,931

268,330

Income tax expense

(180,081)

(146,289)

Net income

$

265,850

$

122,041
  • Revenue decreased by 3.7% to $840,868
  • Gross profit increased by 8.0% to $727,536
  • Net income increased by 117.8% to $265,850

Revenue and cost of revenue: During the three months ended June 30, 2022, we generated revenue of $840,868 compared to $873,084 for the three months ended June 30, 2021, representing a decrease of $32,216 or 3.7% as compared with the prior period. For the three months ended June 30, 2022, our revenue from consultancy services and sourcing and marketing services were $680,606 and $160,262, respectively; while revenue for the three months ended June 30, 2021 was wholly generated from our consultancy services. Cost of revenue was $113,332 for the three months ended June 30, 2022 compared to $199,451 for the three months ended June 30, 2021. The decrease of cost of revenue for the three months ended June 30, 2022 was mainly due to our senior management no longer directly involved in performing the services but focused on management work. Therefore, less direct senior management costs were incurred in the consultancy services and souring and marketing service.

Selling expenses: During the three months ended June 30, 2022, we incurred $8,319 selling expenses compared to $85,760 for the three months ended June 30, 2021, representing a decrease of $77,441 or 90.3% as compared with the prior period. The decrease of selling expenses was mainly due to the tightening of entertainment policies during the period and the staff costs incurred in selling activities were dropped by $42,974 or 90.5% for the three months ended June 30, 2022.

General and administrative expenses: During the three months ended June 30, 2022, we incurred $331,385 general and administrative expenses compared to $351,935 for the three months ended June 30, 2021, representing a decrease of $20,550 or 5.8% as compared with the prior period. The slight decrease for the three months ended June 30, 2022 was mainly due to less audit fees and professional fees charged by the professional parties. Our general and administrative expenses consisted mainly of audit fees, professional fees, payroll expenses and consultancy fees.

Total other income, net: During the three months ended June 30, 2022, we generated net other income of $58,099 compared to $32,392 for the three months ended June 30, 2021, representing an increase of $25,707 or 79.4% as compared with the prior period. Our other income mainly consisted of bank interest income, exchange rate differences and certain sundry incomes.

Income tax expense: During the three months ended June 30, 2022, we incurred income tax expense of $180,081 compared to $146,289 for the three months ended June 30, 2021, representing an increase of $33,792 or 23.1% as compared with the prior period. The income tax expenses were charged in China.

For the three months ended June 30, 2022, our income tax expenses comprised of current tax and deferred tax expenses of $131,409 and $48,672, respectively, compared to $122,745 and $23,544 for the three months ended June 30, 2021.

Net income: As a result of the above, we generated a net income of $265,850 and $122,041 for the three months ended June 30, 2022 and 2021, respectively, representing an increase of $ 143,809 or 117.8% as compared with the prior period.

Cash and cash equivalents. As of June 30, 2022 and December 31, 2021, $7.64 million and $7.65 million of the Company’s cash and cash equivalents, respectively were held at financial institutions located in the PRC and Hong Kong that management believes to be of high credit quality. 

Six Months Ended June 30, 2022 Unaudited Financial Results

Six months ended
June 30,

2022

2021

Revenue

$

2,049,872

$

2,856,944

Cost of revenue

(425,811)

(418,772)

Gross profit

1,624,061

2,438,172

Selling expenses

(24,914)

(170,014)

General and administrative expenses

(642,673)

(579,301)

Total other income, net

159,921

70,094

Income before income tax

1,116,395

1,758,951

Income tax expense

(459,372)

(670,274)

Net income

$

657,023

$

1,088,677
  • Revenue decreased by 28.2% to $2,049,872
  • Gross profit decreased by 33.4% to $1,624,061
  • Net income decreased by 39.7% to $657,023

Revenue and cost of revenue: During the six months ended June 30, 2022, we generated revenue of $2,049,872 compared to $2,856,944 for the six months ended June 30, 2021, representing a decrease of $807,072 or 28.2% as compared with the prior period. The decrease was mainly due to our consultancy services income, generated from clients who engaged in online courses business, dropped by $1,950,347 as compared with last period. This was because the end customers became more patient and cautious in choosing online courses. We continued to seek for different business opportunities to stabilize our income streams. During the six months ended June 30, 2022, we generated $272,962 from our new digital training related services and $576,582 from our consultancy services to a customer who engaged in live streaming business. However, these new income streams only compensated a part of the revenue reduction in current period. As of the date of this filing, the digital training related services with Jade Bird remain suspended. Therefore, we expected the new revenue will not be available to compensate the revenue reduction until further notice. Cost of revenue was $425,811 for the six months ended June 30, 2022 compared to $418,772 for the six months ended June 30, 2021. For the six months ended June 30, 2022, the cost of revenue mainly represented the staff costs for our consulting services and the agency fees for our digital training related services.

Selling expenses: During the six months ended June 30, 2022, we incurred $24,914 selling expenses compared to $170,014 for the six months ended June 30, 2021, representing a decrease of $145,100 or 85.3% as compared with the prior period. The decrease of selling expenses was mainly due to the tightening of entertainment policies during the period and the staff costs incurred in selling activities were dropped by $70,200 or 80.0% for the six months ended June 30, 2022.

General and administrative expenses: During the six months ended June 30, 2022, we incurred $642,673 general and administrative expenses compared to $579,301 for the six months ended June 30, 2021, representing an increase of $63,372 or 10.9% as compared with the prior period. The increase for the six months ended June 30, 2022 was mainly due certain senior management no longer directly involved in performing the services but focused on management work. Therefore, more senior management costs were incurred during the period. Our general and administrative expenses consisted mainly of audit fees, professional fees, payroll expenses and consultancy fees.

Total other income, net: During the six months ended June 30, 2022, we generated net other income of $159,921 compared to $70,094 for the six months ended June 30, 2021, representing an increase of $89,827 or 128.2% as compared with the prior period. Our other income mainly consisted of bank interest income, exchange rate differences and certain sundry incomes.

Income tax expense: During the six months ended June 30, 2022, we incurred income tax expense of $459,372 compared to $670,274 for the six months ended June 30, 2021, representing a decrease of $210,902 or 31.5% as compared with the prior period. The income tax expenses were charged in China.

For the six months ended June 30, 2022, our income tax expenses comprised of current tax and deferred tax expenses of $335,479 and $123,893, respectively, compared to $521,510 and $148,764 for the six months ended June 30, 2021. The decrease of the current tax and deferred tax was mainly aligned with the reduction of revenue and gross profit during the period.

Net income: As a result of the above, we generated a net income of $657,023 and $1,088,677 for the six months ended June 30, 2022 and 2021, respectively.

About ENTREPRENEUR UNIVERSE BRIGHT GROUP

ENTREPRENEUR UNIVERSE BRIGHT GROUP is a digital marketing consultation company with its main operation in China, providing marketing consulting services to Chinese start-up companies. The company provides consulting services, sourcing and marketing services in China through its PRC subsidiary with support from its HK subsidiary. Its PRC subsidiary provides services aimed at connecting businesses with e-commerce platforms.  The integrated service platform focuses on strategic marketing and consulting. The company’s mission is to help start-up companies and small-size companies and guide these companies’ founders in utilizing the company’s digital marketing consulting plan to reach their business goals. For more information about the Company, please visit: http://www.eubggroup.com/. 

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements.  Specifically, the Company’s statements regarding trading on the OTCBB market and closing the initial public offering are forward-looking statements.  Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company’s goals and strategies; the Company’s future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC.  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

The Company:
Jianyong Li
Email: lijianyong@eubggroup.com
Phone: +86-(029) 86100263

Investor Relations:
Janice Wang 
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com
Phone: +1-908-510-2351 (from U.S.)                                                                                                 
+86 13811768559 (from China)

ENTREPRENEUR UNIVERSE BRIGHT GROUP

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(In U.S. dollars except for number of shares)

June 30,
2022

December 31,
2021

(unaudited)

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

7,637,260

$

7,649,129

Accounts receivable

270,939

67,940

Other receivables and prepayments

35,369

55,925

Total current assets

7,943,568

7,772,994

NON-CURRENT ASSETS

Plant and equipment, net

234,194

281,448

Operating lease right-of-use assets, net

112,683

146,698

Total non-current assets

346,877

428,146

TOTAL ASSETS

$

8,290,445

$

8,201,140

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable

$

–

$

115,833

Other payables and accrued liabilities

222,279

402,158

Contract liabilities

–

216,142

Receipt in advance

–

5,161

Operating lease liabilities, current

54,964

59,370

Tax payables

158,269

39,545

Amount due to a director

170,713

171,443

Total current liabilities

606,225

1,009,652

NON-CURRENT LIABILITY

Deferred tax liabilities

444,780

342,546

Operating lease liabilities, non-current

57,719

87,328

Total non-current liabilities

502,499

429,874

TOTAL LIABILITIES

1,108,724

1,439,526

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY

Preferred stock, par value $0.0001 per share, 1,100,000 shares authorized, Nil (December 31, 2021:
     Nil) shares issued and outstanding as of June 30, 2022

–

–

Common stock, par value $0.0001 per share; 1,800,000,000 shares authorized, 1,701,181,423
     (December 31, 2021: 1,701,181,423) shares issued and outstanding as of June 30, 2022

170,118

170,118

Additional paid-in capital

6,453,048

6,453,048

Statutory reserves

65,911

65,911

Retained earnings (accumulated deficit)

299,620

(357,403)

Accumulated other comprehensive income

193,024

429,940

Total stockholders’ equity

7,181,721

6,761,614

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

8,290,445

$

8,201,140

ENTREPRENEUR UNIVERSE BRIGHT GROUP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021 (UNAUDITED)

(In U.S. dollars except for number of shares)

For the three months ended
June 30,

For the six months ended
June 30,

2022

2021

2022

2021

Revenue

840,868

873,084

$

2,049,872

$

2,856,944

Cost of revenue

(113,332)

(199,451)

(425,811)

(418,772)

Gross profit

727,536

673,633

1,624,061

2,438,172

Selling expenses

(8,319)

(85,760)

(24,914)

(170,014)

General and administrative expenses

(331,385)

(351,935)

(642,673)

(579,301)

Profit from operations

387,832

235,938

956,474

1,688,857

Other income (expenses):

Interest income

12,637

34,039

22,967

50,279

Exchange gain (loss)

27,862

(7,432)

27,922

(12,045)

Sundry income

17,600

5,785

109,032

31,860

Total other income, net

58,099

32,392

159,921

70,094

Income before income tax

445,931

268,330

1,116,395

1,758,951

Income tax expense

(180,081)

(146,289)

(459,372)

(670,274)

Net income

$

265,850

122,041

$

657,023

$

1,088,677

Other comprehensive income (loss)

Foreign currency translation adjustment

(231,781)

41,517

(236,916)

65,982

Total comprehensive income

$

34,069

163,558

$

420,107

$

1,154,659

Net income per share – Basic and diluted

$

0.00

*

0.00

*

$

0.00

*

$

0.00

*

Weighted average number of common shares outstanding

– Basic and Diluted

1,701,181,423

1,701,181,423

1,701,181,423

1,701,181,423

*

Less than $0.01 per share

ENTREPRENEUR UNIVERSE BRIGHT GROUP

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021(UNAUDITED)

(In U.S. dollars)

Six months ended
June 30,

2022

2021

Cash flows from operating activities

Net income

$

657,023

$

1,088,677

Adjustments to reconcile net income to cash used in operating activities:

Depreciation

42,322

41,479

Amortization of operating lease right-of-use assets

27,395

25,886

Deferred tax

123,894

(367,854)

Changes in operating assets and liabilities:

Other receivables and prepayments

19,049

(82,283)

Accounts receivable

(213,535)

118,772

Accounts payable

(113,645)

–

Other payables and accrued liabilities

(170,904)

(303,307)

Tax payables

125,057

(460,122)

Contract liabilities

(212,060)

–

Receipt in advance

(5,064)

(8,289)

Operating lease liabilities

(27,395)

(45,555)

Net cash generated from operating activities

252,137

7,404

Cash flows from investing activities

Purchase of property, plant and equipment

(8,381)

–

Acquisition of debt products

–

(2,781,346)

Redemption of debt products

–

5,717,211

Loan receivables to a unrelated third party

–

(499,908)

Loan to a related company

–

(123,615)

Repayment from a related company

–

312,386

Net cash (used in) generated from investing activities

(8,381)

2,624,728

Cash flows from financing activities

Repayment of borrowings

–

(128,842)

Advance from a director

–

69,532

Net cash used in financing activities

–

(59,310)

Effect of exchange rates on cash

(255,625)

38,660

Net (decrease) increase in cash and cash equivalents

(11,869)

2,611,482

Cash and cash equivalents at beginning of period

7,649,129

3,846,470

Cash and cash equivalents at end of period

$

7,637,260

$

6,457,952

Supplemental cash flow information

Cash paid during the period for:

Income taxes

$

224,055

$

981,886

Withholding tax paid

$

–

$

517,120

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PR Newswire

Visionary Education Technology Holdings Group Inc. Reports Fiscal Year 2022 Financial Results

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MARKHAM, Canada, Aug. 13, 2022 /PRNewswire/ — Visionary Education Technology Holdings Group Inc. (the “Company”) (Nasdaq: VEDU), a private education provider located in Canada that offers high-quality education resources to students around the globe, today announced its financial results for the fiscal year ended March 31, 2022.

Fiscal Year 2022 Financial Highlights

  • Revenues was $5.2 million in fiscal year 2022, compared to $7.7 million in fiscal year 2021.
  • Gross profit margin was 49.8% in fiscal year 2022, compared to 55.2% in fiscal year 2021.
  • Income from operations was $1.0 million in fiscal year 2022, compared to $3.7 million in fiscal year 2021.
  • Net loss was $56,474 in fiscal year 2022, compared to net income of $2,913,646 in fiscal year 2021.

Mr. David Xu, Chief Executive Officer and Chief Operating Officer of the Company, commented, “In fiscal year 2022, we have invested and consolidated our education resources and built a solid foundation for our future development. On May 17, 2022, we completed our initial public offering, which was an important milestone in the history of the Company. Becoming a publicly traded company provides us with more opportunities to continue developing our education resources. We plan to invest in more profitable and higher growth business areas such as high school education for international students, integrated platform of technology and education, online standardized artificial intelligence driven central platforms and offline personalized education services which are expected to drive exponential tuition revenue growth in the near future. In addition, we intend to close the purchase of the properties at 95-105 Moatfield Drive, Toronto this month. This education facility is expected to generate about $10 million annual rent revenue. Looking forward, we will continue to provide high-quality education to students, execute our strategic initiatives and expand our market share. We believe our organic growth and strategic development will position us well for the future and we are confident in creating long-term values and returns for our shareholders.”

Fiscal Year 2022 Financial Results

Revenues

Revenues decreased by $2.5 million, or 32.1%, to approximately $5.2 million in fiscal year 2022 from approximately $7.7 million in fiscal year 2021. The decrease in revenue was principally  because the Company’s sales of vacant land decreased $4.3 million, partially offset by  increased rent revenue of $1.6 million in fiscal year 2022.

For the Year Ended March 31,

2022

2021

($)

Revenue

Cost of Revenue

Gross Margin

Revenue

Cost of Revenue

Gross Margin

Rent

2,298,198

1,322,188

42.5 %

674,898

256,981

61.9 %

Tuition

669,442

319,913

52.2 %

358,241

124,762

65.2 %

Construction

8,117

4,663

42.6 %

78,219

19,529

75.0 %

Vacant land

2,272,704

990,261

56.4 %

6,613,863

3,058,175

53.8 %

Total

5,248,461

2,637,025

49.8 %

7,725,221

3,459,447

55.2 %

Revenue from rent increased by $1.6 million, or 240.5%, to $2.3 in fiscal year 2022 from $0.7 million in fiscal year 2021. The increase in rent revenue was mainly due to the revenue generated from two office buildings purchased by the Company on April 15, 2021. These two office buildings are located in Downtown Markham, Ontario, Canada. In addition, rent revenue from the Company’s facility located in 41 Metropolitan Road, Toronto, Ontario also increased due to an increase in the number of tenants as compared to fiscal year 2021.

Revenue from tuition income increased by $0.3 million, or 86.9%, to $0.7 million in fiscal year 2022 from $0.4 million in fiscal year 2021. The increase in revenue was mainly from newly acquired Max the Mutt College of Animation, a private career college that offers diplomas in Classical & Computer Animation & Production, Illustration & Storytelling for Sequential Arts, and Concept Art for Animation & Video Games, and Lowell Academy, a private high school that offers high school education. Revenue from the Company’s online learning platform, Toronto ESchool remained stable.

Revenue from the decoration and construction business decreased by $70,102, or 89.6%, to $8,117 in fiscal year 2022 from $78,219 in fiscal year 2021. The decrease was mainly due to the negative impact caused by the COVID-19 pandemic and less focus on this business segment. The Company had no significant income from its construction business in fiscal year 2022.

The Company sold 8 lots of vacant land in fiscal year 2022 and generated revenue of approximately $2.3 million. The Company sold 19 lots of vacant land in fiscal year 2021 and generated revenue of approximately $6.6 million. As of March 31, 2022, the Company had no vacant land for future sales.

Gross Profit and Gross Margin

Total cost of revenue decreased by $0.8 million to $2.6 million in fiscal year 2022, from $3.4 million in fiscal year 2021.

Gross profit decreased by $1.7 million, or 5.5%, to $2.6 million in fiscal year 2022, from $4.3 million in fiscal year 2021. Overall gross margin was 49.8% in fiscal year 2022, compared to  55.2% in fiscal year 2021.

Gross margins for rent business, education business, construction business and sales of vacant land were 42.5%, 52.2%, 42.6% and 56.4%, respectively, for fiscal year 2022, compared to 61.9%, 65.2%, 75.0% and 53.8%, respectively, for fiscal year 2021.

General and Administrative Expenses

General and administrative expenses increased by $305,054, or 230.7%, to $437,278 in fiscal year 2022 from $132,224 in fiscal year 2021. The increase was mainly  because the Company recorded arrear interest of $172,993 in fiscal year 2022 due to the late filing of tax returns. In addition, there was increased amortization and utility expenses from the Company’s newly purchased two office buildings in downtown Markham.

Professional Fees

Professional fees increased by $139,119, or 65.8%, to $350,636 in fiscal year 2022 from $211,517 in fiscal year 2021. The increase was mainly due to the increased legal fees and accounting fees related to the Company’s public offering process.

Salaries and Compensations

Salaries and compensations increased by $599,299, or 310.1%, to $792,546 in fiscal year 2022 from $193,247 in fiscal year 2021. The significant increase was mainly due to the expansion of the Company’s educational business and the increased compensation that the Company paid during fiscal year 2022 to attract and retain experienced senior management and professional employees.

Interest Expense, Net

Interest expense increased by $0.8 million, to $0.9 million in fiscal year 2022 from $0.1 million in fiscal year 2021. The significant increase was mainly due to a higher bank loan balance in connection with the purchase of two office buildings located in Downtown Markham, Ontario, Canada. The Company’s outstanding bank loan balance was approximately $18.8 million and $6.4 million as of March 31, 2022 and 2021, respectively.

Government Subsidies

In fiscal year 2022, the Company received $490,171 from the Canada Emergency Wage Subsidy program and Canada Emergency Rent Subsidy program. In fiscal year 2021, the Company applied for total loans of $143,136 under the Canada Emergency Business Account (CEBA) program, of which $45,450 is expected to be forgiven. In addition, the Company received $39,207 from the Canada Emergency Wage Subsidy program in fiscal year 2021. The increase of wage subsidy was consistent with the increase of the Company’s salary and compensation expenses.

Impairment Expenses

In fiscal year 2022, the Company recorded impairment loss of $379,165 for the intangible assets and goodwill in connection with the private high schools and Conbridge College, a private college because the Company is in the process of improving the efficiency of the operations, streamlining the business lines to focus on its core education sector, and optimizing the structure of the vocational educational business.

Other income

The Company had other income of $20,709 in fiscal year 2022. In fiscal year 2021, the Company had other income of $245,109, mainly from the one-time sales of personal protective equipment to one Canadian financial institution during the pandemic.

Provision for Income Taxes

Provision for income taxes decreased by $0.7 million, to $0.3 million for fiscal year 2022 from $1.0 million for fiscal year 2021. The decrease was mainly due to the decreased income before income taxes.

Net Income (Loss)

Net loss was $56,474 for fiscal year 2022, as compared to net income of approximately $2.9 million for fiscal year 2021.

Balance Sheet

As of March 31, 2022, the Company had cash of $0.7 million, as compared to $1.2 million as of March 31, 2021.

Cash Flow

Net cash provided by operating cash flow was $6.4 million in fiscal year 2022, compared to $4.4 million for fiscal year 2021.

Net cash used in investing activities was $24.3 million in fiscal year 2022, compared to $3.1 million in fiscal year 2021. The increase in net cash used in investing activities was primarily attributable to the purchase of two office buildings for approximately $16.9 million in downtown Markham, the deposits of approximately $7.2 million paid to acquire the properties located on 95-105 Moatfield Drive, Toronto, as well as the payments made to acquire various private school licenses and Max the Mutt College of Animation.

Net cash provided by financing activities was $17.5 million in fiscal year 2022, compared to net cash used in financing activities of $0.4 million in fiscal year 2021. The increase in net cash provided by financing activities in fiscal year 2022 was primarily attributable to the mortgages the Company obtained from HSBC Bank. In connection with the purchase of the two office buildings, on April 15, 2021, the Company obtained bank loans of $7.2 million (C$9.0 million) and $5.6 million (C$7.0 million) respectively from HSBC Bank.

Recent Development

Initial Public Offering

On May 19, 2022, the Company closed its IPO of 4,250,000 Common Shares at a public offering price of $4.00 per share for gross proceeds of $17.0 million. The total net proceeds to the Company from the IPO, after deducting discounts, expense allowance, and expenses, were approximately $14.3 million. Following the closing of the Offering, the Company has a total of 39,250,000 Common Shares issued and outstanding. In connection with the offering, the Company’s common shares began trading on the NASDAQ under the symbol “VEDU.”

Acquisition of Griggs International Academy China Co. Ltd.

On July 14, 2022, the Company entered into a Capital Increase and Share Expansion Agreement (the “Contribution Agreement”) with Griggs International Academy China Co. Ltd. (“Griggs China“), a Hong Kong private consulting and investment holding company offering United States K-12 diploma programs and services of Griggs International Academy USA at four locations in China.. Pursuant to the Contribution Agreement, the Company has agreed to invest $900,000 in Griggs China in exchange for 9,000 newly issued shares of Griggs China, which will equal 90% of issued and outstanding shares of Griggs China. This transaction closed on July 29, 2022.

On July 19, 2022, the Company signed a purchase agreement with the two principal shareholders of Griggs China  to purchase their 1,000 shares for a total consideration of $50,000. The two shareholders will retain 10% of the dividend rights of the Company’s Griggs Program in exchange for the sale of their ordinary shares, and the Company guaranteed to pay an annual minimum of $20,000 and $10,000, respectively, to the two shareholders as a retainer if no dividend is to be declared. The payment of the retainer commences September 1, 2022 and remains in effect until August 31, 2032. After completing this transaction, the Company will own 100% of Griggs China.

About Visionary Education Technology Holdings Group Inc.

Visionary Education Technology Holdings Group Inc., headquartered in Markham, Canada, is a private education provider located in Canada that offers high-quality education 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 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 Education Technology Holdings Group Inc.
Investor Relations Department
Email: ir@farvision.ca    

Ascent Investors Relations LLC
Tina Xiao
President
Phone: +1 917-609-0333
Email: tina.xiao@ascent-ir.com 

VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP INC.

CONSOLIDATED BALANCE SHEETS

(IN U.S. DOLLARS) 

March 31,

March 31,

2022

2021

ASSETS

CURRENT ASSETS

Cash

$

741,868

$

1,190,616

Short-term investments

56,021

–

Accounts receivable, net

1,653

183,690

Accounts receivable – related party

–

286,272

Prepaid and other receivable

179,647

81,522

Inventories

–

839,390

Due from related parties

432,676

3,104,042

Loan receivable – current

131,036

–

Related parties loan receivable – current

–

105,898

Total current assets

1,542,901

5,791,430

Restricted cash – non-current

67,821

–

Property, plant and equipment, net

23,240,470

4,469,767

Right of use assets

958,477

35,445

Intangible assets, net

1,082,061

428,061

Acquisition deposits

7,364,241

2,496,790

Goodwill

1,030,399

–

Loan receivable

–

127,232

Deferred offering cost

940,214

–

Related parties loan receivable – non-current

–

318,377

TOTAL ASSETS

$

36,226,584

$

13,667,102

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Accounts payable

$

278,544

$

50,198

Accrued liabilities

1,465,318

120,149

Other tax payable

1,435,045

1,020,329

Due to related parties

7,219,022

1,471,191

Deferred revenue

532,520

201,169

Lease liability – current

211,600

16,150

Bank loans – current

542,264

172,629

Income tax payable

1,598,153

1,116,024

Total current liabilities

13,282,466

4,167,839

Deferred tax liabilities

243,762

33,627

Lease liability, non-current

746,877

19,295

Bank loans, non-current

18,278,316

6,214,428

TOTAL LIABILITIES

32,551,421

10,435,189

Commitments

EQUITY

Common shares, no par value, unlimited shares authorized, 35,000,000 issued and outstanding*

–

–

Additional paid-in capital

665,985

665,985

Retained earnings

2,587,747

2,577,998

Accumulated other comprehensive income

185,179

163,295

Total shareholders’ equity attributable to the Company

3,438,911

3,407,278

Noncontrolling interest

236,252

(175,365)

Total shareholders’ equity

3,675,163

3,231,913

TOTAL LIABILITIES AND EQUITY

$

36,226,584

$

13,667,102

*

Retroactively restated for effect of recapitalization

VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP INC.

CONSOLIDATED STATEMENTS OF INCOME

AND COMPREHENSIVE INCOME

(IN U.S. DOLLARS)

For the Years Ended March 31,

2022

2021

Revenue – rent

$

2,298,198

$

674,898

Revenue – tuition

669,442

358,241

Revenue – construction

8,117

78,219

Revenue – sales of land

2,272,704

6,613,863

Total Revenues

5,248,461

7,725,221

Cost of revenue – rent

1,322,188

256,981

Cost of revenue – tuition

319,913

124,762

Cost of revenue – construction

4,663

19,529

Cost of revenue – sales of land

990,261

3,058,175

Total cost of revenues

2,637,025

3,459,447

Gross Profit

2,611,436

4,265,774

Operating expenses:

General and administrative expenses

437,278

132,224

Professional fees

350,636

211,517

Salaries

792,546

193,247

Total operating expenses

1,580,460

536,988

Income from operations

1,030,976

3,728,786

Other (expense) income

Interest expense

(906,398)

(141,690)

Impairment loss

(379,165)

–

Government subsidies

490,171

84,657

Other income

20,709

245,019

Total other (expense) income, net

(774,683)

187,986

Income before income taxes

256,293

3,916,772

Provision for income taxes – current

(312,767)

(1,003,126)

Net (loss) income

(56,474)

2,913,646

Less: net loss (income) attributable to noncontrolling interest

66,223

(46,789)

Net income attributable to Visionary Education Technology Holdings Group

9,749

2,866,857

Other comprehensive income:

Foreign currency translation gain

26,333

164,684

Comprehensive (loss) income

(30,141)

3,078,330

Less: comprehensive loss (income) attributable to noncontrolling interest

61,774

(23,626)

Comprehensive income attributable to Visionary Education Technology Holdings Group

$

31,633

$

3,054,704

Earnings Per share

Basic and diluted

$

(0.00)

$

0.08

Weighted Average Shares Outstanding*

Basic and diluted

35,000,000

35,000,000

  * Retroactively restated for effect of recapitalization

VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN U.S. DOLLARS)

For the Years Ended March 31,

2022

2021

Cash flows from operating activities:

Net (loss) income

$

(56,474)

$

2,913,646

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

494,729

53,763

Gain recognized on government subsidy

22,883

(45,450)

Impairment loss on intangible assets and goodwill

379,165

–

Changes in operating assets and liabilities:

Accounts receivable

202,741

(174,982)

Accounts receivable from related party

167,550

(272,700)

Inventories

842,346

2,686,597

Prepayments and other current assets

(97,322)

(77,657)

Due from related party

2,114,745

(2,692,545)

Accounts payables

227,370

37,367

Accrued liabilities

854,071

114,453

Other tax payable

406,999

877,215

Deferred revenue

329,113

9,796

Taxes payable

473,607

1,010,214

Net cash provided by operating activities

6,361,523

4,439,717

Cash flows from investing activities:

Acquisition of business

(471,550)

(151,500)

Acquisition deposit

(17,016,884)

(2,378,418)

Purchase additional shares from NCI

–

(31,808)

Loan advance to related parties

425,770

(377,785)

Refund of land deposit

52,668

–

Short-term investment

(55,860)

–

Loan advance to unrelated parties

(2,979)

(121,200)

Acquisition deposits

(7,215,396)

–

Net cash used in investing activities

(24,284,231)

(3,060,711)

Cash flows from financing activities:

Proceeds from bank loan

85,909

136,350

Proceeds from mortgage

12,768,000

6,060,000

Finance costs on mortgage

(49,928)

(30,300)

Deferred offering costs

(451,049)

–

Repayment of mortgage

(469,921)

(2,565,470)

Proceeds (Repayment) of shareholder advance

5,652,248

(3,995,358)

Net cash provided by (used in) financing activities

17,535,259

(394,778)

Effect of exchange rate changes on cash

6,522

96,528

Net increase (decrease) in cash

(380,927)

1,080,756

Cash and restricted cash, beginning of the year

1,190,616

109,860

Cash and restricted cash, end of the year

$

809,689

$

1,190,616

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

Cash paid for income tax

$

–

$

–

Cash paid for interest

$

906,398

$

117,708

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Source: Visionary Education Technology Holdings Group Inc.

PR Newswire

2022 Creative Expo Taiwan: Resonance Island Call to place the island experience at the forefront

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KAOHSIUNG, Taiwan, Aug. 12, 2022 /PRNewswire/ — The 2022 Creative Expo Taiwan, the largest cultural and creative event in Asia, is holding in Kaohsiung, at the Kaohsiung Exhibition Center and the Kaohsiung Music Center between Aug. 5-14, organized by Taiwan Design Research Institute. The theme of this year’s exhibition is “Resonance Island,” representing a to call to place the island experience at the forefront. In recent years, the cultural and creative industry has been regarded as an important indicator of competitiveness and become an industry that many young people flock to. Many enterprises and brands in Taiwan have used cultural and creative elements in many aspects such as events, competitions, etc., to enhance the brand value and show Taiwan’s unique soft power.

The Creative Expo Taiwan presents two main sections—”Cultural Concepts” and “Trade Platform” covering three major exhibitions of cultural curatorial exhibition, Cultural and Creative Brands, and IP Licensing.

The Cultural section is themed “Island of Passion,” and has five areas each symbolizing personal experiences. The Main pavilion, “Resonance Island,” immerses visitors in experiences, as well as enabling the virtual co-creation of new experiences with artists residing in in remote islands. The Craft pavilion, “The Craft SHOP,” enable visitors to experience journeys taken through objects. The Chiayi pavilion showcases the evolution of a contemporary modern city, Chiayi. The Matsu pavilion leads audiences wandering around islands and tracing back to the past of Matsu. The Response pavilion is launched by co-host city, Kaohsiung to present a vision where visitors take a dream-like flight over Taiwan.

The Creative section has the theme of “Ideal Adventure,” gathering cultural and creative brands from across Taiwan and showcases the discerning tastes through a journey through curated selection of classic fashion, while also exploring local original creations through local revitalization through new perspectives. The Licensing section showcases “Super IPs,” gathering innovative vocabularies of the new generation, original IPs, illustrated stories, digital entertainment, and other original intellectual properties to transport visitors through a world of co-branding in the digital realm, with the hope of unlocking boundless and interlinked markets.

The Creative Expo Taiwan enhances virtual-real integration and connection and expand its reach on virtual channels through 5G technology. In addition to the physical exhibition, the Creative Expo Taiwan has launched a new online platform, CET+, in order to provide all the participating brands a channel to promotes to both domestic and foreign buyers through the integration of online and offline. Besides CET+, the Creative Expo Taiwan has also partnered Pinkoi, one of Asia’s leading online marketplaces for original design goods, digital creations and workshop experiences, to launch an online Creative Expo section to help domestic exhibitors to open up new markets and business opportunities.

This year the Creative Expo Taiwan also partners with XRSPACE, the pioneer of the Metaverse, to cooperate with the “GOXR Metaverse Creators Project to provide creators participating in “IP licensing brands” and “Talent 100” which includes 100 emerging brands and creators in Taiwan and abroad this year to have a multiverse experiential space.

The 2022 Taiwan Creative Expo “Resonance Island-Together, we sound in vibrant harmony.” is based creating links in the cultural and creative industry to create a perspective in shared culture and lifestyles to show “It’s All Connected.” As participants of the co-creation process, people embark on an adventure to reexamine Taiwan through a macro lens, and the humanities from a micro lens to create more connections and views to reshape the island through resonance.

Official Links:
Website: https://creativexpo.tw/en
Facebook: https://www.facebook.com/creativexpo.tw/
Instagram: https://www.instagram.com/creativexpo.tw/
CET+: https://creativexpo.tw/cetplus/
Pinkoi Creative Expo section: https://business.pinkoi.com/creative_expo
Download GOXR APP: bit.ly/GOXRAPP
Get to know more GOXR: https://www.facebook.com/official.xrspace

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PR Newswire

“Great Wall Hero 2022–Beijing, the Night is Young” Global Promotional Campaign Launches at the Liangma River

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BEIJING, Aug. 12, 2022 /PRNewswire/ — On August 11, 2022, the “Great Wall Hero 2022—Beijing, the Night is Young” global promotional campaign event (hereinafter referred to as Great Wall Hero 2022) hosted by Beijing Municipal Culture and Tourism Bureau was held at Yansha Wharf on the banks of the Liangma River.

Ms. Pang Wei awarded official Great Wall Heroes 2022 certificates.
Ms. Pang Wei awarded official Great Wall Heroes 2022 certificates.

Deputy director of Beijing Municipal Culture and Tourism Bureau, Pang Wei, attended the event and delivered a speech. The event was also attended by more than 100 guests, including members of the cultural and tourism bureaus of local Beijing districts, representatives involved in the management of tourist attractions around the city, inbound tourism companies, media reporters, and foreign guests. The event was live streamed on Beijing Municipal Culture and Tourism Bureau’s official international social media accounts to share this wonderful moment with fans around the world.

With the background of the 14th Five-Year Plan, “Great Wall Hero 2022” aims to make Beijing into an international consumption center by showcasing Beijing’s nighttime economy, landmark attractions, and unique cultural resources. The campaign’s diverse coverage of culture, history, entertainment, and lifestyle, in combination with the promotion of emerging cultural tourism resources, lays a solid foundation for the future development of inbound tourism to Beijing. The event aims to stimulate the vitality of Beijing’s international cultural tourism marketing and enhance Beijing’s international influence.

At the event, Beijing Municipal Culture and Tourism Bureau released five new “night economy” themed cultural tourism routes through different regions of Beijing, namely Beijing on Stage, Beijing Through Culture, Beijing for Families, Beijing in Fashion, and Beijing in Motion. The “Beijing, the Night is Young” cultural tourism routes focus on nightlife must-sees in Beijing and showcase Beijing’s rich nighttime cultural tourism from the perspectives of food, accommodation, travel, tourism, shopping, and entertainment. The routes take in some of the most representative nighttime culture and tourism consumption zones in the city, including the National Centre for the Performing Arts, Liangma River, Bloomage Live at Wukesong, Sanlitun, and Qianmen Street, showing off Beijing’s “nighttime charm.”

Foreign experts who have lived and worked in Beijing for a long time were invited to the event to experience the five routes and share the extraordinary fun of Beijing nightlife. Among the invitees were five “Great Wall Heroes,” including professional performers, artists, fashionistas, top chefs, and star sports coaches. As long-term Beijingers, they conveyed their love for Beijing by showcasing the fun journeys they took through the five different routes.

After the video launch session, the guests took a night cruise on the Liangma River. The Liangma River night cruise route was officially opened in July 2021. The total length of the cruise is 1.8 kilometers, starting from Yansha Wharf and ending at Solana Wharf and passing through a number of important landmarks. The tour was live streamed on the Visit Beijing Facebook page, allowing overseas fans to experience “Beijing, the Night is Young.” The live stream was viewed 100,000 views in total.

The “Great Wall Hero 2022—Beijing, the Night is Young” global promotional campaign digs deep into the significance of Beijing as an ancient capital and a modern center with a unique local flavor, striving to promote the integrated development of cultural tourism and commerce, technology, sports and more to increase the number of culture and tourism products in the market. The supply of high-quality cultural and tourism resources will continuously enhance Beijing’s consumption vitality, restore the vitality of the cultural tourism industry market, and help the construction of Beijing as an international consumption center.

“Great Wall Heroes” is a global marketing campaign launched by the Beijing Municipal Culture and Tourism Bureau on Visit Beijing’s international social media platforms. Every year, international influencers are invited to the event to experience the latest Beijing cultural tourism routes and products and promote them online through videos, photos, and more. It has been held for six consecutive sessions since 2016 and has become an important annual event to promote Beijing’s culture and tourism resources. Each event is an organic combination of online and offline events to showcase all that Beijing has to offer in the best way possible. For example, “Great Wall Heroes” leveraged the China-US Year of Tourism to promote key cultural heritage belts like the Great Wall and the Grand Canal, as well as international events like the 2019 Beijing Horticultural Expo.

The tourism industry has been heavily impacted by the Covid-19 pandemic since 2020, and the “Great Wall Heroes” global promotional campaign has adapted in response. Since the pandemic, influential foreign experts with long-term experience in Beijing’s cultural tourism industry have been invited to talk about the city from an international perspective. By leveraging the industry influence of foreign celebrities, the campaign aims to promote Beijing’s international image as an inbound tourism destination and stimulate cultural tourism exchanges and cooperation.

In 2020, the “Great Wall Hero 2020—Visit Beijing Again” global promotional event was held at Guancheng Square at Badaling Great Wall Scenic Spot. The event was combined with the “Beijing Great Wall Cultural Festival” to promote five Great Wall Cultural Tourism Routes. In a popular video, 20 foreign influencers dressed in Han-style costumes toured the Great Wall at night. The video strengthened cultural exchanges between China and other countries around the wall, and greatly enhanced the cultural influence of the Great Wall.

In 2021, the “Great Wall Hero 2021—Beijing Winter Charms” event was held at the Beijing National Speed Skating Oval, which is nicknamed “The Ice Ribbon.” The event showed off Beijing’s sporting and cultural facilities as a winter sports capital, alongside lively Spring Festival folk cultural elements. The event reached an exposure rate of over 20 million views, attracting 200 media reports. A video about the event was viewed more than 430,000 times.

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Science and Technology Daily: 5G Empowers International Communication Capacity in Multimedia Era

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HARBIN, China, Aug. 11, 2022 /PRNewswire/ — This is a report from Science and Technology Daily: 2022 is a crucial year for the large-scale development of 5G applications and the comprehensive iterative upgrading of the technology.

Held both online and offline on August 9, the theme of the 2022 World 5G Convention Media Forum is “5G empowers international communication capacity”.

Experts and professionals from domestic and international media outlets, and 5G tech enterprises jointly discussed the in-depth integration of 5G technology and international communication from the perspective of globalization, explored the direction of international communication with 5G technology in multimedia era, and analyzed how to formulate targeted international communication strategies in accordance with the needs of international audiences on media forum of the 2022 World 5G Convention.

Media forum of the 2022 World 5G Convention opens in Harbin on August 9. (PHOTO: S&T DAILY)
Media forum of the 2022 World 5G Convention opens in Harbin on August 9. (PHOTO: S&T DAILY)

Director of China International Communications Group (CICG), Du Zhanyuan shared four viewpoints on the future development of 5G media and the empowerment of 5G technology, saying, “we need to build the 5G ecology of the international communication.”

President of Science and Technology Daily, Zhang Biyong said, “Science and Technology Daily (S&T Daily) has been paying close attention to the dynamic development of the integration between 5G technology and media, guiding global media on multiple levels, dimensions and channels. S&T Daily is always upholding scientific spirit when reporting openness and innovation, digital security, ecological protection and climate change. We are trying to influence international media in an objective manner, clear up misunderstandings, making the whole world have a better knowledge of China’s scientific progress and smart solutions and actively promote the building of a community with a shared future for humankind.”

Director of Science and Technology Department of Heilongjiang Province, Zhang Changbin and President of Heilongjiang Daily Press Group, Zhang Chunjiao attended the forum and gave viewpoints concerning local multimedia industry.

The pivotal role of 5G in communication

Editor-in-chief of S&T Daily, Xu Zhilong said that the construction of 5G ecology has reached a golden opportunity. With the empowerment of 5G technology, the structure and ability of media to collect and spread information have changed accordingly, thus strong international communication strength is needed to make China’s voice heard.

Director of China Society of Science and Technology System Reform, Zhang Jingan said, “China’s development needs the world, and the world needs China. It is crucial to let the world know about China through the media. It is of great significance to build the friendship circle among Belt and Road Initiative through the media. 5G technology should be used to enable more foreign friends to understand and support China, so as to become an inevitable force for world peace and development.”

Deputy editor-in-chief of Guangming Daily, Zhao Jianguo said, “5G has brought new opportunities for change of the mainstream media. Artificial intelligence, blockchain, big data and other cutting-edge technologies created ‘a modern communication network on a whole new level’ for production and transmission of news. Ultra HD, 5G livestreaming and VR will lead to greater innovation in transmission, and constantly improve the influence of mainstream media. Empowered by technologies, the news chain will be infinitely expanded with media convergence. These are all enabling tools for international communication.”

Deputy editor-in-chief of China Daily, Sun Shangwu also shared his opinion, saying, “As a media person, firstly we will focus on mobile communication and enhance immediacy, enabling exchanges between China and the rest of the world to spread faster and further. Secondly, we need to make our exchanges more social and interactive to make them more approachable and accessible. Thirdly, we should focus on visualization and make it more vivid so as to make China-foreign exchanges more active.”

New requirements for international communication in 5G era

Dean of Academy of contemporary China and World studies, Yu Yunquan said, “The 5G era has put forward new requirements for international media communication. Firstly is to deepen the thinking of Internet of Things and strengthen the exploration and application of new platforms. Secondly, further improve the “precision” of information services, especially the planning ability. Thirdly, Accelerate the depth of integration with the technology industry, better meet the needs of the audience.”

Targeted communication of all-media, cross culture and multiple languages will become the new trend in the information age.

Vasily Pushkov, director of International Cooperation, Sputnik News Agency and Radio, said, “The COVID-19 pandemic showed the crucial role, which new technologies play in international communications and information exchange. Online formats of interaction are developing rapidly; virtual international events bring together thousands of participants from all over the world, and bilateral online meetings with partners have become something common.”

Zhao Sha, China Media Development Director of PR Newswire said, “People who work in the media industry are paying closer attention to data from the audience. The increase of the number of views, shares, likes and videos played directly affects the entire industry.”

5G empowers the media industry of the future

Emilio Saldaña, head of science and technology for TV channel 22 in Mexico said, “The fast transmission and ultra-low latency of 5G technology will revolutionize the digital media industry, particularly in two aspects: how news is collected and how it is delivered. 5G technology can help our journalists improve their ability to capture breaking news and produce media products in a short period of time. With the popularization of 5G technology, we will continue to optimize the delivery and experience of news in the digital era.”

Forum guests from Huawei, Tencent, ZTE and Qualcomm also elaborated on the various channels and ways that technology can help improve the international communication capacity from the perspective of 5G application technology, and described the multi-sensory experience of immersive news.

PR Newswire

Baidu to Report Second Quarter 2022 Financial Results on August 30, 2022

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BEIJING, Aug. 5, 2022 /PRNewswire/ — Baidu, Inc. (Nasdaq: BIDU; HKEX: 9888) (“Baidu” or the “Company”), a leading AI company with strong Internet foundation, today announced that it will report its financial results for the Second Quarter 2022 ended June 30, 2022, before the U.S. market opens on August 30, 2022. Baidu’s management will hold an earnings conference call at 8:00 AM on August 30, 2022, U.S. Eastern Time (8:00 PM on August 30, 2022, Beijing Time).

Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of “Baidu Inc Q2 2022 Earnings Conference Call”. Please follow the steps to enter your registration details, then click “Register”. Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.

For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10024320-jfgv94.html

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com. 

A replay of the conference call may be accessed by phone at the following number until September 7, 2022:
US: 1855 883 1031
Reply PIN: 10024320

About Baidu

Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under “BIDU” and the HKEX under “9888.” One Baidu ADS represents eight Class A ordinary shares.

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Source: Baidu, Inc.

PR Newswire

iQIYI to Report Second Quarter 2022 Financial Results on August 30, 2022

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BEIJING, Aug. 5, 2022 /PRNewswire/ — iQIYI, Inc. (NASDAQ: IQ) (“iQIYI” or the “Company”), an innovative market-leading online entertainment service in China, today announced that it will report its financial results for the second quarter ended June 30, 2022 before the U.S. market opens on August 30, 2022.

iQIYI’s management will hold an earnings conference call at 7:00 AM on August 30, 2022, U.S. Eastern Time (7:00 PM on August 30, 2022, Beijing Time).

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite.

Participant Online Registration:  https://s1.c-conf.com/diamondpass/10024346-sgdy7f.html

It will automatically direct you to the registration page of ” iQIYI Second Quarter 2022 Earnings Conference Call”, where you may fill in your details for RSVP.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

A telephone replay of the call will be available after the conclusion of the conference call through September 6, 2022.

Dial-in numbers for the replay are as follows:

International Dial-in                             +1 855 883 1031
Passcode:                                           10024346

A live and archived webcast of the conference call will be available at http://ir.iqiyi.com/.

About iQIYI, Inc.

iQIYI, Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. We produce, aggregate and distribute a wide variety of professionally produced content, or PPC, as well as a broad spectrum of other video content in a variety of formats. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, online games, live broadcasting, IP licensing, talent agency, online literature, etc.

For more information, please contact:

Investor Relations
iQIYI, Inc.
+86-10-8264-6585
ir@qiyi.com

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Source: iQIYI, Inc.

PR Newswire

“MELTY BLOOD: TYPE LUMINA” New Playable Characters “Mash Kyrielight” and “Neco-Arc” Announced All Additional Characters up to the Fourth Set will be Available for Free!

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On sale on Steam starting August 4

TOKYO, July 31, 2022 /PRNewswire/ — Project LUMINA (NotesCo., Ltd., Aniplex Inc., Lasengle Inc.) announces new playable characters “Mash Kyrielight” and “Neco-Arc” for the 2D Fighting Game “MELTY BLOOD: TYPE LUMINA”.

MELTY BLOOD: TYPE LUMINA New Character 2022 Summer
MELTY BLOOD: TYPE LUMINA New Character 2022 Summer

“Mash Kyrielight” and “Neco-Arc”, scheduled for release this summer, will be available for free, along with two more playable characters to be added this coming winter.

Furthermore, the game will be on sale for 35% off on Steam, starting on August 4, 2022 at 10:00 (PDT).

There is also a sale underway on PlayStation®4, Nintendo Switch™, and Xbox One at this time.

· Official website
https://meltyblood.typelumina.com/en/

· Image & details
https://drive.google.com/drive/folders/1V4juku_fmoJiH2YMT4iA_bvmRQfLRi8q?usp=sharing

About “MELTY BLOOD: TYPE LUMINA”

“MELTY BLOOD: TYPE LUMINA” is a 2D fighting game noted for its exciting, fast-paced battles and beautiful 2D animation.

Players control one of 18 characters for animated battles against each other. Select characters to use their numerous techniques and experience an individual story for each one.

Total global title sales have now surpassed 270,000 copies. The game was also selected for the main tournament category at the “Evo 2022” fighting game tournament.

The game features rollback netcode to ensure stable connections for online play worldwide, and supports online competitive play events and e-sports development.

All Additional Characters up to the Fourth Set will be Available for Free

The company has decided to release the upcoming four playable characters for “MELTY BLOOD: TYPE LUMINA” free updates.

The third set of new playable characters is scheduled for release this summer, and the fourth set this coming winter.

On sale on Steam for 35% off

“MELTY BLOOD: TYPE LUMINA” will go on sale for 35% off on Steam.

Be sure to add it to the Wishlist and keep an eye out for the sale.

https://store.steampowered.com/app/1372280/MELTY_BLOOD_TYPE_LUMINA/

· Steam Sale Period
PDT August 4, 2022, 10:00～August 18, 2022, 10:00

Items on Sale

  • “MELTY BLOOD: TYPE LUMINA” Standard Edition
  • “MELTY BLOOD: TYPE LUMINA” Deluxe Edition
  • Round Announcements
PR Newswire

Allschool Launches “Homeschooling Supplemental Classes”, Inviting Homeschool Veterans to Share Their Experiences and Giving Homeschool Families a Head Start

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SAN MATEO, Calif., July 30, 2022 /PRNewswire/ — Allschool, an innovative online education platform, announced the launch of a new initiative, Allschool Homeschooling Supplemental Classes, a celebrity-backed program which invites homeschool parents to share their success stories and offers tips and inspiration to families who are seeking to create an interactive and fun at-home learning space for their children.

To complement its online homeschool support, Allschool connects with homeschoolers and their families at the Homeschool Association of California (HSC) Conference 2022, which is running from July 28 through 31. At the annual state-wide event that packs in a wide range of activities for participants to have fun and get informed, Allschool showcases its homeschooling solutions and introduces its educational philosophy with the goal of unlocking the potential of home education. 

Transitioning into full homeschool routines takes time and effort, and many families have to go through a painful period overwhelmed by stress before coming to enjoy the flexibility and benefits that homeschooling offers. Targeting the challenges that new homeschool parents have to confront from the outset of this journey, Allschool aims to establish a sharing platform with the new initiative backed by home-school veterans, where parents who are new to at-home education can receive adequate guidance and support, easing their concerns as they kick-start and navigate the homeschooling adventures with their kids.

Meet Amy, a homeschool mom of five and homeschooling resource pro

Amy Milcic was a mental health therapist by trade with a master’s degree in Psychology and Therapy before she became a homeschool parent. She had a rocky start with a fair amount of anxiety when she began the daunting task of homeschooling her five boys. She struggled with what resources to choose, subjects to focus on, and all the fine details that come with teaching. 

“When we first started homeschooling, I thought you had to replicate public school at home – with a strict schedule and spending so much time per subject or it wasn’t real,” she recalled. But she came to fully embrace the flexibility of homeschooling retinues as she explores the benefits that a customized learning environment catering to the needs of her boys can offer.

However, she also shared the same worry that troubles many homeschool families – a parent cannot be an expert in all subjects that kids learn and might not be able to offer support to every facet of their lives, especially in terms of socializing. Allschool opened a new space that engaged her sons’ unique way of learning.

“I want to help my younger boys experience more interactive classes. I feel like they could really benefit from learning from other people. Allschool has such a wide variety of topics and supportive teachers that can help me provide my boys with those types of opportunities,” she said.

Homeschool as an emerging trend

Homeschooling has experienced a boom during the COVID-19 pandemic across the US, with the homeschooler number in 18 states jumping by 63% in the 2020 – 2021 school year. This trend appears here to stay after the 2021 – 2022 school year witnessed only a 17% dip in the number of homeschooling students.

Despite the soaring interest, many parents balk at the challenges ahead and lack the resources to get started. Allschool creates a one-stop online learning community full of high-quality educational content that can help parents to embark on their homeschool journey with ease.

“The mission of Allschool is to allow parents and homeschoolers to leverage the power the online learning to access a full range of premium courses purpose-built to fit the educational needs of learners of all ages. With the help of our powerful digital tools, we partner with experienced teachers to design engaging and interactive classes to boost their participation and address the pain points of homeschooling,” said Jack Shan, Co-Founder of Allschool.

About Allschool

Allschool is an innovative online platform that delivers highly interactive small-group live classes to children worldwide. Through Allschool, learners can enjoy a variety of premium live classes – including mathematics, languages, visual arts, game design, and more – delivered by thousands of devoted and talented teachers from all around the world.

An expert in online education, Allschool has developed a set of innovative purpose-built teaching and learning tools that bring meaningful changes to learning outcomes, allowing students to immerse themselves in a rewarding, gamified, and interactive environment that empowers them to explore and pursue their interests while making schooling fun and enjoyable.

Media Contact:
Sara Chen
xi.a.chen@allschool.com 

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https://mma.prnasia.com/media2/1869039/Amy.mp4