VISIONARY HOLDINGS INC.
News Correction
Released on March 10, 2025,
Visionary Holdings Inc., a public Company, trading on the NASDAQ exchange symbol:” GV”
Hereby informs its Shareholders and the Public with the following information:
It has become clear that Visionary Holdings Inc. was targeted by a sophisticated impersonation scheme, in which an individual falsely claimed to represent Al Fardan Group LLC. The documents and correspondence we received, which at the time appeared credible enough to make public information, have now been determined to be falsified. Based on these materials, Visionary paid a substantial retainer to initiate a due diligence process and move forward with what we believed to be a legitimate transaction. The information published by “GV” stated that it had reached an agreement that $1 - Billion in financing or an Intent Agreement with Al Fardan Group LLC.was in place and could be relied upon. According to the intended Agreement, Al Fardan Group LLC. was to invest $1 billion intoour company for the development of the new energy vehicle industry. This Intent Agreement was signed through the introduction of the former chairman of GV, Wei De Zhai. Later, Ms. Fan Zhou, the current Chairman of Visionary Holdings Inc., personally visited the headquarters of Al Fardan Group LLC. for verification. This is when it was discovered to be falsified.
Upon learning of this information on March 26th, 2025, due to Ms. Fan Zhou actually going to the location offices, the company immediately launched an internal investigation and engaged external legal and technical experts to thoroughly trace and verify the origin of the communications that led to the publication of the press release.
We now understand that Mr. Abid Nazir Mian, the individual who claimed to represent Al Fardan Group, had no affiliation whatsoever, and was acting without authorization.
Meanwhile, the company promptly held an extraordinary general meeting of shareholders and dismissed the Board Members who were derelict in their duties regarding this matter. The new Board of Directors hereby made this information public for clarification of the facts. We hereby extend our sincere apologies to investors. At the same time, Visionary Holdings Inc., has also initiated legal procedures and reported the case to relevant institutions in Canada and the United States, aiming to bring the lawbreakers to justice.
Going forward the newly appointed Board of Directors of Visionary Holdings Inc., will always adhere to the principle of operating with integrity. We will approach information disclosure with a more rigorous attitude, continuously improve the corporate governance and internal control systems, and earnestly protect the rights and interests of investors and partners. Once again, we deeply apologize for the inconvenience caused by this incident and thank you all for your understanding and support. Visionary Holdings, Inc. April 9, 2025
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