We are a licensed provider of private online and in person educational programs and services in Canada, serving both Canadian and international students who reside in Canada and internationally. We entered the education industry in 2017 when we purchased a majority interest in Toronto eSchool Ltd., or Toronto eSchool. Our educational programs include Ontario Secondary School Diploma (grades 9 through 12), or OSSD, career-oriented two-year college and four-year university diploma programs, vocational education programs, and master programs. We also provide educational services that include immigration and study visa services, student housing, career guidance, internship, and entrepreneurship guidance. While we started in the real estate development business, it has used the profits from those activities to acquire a number of private, government licensed education operations and is transitioning into private education and ancillary services as its main business segment.
Delivery of Our Current Education Programs and Services
We deliver our education programs and services in Canada by way of:
- Traditional campus settings for high school, vocational and college programs.
- Online courses for high school and college programs.
- Partnerships with public universities in which students attend one of our college’s two-year programs and then attend a public university for the next two years to obtain a bachelor’s degree, which are referred to as 2+2 programs. This collaborative education can also by arranged as 1+3, where students enroll in one of our colleges for the first year and then attend a public university for the next three years to obtain a bachelor’s degree.
- Vocational training programs and courses that lead to an occupational certificate.
- We have established fee-based collaborations with six education organizations and recruiting agents in foreign countries. They help promote our education products and recruit international students for our programs and for colleges and universities that have engaged us to recruit international students.
- Our administrative offices provide visa and immigration services through licensed Regulated Canadian Immigration Consultants, or RCIC’s. Such immigration services are designed to assist students, who complete our vocational training and college programs, to apply for study and immigration visas in Canada. We also intend to expand our provision of career counseling in 2022 to assist students in finding employment and thereby be able to apply for resident visas in Canada.
We plan to expand our education programs and services by:
- Developing teaching facilities and building teaching labs, in both real and virtual forms:
- Developing an innovative education management platform based on artificial intelligence (AI) for most cost-effective operation of our education programs.
- Developing virtual teaching labs based on AI and Virtual Reality (VR).
- Expanding education programs:
- Converting select existing college programs into four-year university programs.
- Acquiring additional academic institutes.
- Entering into Public College-Private College Partnerships, or Public Private Partnership (PPP) programs, in which we recruit students into our two-year college programs pursuant to contracts with public colleges, leading students to an Ontario College Credential from the public colleges. We plan to continue to develop three to five more PPP programs.
- Enriching and diversifying academic partnerships with both Canadian and international institutions:
- Entering into partnerships with public universities that will enable our college graduates who have completed our one or two-year programs to study for an additional two or three years at universities to obtain university degrees, which are known as 2+2 and 1+3 programs.
- Establishing collaborations with top universities and colleges for joint academic programs and student exchange programs.
- Strengthening our marketing capability.
- Improving our own recruiting network in targeted countries to expand our ability to directly recruit international students into our education programs and directly into other programs at universities in Canada.
- Enhancing our faculty:
- Enhancing our faculty through continued training programs and recruiting top talent to ensure quality and improve our education programs.
As a part of our planning, we have entered into agreements to acquire schools and facilities, have entered into partnership negotiations with Canadian public colleges and universities, and have retained personnel who, we believe, will enable us to successfully accomplish our plans. However, we cannot guarantee that any of our proposed acquisitions will close, that present negotiations will lead to binding agreements, or that our business plan will be successful. See “Risk Factors.” Certain of our pending acquisitions and partnerships and planned programs are described below.
Max the Mutt College of Animation, Art and Design. On December 19, 2020, Farvision signed a share purchase agreement to purchase 70% of the issued and outstanding shares of Max the Mutt Animation Inc., which operates Max the Mutt College of Animation, Art and Design, or MTM. MTM was founded in 1997 as a Canadian private career college and is located in Toronto, Ontario. It offers full-time four-year college diploma programs in Classical and Computer Animation and Production, Illustration and Storytelling for Sequential Arts, Concept Art for Animation and Video Games. MTM also offers a variety of digital, animation and art workshops and courses outside of the diploma programs as well as an intensive six-week certificate program for students who will be applying to art-based post-secondary programs. Our acquisition of MTM is scheduled to close on or about November 30, 2021.
Public Private Partnership. A PPP is a contractual arrangement between a public college of applied arts and technology in Ontario and a third party for the delivery, by the third-party, of college programs leading to an Ontario College Credential. The third party must be an independent legal entity other than a college of applied arts and technology, publicly-assisted university or Indigenous Institute prescribed under the Indigenous Institutes Act, 2017. We are in active discussions for a PPP with one public college, which is in the process of drafting a project plan and Agreement. We expect to have a decision on whether to proceed from that college in February 2022.
Partnership with Dorset College. Dorset College was established in Vancouver as a private college in 1981 under the authority of Advanced Education and Skills Training, Province of British Columbia. It operates the following academic programs: (1) 2-year college diploma programs in Tourist and Hospitality Management, Business Administration, and Science; (2) 1 and one-half-year college diploma program in Management; (3) 1-year certificate program in Business Culture Studies, and Business Studies; (4) preparation programs in Preparation for Graduate School Applicants (8 months), and Academic Preparation (1 year). Dorset College has signed agreements with the following leading Canadian public universities to facilitate Dorset College students’ completion of Bachelor’s degree programs: (1) 1+3 collaborative education: 1 year in Dorset College, 3 years in Dalhousie University; (2) 2+2 collaborative education: 2 years in Dorset College, 2 years in University of Saskatchewan, University of Northern British Columbia, British Columbia Institute of Technology (BCIT), and Cape Breton University. We have signed a strategic partnership agreement with Dorset College to establish a subsidiary college in Toronto. We will have a 90% ownership interest in this campus. Dorset College and we intend to operate the same academic programs at the Toronto campus as Dorset College in Vancouver.
Visionary University Town. On May 19, 2021, we entered into an agreement to purchase two buildings with a total floor area of 433,000 square feet in North York, Ontario, a Toronto suburb, which had been IBM’s Canada headquarters. We intend to convert the buildings into a campus center that we refer to as University Town. We expect to use the facility to house MTM’s gaming and facility design programs and will have a capacity to provide teaching facilities for 12,000 to 15,000 international students in our educational programs. We may also lease portions of the facility to third party educational organizations with whom we may join in providing educational services. We expect to close the purchase for the two buildings on March 31, 2022.
Niagara University in Ontario Partnership. Niagara University is a private university in Lewiston, New York, United States, that was founded in 1856. Niagara University has been educating students in the Catholic and Vincentian tradition, which emphasizes ethics, lifelong learning, and service to others and prepares their graduates for lives and careers that are both successful and fulfilling. Niagara University is a binational university operating in both New York and Ontario. Under consent of the Canada Ministry of Colleges and Universities, Niagara University offers four master programs in Ontario, including a Master of Science in education, a Master of Business Administration, a Master of Science in Finance, and a Master of Science in Information Security and Digital Forensics. Farvision has entered a strategic partnership with Niagara University to collaborate on these four master programs. Farvision is the exclusive student recruiting agent in Canada, China, India, and south-East Asia for Niagara University’s master programs offered in Ontario. Farvision has also developed four to six pre-master programs, which prepare students for admission to Niagara University’s master programs.
Halifax Language Institute of Canada, or Halifax Institute. Farvision signed a cooperation agreement with Halifax Institute on October 10, 2021, under which the two parties will establish a Toronto Branch of Halifax Institute, or the Halifax Institute Toronto. Halifax Institute Toronto is to be housed at our facility in Toronto. The Halifax Toronto Branch is expected to begin offering courses in July 2022. Under the cooperation agreement, Farvision is responsible for operation of the Halifax Institute Toronto and the enrollment of students in all courses offered by the Halifax Institute.
We believe that the following strengths differentiate us from our competitors and provide us with advantages for realizing the potential of market opportunity:
- recognized private education brands in Canada;
- international presence;
- substantial knowledge of our customers and the Canadian education market;
- established presence in targeted, high demand disciplines;
- innovative marketing, recruiting and retention strategies;
- commitment to offering academically rigorous, career-oriented programs;
- diverse programs and services offerings;
- extensive network of educational institutions;
- successful track record;
- experienced management team;
- collaborative partnering strategy;
- broad scope of education programs covering lifelong education;
- expertise in online education;
- ability to provide immigration services; and
- ownership of adequate real estate to house our businesses’ planned expansion.
Our goal is to become the leading provider of comprehensive private educational programs and training services in Canada, and the largest recruiter of international students to study in Canada. We intend to achieve our goal by pursuing the following growth strategies:
- acquire other educational businesses;
- establish new campuses and centers and expand our extensive network;
- expand our collaborative and other alliances;
- expand our education programs and training services offerings;
- expand relationships with private sector employers;
- leverage existing licensing arrangements and pursue others;
- leverage synergies among our campuses to expand recruiting and cross-selling efforts;
- increase conversion of shorter-term students to longer-term students;
- leverage our proposed PPP programs with public colleges and universities in China;
- expand course and degree offerings based on industry trends and government policies;
- integrate online and offline resources for our training;
- offer professional development related services by leveraging big data and artificial intelligence technologies; and
- develop mobile applications for our online education services.