I do not, But I thought id post the Last memo from Joe from April.emo
Dear EARI Stakeholders,
After serious discussion with the Chinese partners about the current financial status and the
potential risks of EARI Tianjin, we decided to terminate the operations of the Buolong Film
Base project and the partnership with the ShenZhen New Pattern. The termination of the Film
Base project does not mean the end of our Chinese collaborations; Instead, we plan to operate
more efficiently with Chinese partners in various fields.
Our decision was made upon several factors that hinder the efficiency of the EARI’s global
operations. First, the ongoing negotiations of the tariffs on Chinese products and other political
disagreements between the two countries have caused a lot of disturbances among our
Chinese investors. We heard many concerns from the Chinese investors about the risks of the
future operations such as potential lawsuits or high fines. Our American investors also show
some concerns about the risks of travel. Therefore, our platform to connect the multimedia
industries are not practically possible to operate soon because investors from both sides are
hesitated to invest heavily on a platform to connect the businesses of the two countries at this
moment.
Second, the constructions of the film base have been delayed because the local government
was reluctant to move forward on the administrative approval processes. The overall contexts
of Chinese movie industry have not been optimistic due to the recent scandals of tax violations
by several Chinese stars and their companies, which caused the national concern of the movie
industry in China. On the state level, the administrations have been restructuring the industry
and monitoring investments on any new project. Many projects like ours have been postponed
or cancelled nationwide. We do not see a solution or a change of the current obstacles in the
near future.
Third, we saw other business opportunities in Chinese market and plan to use our funding
more efficiently. Instead of putting more money to maintain a non-operational project, the
termination of the film base project will ensure our financial foundation for other business
potentials which are less impacted by the current political or financial barriers. We are working
with the investors on both sides to study the partnerships on educational products such as
online learning platform, VR products, and educational AIs that cover STEM and ESOL
subjects. We see great potentials of such products on both Chinese and American markets,
and we expect safe and efficient investment in the business partnership on such educational products. Meanwhile, EARI will regain the ownership of the company stocks while ShenZhen
New Pattern voluntarily return the share of EARI and take the responsibility of the financial loss
in the project.
Finally, we will continue to serve the best interests of our stakeholders and our communities.
We will dedicate our efforts on selected core business areas: educational technology,
educational platform, and technology development. In short term, we have initiated several
business operations, including (1) the organization of GTEOC in Atlanta while cancelling the
Tianjin conference to ease the concerns of the risks of travel, (2) the establishment of an online
educational platform/online university in partnership with GAO and the expansion of the
existing platform to global market, (3) the development of VClassrooms and the integration of
AI technology into the existing VClassrooms platform, (4) partnership with HBCU universities to
research and develop technology products based on NASA IPs. We continuously value the
opportunities of educational technology and global partnership. We are gathering our
resources to focus on our core business strength and manage our operations efficiently. In the
long run, we foresee the success of EARI’s operations and take the leadership role in the
global educational technology market.
Joseph Saulter
