Consolidation Reinforces EEIQ's International
Expansion Strategy in Canadian Market
MIDDLETOWN, Ohio, April 6,
2023 /PRNewswire/ -- EpicQuest Education Group
International Limited (NASDAQ: EEIQ), ("EpicQuest Education"
or the "Company"), a provider of comprehensive education solutions
for domestic and international students seeking college and
university degrees in the US, Canada and the UK, today announced that on
March 31, 2023, its wholly-owned
subsidiary that operates in the Canadian market, Highrim Holding
International Limited ("Highrim"), acquired 20% of the remaining
equity of EduGlobal College ("EduGlobal") from Canada EduGlobal
Holdings Inc. ("Global").
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The acquisition price for the remaining 20% of the equity in
EduGlobal was C$250,000 (US$186,131). On January
15, 2022, Highrim acquired 80% of the issued and outstanding
shares of EduGlobal from Global for C$1.0
million (US$0.8 million) and
the assumption of up to C$200,000
(US$160,000) in liabilities. The
acquisition of the 20% of the remaining equity in EduGlobal results
in the college being 100% owned by Highrim.
"The consolidation of our ownership in EduGlobal College further
underscores our international expansion strategy as well as our
commitment to the Canadian markets," said Jianbo Zhang, Chairman and CEO. "EduGlobal
College's distinctive educational English language proficiency
programs draw top students who are seeking bachelor and
post-graduate degrees. Further, we provide a seamless pathway for
our students to attain undergraduate university and graduate
degrees."
"We are excited to bring EduGlobal College fully under the
EpicQuest Education umbrella and believe that the college will
benefit from the synergies generated by our other educational
operations, with the college having significant potential for
long-term growth," CEO Jianbo Zhang
concluded.
EpicQuest Education is committed to a strategic growth plan
of international expansion. As was previously announced,
EduGlobal was approved for Education Quality Assurance (EQA)
designation in British Columbia
which allows it to host international students on study permits and
allows the college to participate in overseas recruitment and
partnership events organized by the federal Department of Global
Affairs Canada. This designation bolsters our mission to attract a
diverse student body from China,
India, LATAM, the ASEAN countries
and other regions and internationalize the EduGlobal campus.
In addition, with the EQA designation as a requisite, EduGlobal
was placed on the Designated Learning Institution (DLI) list, which
is maintained by Immigration, Refugees and Citizenship Canada
(IRCC). Institutions on the DLI list may host international
students on study permits which allows an international student to
participate in a program of study in Canada that is longer than six months. The EQA
designation and DLI listing are important designations that support
EduGlobal's international expansion and further enhances its image
and reputation to successfully recruit international students.
About EduGlobal College
EduGlobal College ("EduGlobal") is a private college located in
the metro area of Vancouver, British
Columbia, Canada. EduGlobal provides English language
programs for international students who are seeking academic and
career advancement and specializes in English for Academic Purposes
(EAP) programs (also known as English as a Second Language, or ESL,
programs) that focus on helping international students acquire the
advanced competencies in academic English that are necessary for
them to complete their degree programs. In tandem with its EAP
program, EduGlobal offers first-year university courses as well as
a Master's Academic Preparation Program to help prepare
international students who have completed a bachelor's degree and
who aspire to pursue graduate studies at a Canadian university.
About EpicQuest Education Group
International Limited
EpicQuest Education Group International Limited ("EpicQuest
Education" or the "Company") provides comprehensive education
solutions for domestic and international students seeking
university and college degrees in the US, Canada and the UK. The Company owns and
operates EduGlobal College, based in British Columbia, Canada, which focuses on
English proficiency educational programming for students pursuing
academic degrees. The Company is a 70% owner of and operates
Davis College, a career training
college located in Toledo, Ohio.
In addition, the Company has a recruiting relationship with the
Miami University Regional Campuses,
where it maintains residential facilities, a full-service
cafeteria, recreational facilities, shuttle buses and an office for
the regional campuses that provides study abroad and post-study
services for its students; these facilities are not owned,
maintained, operated or are a part of Miami
University. The Company is also a recruiting agent for the
University of the West of Scotland
(through The Education Group (London) Ltd) and Coventry University, both of which are located
in the UK. For more information, please
visit https://www.epicquesteducation.com/.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements in this press release include, without
limitation, the Company's ability to implement its international
strategy as described. Forward-looking statements include
statements with respect to our beliefs, plans, objectives, goals,
expectations, anticipations, assumptions, estimates, intentions,
and future performance, and involve known and unknown risks,
uncertainties and other factors, which may be beyond our control,
and which may cause the actual results, performance, capital,
ownership or achievements of the Company to be materially different
from future results, performance or achievements expressed or
implied by such forward-looking statements. All statements other
than statements of historical fact are statements that could be
forward-looking statements. You can identify these forward-looking
statements through our use of words such as "may," "will,"
"anticipate," "assume," "should," "indicate," "would," "believe,"
"contemplate," "expect," "estimate," "continue," "plan," "point
to," "project," "could," "intend," "target" and other similar words
and expressions of the future.
All written or oral forward-looking statements attributable to
us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our most recent Form 20-F and otherwise
in our SEC reports and filings. Such reports are available upon
request from the Company, or from the Securities and Exchange
Commission, including through the SEC's Internet website at
http://www.sec.gov. We have no obligation and do not undertake to
update, revise or correct any of the forward-looking statements
after the date hereof, or after the respective dates on which any
such statements otherwise are made.
Contacts:
EpicQuest Education Group International Limited
+1
513-649-8350
ir@eei-global.net
Investor Relations:
Precept Investor Relations LLC
David Rudnick
+1 646-694-8538
david.rudnick@preceptir.com
Source: EpicQuest Education Group International
Limited
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