Davis College Furthers International Strategy via MOU with Holy Cross of Davao College of the Philippines

Rhea-AI Summary

Elite Education Group International Limited (Nasdaq: EEIQ) announced a non-binding Memorandum of Understanding (MOU) with Holy Cross of Davao College, Inc. (HCDC) to foster educational cooperation and explore exchange programs. This initiative aims to enhance Elite Education's international strategy by developing partnerships and diversifying its student base. The collaboration is subject to funding and definitive agreements approval. The company has recently expanded its footprint by acquiring an 80% stake in EduGlobal College in Canada and obtaining control over Davis College in Ohio.

Positive

• Formation of a non-binding MOU with HCDC to enhance international educational partnerships.
• Expansion of the company's global presence through recent acquisitions, including an 80% stake in EduGlobal College and controlling interest in Davis College.

Negative

• None.

MIDDLETOWN, Ohio, May 18, 2022 /PRNewswire/ -- Elite Education Group International Limited (Nasdaq: EEIQ), (the "Company" or "Elite Education Group International"), a provider of comprehensive education solutions for domestic and international students interested in college and university programs in the US, Canada and the UK, today announced that Davis College signed a non-binding Memorandum of Understanding ("MOU") with Holy Cross of Davao College, Inc. ("HCDC") of the Philippines to cooperate in education and academic fields, and to explore the establishment of exchange programs and collaborative research / study opportunities.

The MOU with HCDC is representative of a vital component of the Company's business which is to execute its international strategy by developing cross-border educational partnerships, through operating colleges around the globe and by diversifying its student base. The MOU is non-binding and any future cooperation is subject to the availability of funds and the approval by the parties of definitive agreements. The Company's goal is to establish Elite Education Group International as a truly internationalized service provider of higher learning.

Diane Brunner, President of Davis College, commented, "As signified by our memorandum with Holy Cross of Davao College, we are intent upon creating an international academic experience at Davis College and are committed to expanding our educational ecosystem to include top colleges and universities from around the world. We believe that the broadened internationalization at Davis College will create academic synergies and deepen our mission to improve our academic quality as well as foster an enriched intercultural educational experience for our students and better prepare them for their future careers."

About Holy Cross of Davao College, Inc.

Holy Cross of Davao College, Inc. ("HCDC") is a Catholic private college located in Davao City, Davao del Sur, Philippines administered by the Archdiocese of Davao. HCDC offers undergraduate and graduate degrees encompassing the humanities, social sciences and communication, teacher education, hospitality and tourism, business and management, engineering and technology, criminal justice, maritime education and theology. The school also offers senior High School (Grade 11 and Grade 12) at its Bajada Campus. HCDC has modernized and evolved over the years and strives to be accessible to its surrounding communities, extend its boundaries and promote the formation for the whole person from the perspective of Christian anthropology. For more information, please visit https://www.hcdc.edu.ph/.

About Elite Education Group International Limited

Elite Education Group International Limited ("Elite Education" or the "Company"), through its subsidiaries Quest Holding International LLC and Highrim Holding International Limited, provides comprehensive education solutions for domestic and international students interested in university and college degree programs in the US, Canada and the UK. The Company recently acquired 80% of the equity of EduGlobal College, based in British Columbia, Canada, which focuses on English proficiency educational programming for students pursuing academic degrees. The Company also recently acquired the right to a controlling equity ownership position in Davis College, a career training college located in Toledo, Ohio. In addition, the Company has a recruiting relationship with the regional campuses of Miami University located in Oxford, Ohio ("the MU 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 also acts as 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 United Kingdom. For more information, please visit www.eei-global.net.

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 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:

Elite 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: Elite Education Group International Limited

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SOURCE Elite Education Group International Limited

FAQ

What is the recent MOU signed by Elite Education Group International Limited?

Elite Education Group International Limited signed a non-binding MOU with Holy Cross of Davao College, Inc. to explore educational cooperation and exchange programs.

How does the MOU affect the international strategy of Elite Education Group?

The MOU is part of Elite Education's strategy to develop cross-border partnerships and diversify its student base.

What are the recent acquisitions made by Elite Education Group International?

The company recently acquired 80% of EduGlobal College in Canada and a controlling interest in Davis College in Ohio.

What is the significance of the partnership with Holy Cross of Davao College for EEIQ?

The partnership aims to create academic synergies and enhance the international academic experience at Davis College.

What are the implications of the MOU for students of Elite Education Group?

The MOU aims to create enhanced educational opportunities and international experiences for students.