Elite Education Group Announces Plans to Expand its Residential Facilities Adjacent to the Regional Campuses of Miami University of Ohio

Rhea-AI Summary

Elite Education Group International Limited (Nasdaq: EEIQ) plans to enhance its residential facilities near Miami University of Ohio, anticipating increased enrollment for its English Language Center program starting Fall 2022. The company has sold existing properties for approximately 150% of the original purchase price, using the proceeds for development. The upgrades aim to provide better living conditions and security for students, complementing their recruitment efforts. Chairman Jianbo Zhang expressed commitment to supporting Chinese students' academic success.

Positive

• Plans to upgrade and expand residential facilities to improve student accommodations.
• Sold existing properties at approximately 150% of the initial purchase price, generating funds for development.
• Expecting increased enrollment due to strong recruiting efforts.

Negative

• None.

MIDDLETOWN, Ohio, Nov. 29, 2021 /PRNewswire/ -- Elite Education Group International Limited (Nasdaq: EEIQ), a provider of comprehensive, one-stop education solutions for Chinese university students interested in study abroad programs in the US and other countries, today announced that it plans to upgrade, expand and modernize its residential facilities to accommodate what it expects to be an influx of students for its English Language Center program at the regional campuses of Miami University of Ohio (the "MU Regional Campuses") beginning in the Fall 2022 semester.

"We are pleased that our strong recruiting efforts are expected to lead to improved enrollment at the regional campuses of Miami University of Ohio in the semesters ahead. We are committed to providing Chinese students who want to study abroad the best possible living accommodations, security and support services to help them to be successful in their academic studies and career pursuits," said Jianbo Zhang, Chairman and Chief Executive Officer.

The Company has divested of its existing residential properties adjacent to the Hamilton and Middletown campuses of the Miami University of Ohio at a sales price of approximately 150% of its initial purchase price and plans to use these proceeds to develop modernized and improved facilities for its students. Students who are currently taking in-person classes in the U.S. are residing in housing owned by the Company on Roosevelt Blvd. in Middletown, Ohio, as well as a rental property which was recently renov ated in Hamilton, Ohio. The Company is seeking opportunities to (1) purchase / rent and renovate existing buildings in Hamilton, Ohio, and/or (2) build residential buildings in Hamilton or Middletown, Ohio, to provide students with close proximity to classes and libraries as well as the full range of campus activities.

The upgrading and expansion of the Company's residential facilities will enable it to provide more modern and spacious living conditions as well as better security for its students. The Company has embarked on a plan to improve its residential facilities in order to accommodate what it expects will be sustained growth in the number of students whom it expects to enroll in its English Language Center program at the MU Regional Campuses. The Company believes that its recruitment metrics are both sound and highly competitive with individual universities and other entities engaged in this space.

About Elite Education Group International Limited

Elite Education Group International Limited, through its subsidiary Quest Holding International LLC, provides comprehensive, one-stop education solutions for Chinese students who are interested in study abroad programs in the US and other countries. We develop specific education goals for each student enrolled in our program and provide a safe and structured environment to enable students to pursue their academic goals. Our primary study abroad agreement is with the regional campuses of the Miami University of Ohio, and we maintain residential facilities, a full-service cafeteria, recreational facilities, shuttle buses and an office for the Middletown and Hamilton campuses that provides a wide range of study abroad and post-study services for our students. These facilities are not owned, maintained, operated or are part of MU. 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. Forward-looking statements in this press release include, without limitation, the number of students that will register in Fall 2022 for its English Language Center program at the MU Regional Campuses, and whether the Company will find opportunities to expand its current facilities. 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 prospectus filed pursuant to Rule 424(b)(4) 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 are Elite Education Group's plans for their residential facilities near Miami University of Ohio?

Elite Education Group plans to upgrade and expand its residential facilities to accommodate expected growth in enrollment for its English Language Center program, starting Fall 2022.

How much did Elite Education Group sell its existing residential properties for?

Elite Education Group sold its existing residential properties for approximately 150% of the initial purchase price.

What is the expected impact of Elite Education Group's expansion plans on student enrollment?

The company anticipates that its expansion plans and strong recruiting efforts will lead to improved student enrollment in their programs.

When is the expected start date for the English Language Center program at Miami University of Ohio?

The English Language Center program is expected to begin in the Fall 2022 semester.

What is the stock symbol for Elite Education Group International Limited?

The stock symbol for Elite Education Group International Limited is EEIQ.