EpicQuest Education Announces 72% Increase in International High School Applications for 2023

Rhea-AI Summary

EpicQuest Education Group International (NASDAQ: EEIQ) reported a significant 72% increase in applications from international high schools in China for the 2023 academic year, totaling 93 applicants from 32 schools compared to 54 from 12 schools in 2022. This surge accounts for 61% of total applications for Miami University Regionals and Davis College, up from 30% in 2022. The company aims to strengthen its international recruiting strategy, focusing on direct engagement with potential students and minimizing third-party intermediaries. EpicQuest believes this approach will enhance enrollment metrics and foster long-term growth in the international education sector.

Positive

• 72% increase in international high school applications for 2023.
• International applications now account for 61% of total applications to Miami University Regionals and Davis College.
• Plans to engage directly with international high schools to improve educational experiences.

Negative

• None.

EEIQ's International Focus is a Strong Competitive Advantage in Key Recruitment Channel

MIDDLETOWN, Ohio, April 4, 2023 /PRNewswire/ -- EpicQuest Education Group International Limited (NASDAQ: EEIQ), (the "Company" or "EpicQuest Education"), 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 as of March 31, 2023, its applications to the Miami University Regionals and Davis College from high schools in China with international curricula for the 2023 academic year increased 72% to 93 applicants from 32 international high schools as compared to 54 applicants from 12 international high schools for the same period of the 2022 academic year.

"We are pleased with our strong increase in our year-over-year recruitment metrics as they reflect our success in our mission to internationalize our schools. Our international approach to our academic programming that includes the knowledge and skills needed for the current global job market is a natural fit for today's international high school students. Further, we believe that our relationships with numerous colleges and universities around the globe perfectly align with students who value multicultural experiences and an international curriculum," said Jianbo Zhang, Chairman and CEO of EpicQuest Education.

"We believe that our recruiting for the study abroad program at Miami University Regionals, practical skills instruction at Davis College and English proficiency training at EduGlobal College occupy distinct growth niches given their focus on international markets. We believe that our international strategy can effectively counter the recent headwinds in college enrollment attributable to the current labor shortage and the lingering effects of the pandemic. Our unique educational opportunities for both domestic and international students can produce superior educational and employment outcomes for our students. We believe that our international growth strategy will continue to evolve and that it will be beneficial for all of our stakeholders," CEO Jianbo Zhang concluded.

In addition to the year-over-year increase in international high school recruiting, EpicQuest Education was also successful in directing its focus towards this recruiting channel. The Company's applications from international high schools for the 2023 academic year accounted for 61% of Miami University Regionals and Davis College student applications as compared to only 30% for the 2022 academic year. The application period typically runs from the beginning of October to the end of March, but due to the impact of the pandemic, the application cycle for international schools for the first half of 2023 will continue until the end of May. In addition, EEIQ expects more applications from this channel over the next couple of months.

Consistent with its international growth strategy, the Company has determined that international high schools will become its premier recruitment channel going forward, and EEIQ plans to engage directly with its potential international high school customers and deploy primary service products that enrich their educational experience that include an array of support services; the Company believes that this will help to ensure the long-term development of the international high school channel. The Company also believes that this will result in stronger enrollment metrics that are in sync with its mission of internationalization. The role of third-party intermediaries will also be diminished which will afford more direct and accurate communications with students and their parents.

The Company believes that its international study abroad service platform is unique in both its dimension and scale. Its primary service products include pre-entry preparatory classes, campus guidance and one-on-one tutoring to help students maximize their academic gains during the study abroad process. The Company's operating subsidiaries also provide admission planning and applications services with a focus on essay and applications services for international school and university cooperative programs; post-study abroad services include advising as to post-graduate program opportunities.

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 and operates Davis College, a career training college located in Toledo, Ohio. In addition, the Company has a recruiting relationship with the Miami University Regionals (the Middletown and Hamilton 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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SOURCE EpicQuest Education Group International Limited

FAQ

What was the increase in applications for EEIQ from international high schools in 2023?

EEIQ reported a 72% increase in applications from international high schools in China for the 2023 academic year.

How many total applicants did EEIQ receive from international high schools?

EEIQ received a total of 93 applicants from 32 international high schools.

What percentage of applications to Miami University Regionals and Davis College were from international students?

International applications accounted for 61% of total applications for Miami University Regionals and Davis College.

What is EEIQ's recruiting strategy going forward?

EEIQ plans to focus on direct engagement with international high schools and reduce reliance on third-party intermediaries.