EpicQuest Education Announces Advancement of its International Growth Strategy

Rhea-AI Summary

EpicQuest Education Group International Limited (NASDAQ: EEIQ) announced a significant step in its international growth strategy by signing a non-binding Memorandum of Understanding (MOU) with ICBT Campus of Sri Lanka on November 10, 2022. This partnership aims to develop collaborative programs with Davis College and EduGlobal College, providing students in Sri Lanka opportunities to pursue U.S. and Canadian educational pathways. The MOU includes franchising academic programs and guarantees placements for students in the U.S. and Canada, demonstrating EpicQuest's commitment to expanding its international educational offerings.

Positive

• Signing of MOU with ICBT Campus for strategic international expansion.
• Opportunity for franchising Davis College's programs in Sri Lanka.
• Guaranteed placements for students in U.S. for further education.

Negative

• None.

MIDDLETOWN, Ohio, Dec. 20, 2022 /PRNewswire/ -- EpicQuest Education Group International Limited (NASDAQ: EEIQ), (the "Company" or "EpicQuest Education"), 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 on November 10, 2022, the Company expanded its international growth strategy with its signing of a non-binding Memorandum of Understanding ("MOU") with ICBT Campus of Sri Lanka ("ICBT"). The MOU articulates specific partnership programs and collaboration activities between Davis College and EduGlobal College, the Company's two colleges in which it has controlling interests, and ICBT.

"With this MOU, we are continuing to implement our strategic growth plan to enter international educational markets. We intend to develop numerous collaborative programs with renowned higher education institutions where we can achieve meaningful opportunities to enhance our students' educational experience," said Jianbo Zhang, Chairman and CEO of EpicQuest Education. "In the meantime, we are also looking into the potential of establishing an operating hub in Sri Lanka to facilitate our expansion into the Southeast Asia market to leverage our educational programming and unique culture of learning to include Viet Nam, Thailand, Malaysia and India. Our leadership team is on the ground in Sri Lanka to help us to execute upon our strategic growth goal to internationalize our student recruiting and academic programming for both Davis College and EduGlobal College."

The purpose of the MOU is to establish opportunities for a formal partnership for franchising the first year of Davis College's Associate Degree academic program and EduGlobal College's university pathway foundation program, both of which are to be delivered at ICBT. Both programs would enable ICBT to issue standard internal certificates and transcripts to students who complete these respective first year studies in Sri Lanka. In addition, students who complete the first year of study of the Davis College Associate Degree program at ICBT will be offered guaranteed placement for the second year of the Associate Degree program at Davis College in the US and university placement to complete their undergraduate degrees.

A vital component of EpicQuest Education's strategic growth plan is to have Davis College and EduGlobal College become increasingly involved with international collaborations in order to leverage their distinct academic programming and unique culture of learning. The Company is intent upon offering enhanced globalized learning to its students as well as pathway programs to achieve advanced university degrees. A vital component of the Company's growth plan is to build cross-border relationships and to make strategic acquisitions around the globe to establish EpicQuest Education as a truly international provider of higher learning.

About Davis College

Davis College was founded in 1858 and is a private, two-year career training college located in Toledo, Ohio. Davis College offers a specialized professional career training curriculum in the fields of business, medical, and early childhood education. The college's mission is to provide marketable skills that enhance the employability of its graduates. Davis College offers coursework flexibility to ensure program success as well as externship opportunities that provide its student population with real-world skill sets prior to graduation. In addition, Davis College has agreements with numerous four-year US universities for 'transfer pathway' programs that pave the way for students from two-year colleges to gain admission while being able to transfer their course credits. Davis College is accredited by The Higher Learning Commission and the Ohio State Board of Career Colleges and Schools with programs authorized by the Ohio Board of Higher Education. For more information, please visit https://www.daviscollege.edu/.

About EduGlobal College

EduGlobal College is a private college located in the Metro Vancouver area, British Columbia, Canada. EduGlobal College 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 will be necessary for them to complete their degree programs. In tandem with its EAP program, EduGlobal College offers first-year university courses and a Master's Academic Preparation Program to help prepare international students who have completed a bachelor's degree and aspire to pursue graduate studies at a Canadian university. EduGlobal College also offers students an innovative model for bridging the gap between private and public sector post-secondary education in Canada through its pathway program. EduGlobal College is approved by The Private Training Institutions Branch (PTIB) of the Ministry of Advanced Education and Skills Training in the Province of British Columbia, Canada. For more information, please visit https://eduglobalcollege.com/.

About EpicQuest Education Group International Limited

EpicQuest Education Group International Limited ("EpicQuest 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 has 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 acquired a 70% equity ownership position in Ameri-Can Education Group Corp. that owns 100% of the stock of 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 of Ohio, 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 of Ohio. 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 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 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
info@epicquestedu.com
https://www.epicquesteducation.com/

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 did EpicQuest Education announce on December 20, 2022?

EpicQuest Education announced the signing of a non-binding MOU with ICBT Campus of Sri Lanka to expand its international growth strategy.

What is the purpose of the MOU between EpicQuest Education and ICBT?

The MOU aims to establish collaborative educational programs and franchising opportunities for Davis College's academic offerings in Sri Lanka.

What programs will be offered through the MOU with ICBT?

The MOU will offer Davis College's Associate Degree program and EduGlobal College's university pathway foundation programs.

How will the MOU benefit students in Sri Lanka?

Students in Sri Lanka will have access to U.S. and Canadian educational pathways and guaranteed placements after completing their first year.

When was the MOU with ICBT signed?

The MOU was signed on November 10, 2022.