EpicQuest Education Announces Operations Update

Rhea-AI Summary

EpicQuest Education Group International Limited (NASDAQ: EEIQ) has provided an operations update announcing significant progress in its international expansion strategy. In 2022, the company established several educational partnerships and welcomed 89 students from China for in-person classes at the Miami University Regional Campuses, marking a return to normalcy post-pandemic. The firm successfully executed a change of control for Davis College, enhancing its accreditation and strategic growth initiatives, while EduGlobal College received EQA designation, facilitating its international student recruitment efforts.

Positive

• 89 students admitted for in-person classes at Miami University, indicating recovery post-COVID-19.
• Significant strategic growth with Davis College's change of control and accreditation extension.
• EduGlobal College received Education Quality Assurance designation, enhancing recruitment potential.

Negative

• None.

MIDDLETOWN, Ohio, Jan. 5, 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 interested in college and university programs in the US, Canada and the UK, today announced an operations update.

"We are pleased with the progress of our owned and operated colleges as they further execute upon our sustainable growth strategy of international expansion. We have entered into numerous educational relationships in 2022 and expanded our recruiting efforts to further internationalize our student body. We believe that our strategic plan will optimally grow the company and lead to superior educational outcomes for our students," commented Jianbo Zhang, Chairman and CEO of EpicQuest Education.

"In addition, we have had 89 students on campus for the English Language Program at the Miami University Regional Campuses for the Fall 2022 term. This was the first time that our students from China were able to attend in-person classes since March 2020. We view this as a return to normalized economic conditions which should positively impact our financial results," concluded Mr. Jianbo Zhang.

Operations Update

Over the past year, we have made significant steps to execute on our sustainable growth strategy of international expansion. An update of our owned and operated colleges as well as our recruiting relationship with the Miami University Regional Campuses follows.

Davis College of Toledo, OH: A Change of Control and Strategic Expansion Initiatives

• In December 2022, a change of control occurred as the Company's ownership of the underlying equity of Davis College, through its 70% acquisition of Ameri-Can Education Group Corp., which owns 100% of Davis College, was converted into common stock. The Higher Learning Commission Board of Trustees has approved the extension of our accreditation pursuant to this event. Also, a Temporary Program Participation Agreement (TTPA) was approved by the US Department of Education. This event represents a key strategic growth initiative that expands our business model towards being an operator of a college that provides career-training programs as well as a 'transfer pathway' to top universities for students to pursue Bachelor's degrees.

• Davis College offers immediate synergies with our existing operations as well as significant long-term growth opportunities in the US, the foundation of our global expansion strategy. Davis College is proud to work with seven international universities to offer students a variety of pathways toward completing their Bachelor's degrees including Northeastern University's College of Professional Studies, the University of Cincinnati, Trinity Western University, and Rennes School of Business. The Davis College leadership team is also finalizing several more arrangements with North American universities.

• Davis College has established non-binding Memorandums of Understanding with several global institutions to further its goals of diversity, inclusion and internationalization. Among these institutions are the International College of Business and Technology (ICBT Campus) of Sri Lanka, Isabela State University of the Philippines, PSB Academy of Singapore, and Anhui Business College of China.

EduGlobal College of Vancouver, Canada: A Change of Control and Strategic Expansion Initiatives

• EduGlobal College was approved for Education Quality Assurance (EQA) designation in British Columbia, Canada through May 31, 2023. Among other accreditations, it enables EduGlobal College 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. The Company believes that this will enable us to effectively promote EduGlobal's English for Academic Purposes program and its International University Pathways Program (iUPP) such as the one articulated with Algoma University in Canada. This will bolster the Company's mission to attract a diverse student body from China, India, LATAM, the ASEAN countries and other regions to further internationalize our campus.

• EduGlobal College is making substantial strides towards international expansion as it has entered into a Memorandum of Understanding with ICBT Campus of Sri Lanka; currently developing affiliations with higher education institutions in Thailand.

The Miami University Regional Campuses' English Language Program Welcome Back Students

• After two years of coping with the disruptive impact of Covid-19, we welcomed 89 students, including those students admitted in 2022, and some from the previous year, to our dormitory for the English Language Program at the Miami University Regional Campuses (MUR) for the Fall 2022 term. This was the first time our students from China were able to be on campus to attend to in-person classes at MUR since March 2020. These strong results are due to our ongoing efforts to offer online courses during the pandemic as well as the development of our foundational programs in China to deepen our applicant pool.

• Our StudyUp Center LLC (SUC) was established in April 2022 in Hamilton, Ohio to coordinate and administer university and college student support services, provide academic guidance and advice for international students, and assist them in selecting and applying to educational institutions.

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. Through its wholly-owned subsidiary in Canada Highrim Holding International Limited, the Company owns 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 owns 70% of the equity of Ameri-Can Education Group Corporation, the holding company of 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 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 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 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 is the latest operations update from EpicQuest Education Group International Limited (EEIQ)?

EpicQuest Education announced significant progress in its operations, including welcoming 89 students from China to in-person classes at Miami University and a change of control for Davis College in December 2022.

How many students did EpicQuest Education have on campus for the Fall 2022 term?

EpicQuest Education had 89 students on campus for the English Language Program at Miami University Regional Campuses during the Fall 2022 term.

What strategic initiatives did EpicQuest Education achieve in 2022?

In 2022, EpicQuest Education entered several educational partnerships, executed a change of control for Davis College, and received EQA designation for EduGlobal College.

How does the change of control for Davis College impact EpicQuest Education (EEIQ)?

The change of control for Davis College, which became common stock, resulted in an extension of accreditation and aligns with EpicQuest's strategic growth initiatives, providing opportunities for career-training programs and 'transfer pathways' to universities.

What is the significance of the Education Quality Assurance designation for EduGlobal College?

The Education Quality Assurance designation allows EduGlobal College to host international students on study permits and participate in overseas recruitment, enhancing its ability to attract a diverse student body.