EpicQuest Education Announces that its 70%-Owned Ameri-Can Subsidiary Completes its Acquisition of Davis College

Rhea-AI Summary

On December 1, 2022, EpicQuest Education Group (NASDAQ: EEIQ) announced the completion of its subsidiary Ameri-Can Education Group's acquisition of Davis College, a private career training institution founded in 1858. EpicQuest had previously acquired a 70% stake in Ameri-Can, which enabled the loan of $1 million to convert into 100% ownership of Davis College. This strategic acquisition aligns with EpicQuest's goal to enhance educational offerings for international and domestic students and expand global collaborations.

Positive

• Completion of Davis College acquisition enhances educational offerings.
• Strategic alignment with growth strategies, increasing international student engagement.
• Expected synergies from expanded global collaboration opportunities.

Negative

• None.

MIDDLETOWN, Ohio, Dec. 13, 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 December 1, 2022, Ameri-Can Education Group Corp. ("Ameri-Can") completed its acquisition of Davis College. On November 26, 2021, EpicQuest Education acquired 70% of Ameri-Can which, at that time, held the right to the underlying equity of Davis College in the form of a $1 million loan, which was converted into 100% of the common stock of Davis College.

"This transaction is in full alignment with the sustainable growth strategies of EpicQuest Education as Davis College, with its long history in post-secondary education since 1858, is devoted to student learning and the engagement of both domestic and international students," Mr. Jianbo Zhang, CEO and Board Chair of EpicQuest Education, commented.

Diane Brunner, President of Davis College, said, "The conversion of the Ameri-Can loan into shares of Davis College constitutes a change of control and the Higher Learning Commission Board of Trustees has approved the extension of our accreditation pursuant to this event. We are pleased to see this transpire and will continue to focus on the further internationalization of both our academic programs and recruitment plans that align with EpicQuest Education's international expansion strategy. We entered into five potential international collaboration in 2022 which reflect our commitment to EpicQuest Education's mission of diversity, inclusion and internationalization," Ms. Brunner continued.

"Looking ahead to 2023, our objective is to continue to develop relationships with colleges around the world to create an enriched academic experience at Davis College. We believe that the broadened internationalization at Davis College will create academic synergies and create an intercultural educational experience that will better prepare our students for the global economy," Diane Brunner concluded.

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 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 has also acquired a 70% 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 of 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 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

View original content to download multimedia:https://www.prnewswire.com/news-releases/epicquest-education-announces-that-its-70-owned-ameri-can-subsidiary-completes-its-acquisition-of-davis-college-301701544.html

SOURCE EpicQuest Education Group International Limited

FAQ

What is the impact of the Ameri-Can acquisition of Davis College on EpicQuest Education?

The acquisition is expected to enhance EpicQuest's educational offerings and align with its growth strategies for international student engagement.

When did Ameri-Can complete the acquisition of Davis College?

Ameri-Can completed the acquisition on December 1, 2022.

What percentage of Davis College does EpicQuest now own?

EpicQuest owns 100% of Davis College following the acquisition.

How does the acquisition of Davis College affect EpicQuest Education's future plans?

The acquisition is expected to contribute to EpicQuest's international expansion strategy and create academic synergies.

What was the financial arrangement for the acquisition of Davis College?

The acquisition was facilitated by converting a $1 million loan from EpicQuest to Ameri-Can into equity, resulting in full ownership of Davis College.