EEIQ Recently Entered into a New Agreement
with Peking University that Sustains its High Revenue
Generating Foundational Programs
MIDDLETOWN, Ohio, June 25,
2024 /PRNewswire/ -- EpicQuest Education Group
International Limited (NASDAQ: EEIQ),
("EpicQuest Education", "EEIQ" or the "Company"), a provider
of higher education for domestic and international students in the
US, Canada and the UK, announced
an operations update of its wholly-owned Davis University as to its
China-based foundational programs
and its sponsored soccer matches with the Argentine Men's National
Football Team.
Davis University's Unique Foundational Programs
A Renewed Agreement with Peking University. The
Company's owned and operated Davis University ("Davis") entered
into a second Cooperation Agreement (the "Agreement") with Peking
University that sustains its foundational program on one of Peking
University's main campuses. The Agreement is effective from
July 28, 2024 to July 31, 2025. With the renewed Agreement,
student enrollment in the program has been increased from 50
students to 80 students, and this quota has already been reached.
The academic program begins in August
2024.
The Agreement with Shanghai Jiao Tong
University. Davis has previously
announced its agreement with Shanghai Jiao Tong University to
establish a foundational program on one of its main campuses, which
is effective from May 8, 2024 through
December 31, 2026. Davis is expecting
to have an enrollment of up to 50 students in this first year of
the program beginning in September
2024.
The Foundational Programs Generate Robust Revenue.
The Company's foundational program represent a substantial and
sustainable revenue stream without the attendant infrastructure
cost on the Davis campus, while potentially fueling future
on-campus enrollment. The Company estimates that these two
foundational programs, in addition to foundational programs that
are also in place, would potentially add over $5 million to the Company's revenue for the
fiscal year ended September 30, 2025.
The vast majority the students who enrolled the foundational
programs last year will continue their study this year, supporting
expected Company revenue.
"Davis' two-year foundational programs secure sustainable
revenue because the retention rate of students from the first to
the second year is usually close to 100%," stated Zhenyu Wu, CFO of EpicQuest Education. "We have
deep experience in recruiting international students and have
developed a highly successful model that ensures their academic
success leading to good careers. Our foundational programs also
create a pool of future students for both Davis University and
EduGlobal College which can lead to the growth in revenue from both
tuition and on-campus services."
The Company's Sponsored Soccer Matches with the Argentine
Men's National Football Team.
The Exhibition Matches are Rescheduled. As
previously announced, the Company's 40% owned entity Southgilmore
LLC ("Southgilmore") through its wholly-owned subsidiary Gilmore
Inv LLC ("Gilmore") acquired the rights to organize two friendly
exhibition soccer matches with the Argentine Men's National
Football Team. The Argentine Football Association confirmed to
Southgilmore that it was rescheduling the previously scheduled
matches, which are now to be held from October 2025 to March
2026 in the territory of the Asian Football Conference.
The Synergies of EEIQ's New Sports Entertainment
Segment. In addition to driving a new and potentially
dynamic sports entertainment revenue stream, the Company's new
sports entertainment segment was created to include synergies with
Davis University's kinesiology and fitness programming.
Sports Entertainment is a Huge and Growing Market
According to Statista.com, a global data and business intelligence
platform, revenue for the global sports market is estimated to be
$512 billion in 2023 and is projected
to grow to $680 billion by 2028. The
popularity of global sports events continues to grow as these
events are becoming better publicized and they are also aligned
with the growing participation rates in sports and fitness
worldwide.
Jianbo Zhang,
Chief Executive Officer of EpicQuest Education,
said, "We anticipate that our rescheduled matches with the World
Cup Argentina Men's Soccer Team will generate substantial revenue
consisting of broadcasting rights, sponsorships, ticket sales,
merchandizing, and concession sales. We believe that our sports
entertainment segment adds a new and exciting dimension to the
Company as well as a further diversification of our revenue stream
that will lead to higher corporate growth."
EpicQuest Education's Mission of Internationalization
The Company believes that internationalization is a key element
of its strategic growth plan. EpicQuest Education's growth plan is
to have its operated colleges, Davis University and EduGlobal
College, become increasingly focused on international recruiting
and enhanced globalized learning to its students as well as
pathways to achieve university degrees. The Company's strategic
growth plan is to achieve international expansion and establish
EEIQ as a truly international service provider of higher
learning.
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 University degrees in the US, Canada and the UK. The Company owns and
operates EduGlobal University, based in British Columbia, Canada, which focuses on
English proficiency educational programming for students pursuing
academic degrees. The Company operates and is a 70% owner of Davis
University, a career training University 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 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. EpicQuest Education recently established a wholly owned
subsidiary, Gilmore Inv LLC, in Ohio, that will offer international
educational programs related to kinesiology and recreation
education. The Company also established a company in Ohio, SouthGilmore LLC that has been formed to
organize sports-related entertainment projects, which is 40% owned
by Gilmore. For more information, please
visit 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 ability of the Company to increase enrollment in
its foundational programs, the ability of the two foundational
programs described and other foundational programs to add over
$5 million to the Company's revenue
for the fiscal year ended September 30,
2025, and the timing of the rescheduled exhibition soccer
matches. 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
info@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
