Existing Programs Represent an Annual Revenue
Stream of at Least $4 Million in the
2024-25 Academic Year
MIDDLETOWN, Ohio, Oct. 10,
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, today announced a doubling
of student enrollment in its overseas foundational programs for the
Fall 2024 semester as compared to the 2023-24 academic year. The
foundational programs are a key component of EpicQuest Education's
core mission of internationalization.
"Our foundational programs provide excellent revenue to the
Company and we plan to further expand these programs in the periods
ahead," commented Zhenyu Wu, CFO of
EpicQuest Education. "We estimate that our existing foundational
programs will provide an annual revenue stream of at least
$4 million in the 2024-25 academic
year. Foundational programs enable international students to study
in their home countries while also creating a pool of students who
choose to study abroad, and potentially complete their studies at
our Davis University and EduGlobal College, and at other top
schools in the US."
Davis University's foundational programs enrolled 115
students for the Fall semester as of September 30, 2024 as compared to 55 students for
the 2023-24 academic year. Foundational programs are a course
of study for international students to acquire the skills needed to
ensure their success at colleges and universities. We believe that
Davis' two-year foundational programs can secure sustainable
revenue because the retention rate of students from the first to
the second year is usually close to 100%. In addition to this
representing a unique revenue stream for the Company, the
foundational programs also create a potential pool of future
students to attend our owned and operated schools.
Davis' foundational program students are enrolled in elite
universities. The foundational programs are currently placed on
the main campuses of Peking University, Shanghai Jiao Tong
University, and the Beijing Institute of Technology, preeminent
universities in China. The Company
typically places its own instructors in these programs and
collaborates on the academic programming for students.
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
EpicQuest Education 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 release include, without
limitation, the ability of the Company to achieve the expected
annual revenue stream of at least $4
million in the 2024-25 academic year.. 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
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SOURCE EpicQuest Education Group International Limited