Once Fully Enrolled, EEIQ's Foundational
Programs Represent a Revenue Stream of at Least $3.4 Million per Year Starting in 2025
MIDDLETOWN, Ohio, May 14, 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 that its owned and operated Davis University
("Davis") entered into a Cooperation Agreement (the "Agreement")
with Shanghai Jiao Tong University to establish a foundational
program on one of its main campuses. Davis' foundational programs
constitute a course of study for students to acquire the skills
needed for admission into Davis for its bachelor's degree programs.
The Agreement is effective from May 8,
2024 through December 31,
2026. This program is expected to provide the Company with
an additional sustainably growing revenue stream over the next
three years.
Jianbo Zhang, Chief Executive
Officer of EpicQuest Education, commented, "We are pleased to have
developed this foundational program with Shanghai Jiao Tong
University, a first-class and internationally renowned university.
The two-year program enables students to apply for admission to
Davis University and attend the following two years at its
Toledo, Ohio campus where they can
apply their course credits to achieve a four-year bachelor's degree
at Davis University."
"Our foundational programs represent a revenue stream for
EpicQuest Education since students enrolled in the first year most
typically complete the entire two-year program. Importantly, the
revenue realized from these programs represents a separate revenue
stream that is in addition to our US and Canada-based institutions. We plan to develop
foundational programs in several regions of the world where we
offer students the opportunity to pursue their academic goals while
also helping to direct students to complete their work at Davis and
EduGlobal," concluded CEO Jianbo
Zhang.
The foundational program at Shanghai Jiao Tong University,
called 'The Davis University Outstanding Innovation Talent
Program', is a two-year non-degree program to be held on one its
five main campuses. It is designed for students who are seeking to
continue their education at Davis University in one of Davis'
four-year degree programs. It can also serve as a means of
admission to one of Davis' pathway programs with schools such as
Northeastern University, Central Michigan University and Sofia University, among others.
Each incoming class to the program is expected to consist of
approximately 50 students with an expected tuition of $33,800 per year with a payment to Shanghai Jiao
Tong University of $8,025 per year.
The foundational program at Shanghai Jiao Tong University is
expected to launch for the Fall 2024 semester. Starting in the 2025
academic year, this program is expected to consist of at least 100
students. The program has already begun to enroll students, and
enrollment is expected to accelerate following China's national entrance examination for
higher education in early June
2024.
The foundational program at Shanghai Jiao Tong University
replicates the Company's foundational program with Peking
University. As previously announced, the Company's foundational
program intake at Peking University has more than 50 students
registered with its target to have at least 100 students registered
by September 2024. This compares with
only 12 students that were enrolled in the Company's foundational
program in September 2023. This
represents an increase of more than 300% midway through the
recruiting season with an expected eight-fold increase by
September 2024 as compared to the
same period last year.
"Davis' two-year foundational programs in China should secure a sustainable growth in
revenues 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. This strategy builds upon our
existing platforms at our US and Canadian campuses that leverages
our existing infrastructure and the new programs are expected to
substantially increase our future revenue."
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, and the increased revenue expected from
such programs. 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
