Newly Hired Recruiting Agent in Mexico and Summer 2023 English Program
for Mexican Students Expected to Spur Enrollment

MIDDLETOWN, Ohio, March 30, 2023 /PRNewswire/ -- EpicQuest Education Group International Limited (NASDAQ: EEIQ), (“EpicQuest Education” or the “Company”), 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 Davis College hired a recruiting agent in Mexico during the first calendar quarter of 2023 to initiate Latin American (LATAM) recruitment activities as part of its international expansion strategy. This would be the Company’s first entry into the LATAM markets, augmenting its numerous ASEAN country initiatives, and an integral part of its international expansion strategy.

“We are pleased to announce this recruiting initiative to enter the Latin American market which is a key part of our international expansion strategy,” commented Jianbo Zhang, Chairman and CEO. “This effort adds to our many expected educational collaborations with institutions of higher education around the world. By entering international educational markets, we are expanding our student body, broadening our academic programming and leveraging our unique culture of learning and student advancement. We believe that we occupy a distinct niche in the education field and believe that our strategy of internationalization brings out the very best in academia and student achievement.”

The Company’s LATAM recruiting plan includes identifying international institutions such as high schools that have international interests and goals for their students; making connections with LATAM educational institutions such as colleges and universities for partnership opportunities; developing programs that allow for a range of activities such as student and faculty exchanges; collaborating on scholarly curriculum development, summer school programs and online workshops; and working with the appropriate LATAM educational agents with the right perspective and resources for effective recruitment.

EpicQuest Education is committed to executing upon its strategic growth plan of international expansion. The Company is seeking to expand its educational ecosystem through potential international collaborations to provide an enriched intercultural education for its students. Through memoranda of understanding between Davis College and numerous institutions of higher learning, including ICBT Campus of Sri Lanka, Isabela State University of the Philippines, PSB Academy of Singapore, Infrastructure University of Malaysia, Anhui Business College of China, Chongqing Technology and Business Institute of China and Davao College of the Philippines, the Company is seeking to further realize its goals of diversity, inclusion and internationalization.

In addition, as part of its LATAM recruitment initiative, EpicQuest Education has created an English as a Second Language (ESL) summer program for July 16-30, 2023 offered by Davis College for high school students from Mexico. The students will be taking English language classes as well as attending a variety of activities to gain an experience of collegiate life. The Company plans to ultimately expand its summer program to include EduGlobal College, and believes that its summer program will lead to significant recruitment opportunities.

EpicQuest Education is committed to its strategic growth plan of offering globalized learning to its student body as well as pathway programs to achieve advanced university degrees. A vital component of the Company’s plan is to internationalize its operations by building cross-border collaborative relationships with institutions of higher learning, developing recruiting relationships in selected international markets, and making strategic acquisitions around the globe.

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 in this press release include, without limitation, the Company’s ability to implement its international strategy as described. 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
[email protected]
Investor Relations:
Precept Investor Relations LLC
David Rudnick
+1 646-694-8538
This email address is being protected from spambots. You need JavaScript enabled to view it.

Source: EpicQuest Education Group International Limited

MIDDLETOWN, Ohio, January 23, 2023 /PRNewswire/ -- EpicQuest Education Group International Limited (NASDAQ: EEIQ), (the “Company” or “EpicQuest Education Group International”), 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 its financial results for the twelve months ended September 30, 2022.

“We are pleased to report a 19% increase in revenue for fiscal year 2022 as compared to fiscal year 2021. We saw in-person attendance continue to normalize at the English Language Program at the regional campuses of Miami University relative to our strategic pivot to remote learning in previous periods attributable to the disruptive effects of the Covid-19 pandemic. While our operating performance was stronger than that in the previous fiscal year, the Company is still in the process of recovering from the significant impact of Covid-19 over the past two and a half years. As our acquired colleges contribute to our financial results in future periods, and as we realize cost synergies, we are optimistic that our financial performance will improve over time,” commented Jianbo Zhang, Chairman and Chief Executive Officer of EpicQuest Education.

“We are committed to our growth strategy of international expansion. Davis College entered into seven educational relationships with international universities in 2022, and we 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. Davis College and EduGlobal College both offer a cost-effective and practical education for our students, and combined with our pathway programs, enable advanced degrees and expanded career options,” continued CEO Jianbo Zhang.

“We continue to engage in vigorous marketing and recruitment activities for all of our educational programs. Since January 2023, we have held more than 70 online promotional and training sessions, including business training with partners and live broadcast activities for potential students. We have also increased the number and variety of online activities that include online guidance classes and online service training sessions to spur student enrollment rates,” concluded CEO Jianbo Zhang.

First Half 2022 Financial Results Ended September 30, 2022

Revenues were $6.3 million for the fiscal year ended September 30, 2022 compared to $5.3 million for the twelve months ended September 30, 2021, representing an increase of $1.0 million, or 18.9%. The increase was due to a rise in student registration at the regional campuses of Miami University (“the MU Regional Campuses”).

Gross profit was $4.3 million for the fiscal year ended September 30, 2022 compared to $3.4 million for the twelve months ended September 30, 2021, representing an increase of $0.9 million, or 26.5%. Our gross margin increased to 68.1% in fiscal 2022 from 63.8% for the twelve months of 2021 due to higher revenue and a lower direct costs attributable to operational efficiencies.

Operating Expenses were $11.5 million for the fiscal year ended September 30, 2022 compared to $4.9 million for the twelve months ended September 30, 2021, representing an increase of $6.6 million, or

134.7%. The increase was partly due to higher general and administrative expenses which included a non-cash expense attributable to share-based compensation granted to directors, officers and employees for retention purposes following the Company’s IPO in March of 2021, as well as an increase in the professional fees that are mainly related to the Company’s two major acquisitions and expansion efforts.

Operating loss was $7.2 million for the fiscal year ended September 30, 2022 compared to an operating loss of $1.5 million for the twelve months ended September 30, 2021. This was due to higher general and administrative expenses that offset the increases in revenue and gross margin for the twelve months ended September 30, 2022.

Other income was $0.85 million for the fiscal year ended September 30, 2022 compared to $0.08 million for the twelve months ended September 30, 2021, attributable to the sale of residential properties adjacent to the MU Regional Campuses at a sales price of approximately 150% of its initial purchase price.

Net loss was $6.2 million for the fiscal year ended September 30, 2022 compared to a net loss of $1.1 million for the twelve months ended September 30, 2021, due to the factors discussed above. Net Loss Per Basic and Diluted Share for the fiscal year ended September 30, 2022 was $0.55 compared to a net loss of $0.12 per basic and diluted share for the twelve months ended September 30, 2021.

Financial Condition

As of September 30, 2022, the Company had $11.4 million in cash and cash equivalents, a decrease of $5.1 million as compared to $16.5 million as of September 30, 2021. As of September 30, 2022, working capital was $8.0 million (current assets minus current liabilities) and the current ratio (current assets divided by current liabilities) was 2.3, as compared to working capital of $11.0 million and a current ratio of 2.3 as of September 30, 2021. Stockholders’ equity as of September 30, 2022 was $15.1 million, an increase of $0.2 million as compared to $14.9 million as of September 30, 2021.

Liquidity and Capital Resources

Net cash used in operating activities for the twelve months ended September 30, 2022 was $4.6 million as compared to cash provided from operations of $0.3 million for the twelve months ended September 30, 2021. The increase was primarily due to the changes in net loss and other working capital balances; the changes in these balances are included in the changes in assets and liabilities presented in the consolidated statement of cash flows.

Net cash used in investing activities was $0.7 million and $0.5 million for the twelve months ended September 30, 2022 and 2021, respectively. The net cash used in investing activities for fiscal 2022 was attributable to $1.9 million for business acquisitions which was offset by $1.9 million in proceeds from the sale of property and equipment. Net cash provided from financing activities was $0.2 million and $9.3 million for the twelve months ended September 30, 2022 and 2021, respectively.

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 in this press release include, without limitation, the Company’s ability to implement its international strategy as described. 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

This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations:

		September 30, 2022				September 30, 2021				September 30, 2020
		US$				US$				US$
Revenues			6,330,428				5,341,850				9,063,137
Costs of services			2,021,058				1,934,237				2,342,276
Gross profit			4,309,370				3,407,613				6,720,861
Operating costs and expenses:
Selling expenses			952,888				1,732,758				2,310,188
General and administrative			10,521,551				3,148,256				3,115,120
Total operating costs and expenses			11,474,439				4,881,014				5,425,308
Income (loss) from operations			(7,165,069	)			(1,473,401	)			1,295,553
Other (income) expenses:
Other income			(819,135	)			(71,640	)			(55,000	)
Interest income			(26,463	)			(9,537	)			(35,293	)
Foreign exchange gain							(743	)			(23,262	)
Total other (income) expenses			(845,598	)			(81,920	)			(113,555	)
Income (loss) before provision for income taxes			(6,319,471	)			(1,391,481	)			1,409,108
Current income tax expense (recovery)			16,459				13,889				397,553
Deferred income tax expense (recovery)			(99,814	)			(321,057	)
Income taxes expense (recovery)			(83,355	)			(307,168	)			397,553
Net income (loss)			(6,236,116	)			(1,084,313	)			1,011,555
Net income (loss) attributable to non-controlling interest			(164,887	)
Net income (loss) attributable to common stockholders			(6,071,229	)			(1,084,313	)			1,011,555
Unrealized foreign currency translation adjustment			(28,939	)
Comprehensive income			(6,265,055	)			(1,084,313	)			1,011,555
Basic & diluted net income per share		$	(0.55	)		$	(0.12	)			0.13
Weighted average number of ordinary shares-basic and diluted			11,010,240				9,160,447				7,938,000

 

EPICQUEST EDUCATION INTERNATIONAL CO., LTD CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2022, 2021 AND 2020 (US$, except share data and per share data, or otherwise noted)

		September 30, 2022				September 30, 2021				September 30, 2020
		US$				US$				US$
Revenues			6,330,428				5,341,850				9,063,137
Costs of services			2,021,058				1,934,237				2,342,276
Gross profit			4,309,370				3,407,613				6,720,861
Operating costs and expenses:
Selling expenses			952,888				1,732,758				2,310,188
General and administrative			10,521,551				3,148,256				3,115,120
Total operating costs and expenses			11,474,439				4,881,014				5,425,308
Income (loss) from operations			(7,165,069	)			(1,473,401	)			1,295,553
Other (income) expenses:
Other income			(819,135	)			(71,640	)			(55,000	)
Interest income			(26,463	)			(9,537	)			(35,293	)
Foreign exchange gain							(743	)			(23,262	)
Total other (income) expenses			(845,598	)			(81,920	)			(113,555	)
Income (loss) before provision for income taxes			(6,319,471	)			(1,391,481	)			1,409,108
Current income tax expense (recovery)			16,459				13,889				397,553
Deferred income tax expense (recovery)			(99,814	)			(321,057	)
Income taxes expense (recovery)			(83,355	)			(307,168	)			397,553
Net income (loss)			(6,236,116	)			(1,084,313	)			1,011,555
Net income (loss) attributable to non-controlling interest			(164,887	)
Net income (loss) attributable to common stockholders			(6,071,229	)			(1,084,313	)			1,011,555
Unrealized foreign currency translation adjustment			(28,939	)
Comprehensive income			(6,265,055	)			(1,084,313	)			1,011,555
Basic & diluted net income per share		$	(0.55	)		$	(0.12	)			0.13
Weighted average number of ordinary shares-basic and diluted			11,010,240				9,160,447				7,938,000

 

EPICQUEST EDUCATION INTERNATIONAL CO., LTD

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2022, 2021 AND 2020

(US$, except share data and per share data, or otherwise noted)

		September 30,				September 30,				September 30,
		2022				2021				2020
		US$				US$				US$
Cash Flows from Operating Activities:
Net income (loss)			(6,236,116	)			(1,084,313	)			1,011,555
Adjustments for items not affecting cash:
Depreciation and amortization			252,097				126,234				87,593
Share-based compensation			4,813,049
Non-cash adjustment to lease expenses			(25,643	)			94,698
Deferred income tax expense			(99,814	)			(321,057	)
Gain from disposal of fixed assets			(813,064	)			(4,000	)
Changes in operating assets and liabilities
Accounts receivable			118,608				(5,176	)			89,521
Prepaid expenses			614,548				71,800				428,592
Long-term prepaid expenses							159,382				584,356
Accounts payable & accrued liabilities			(1,320,563	)			1,117,184				545,606
Deferred revenue			(1,283,314	)			961,426				(3,221,807	)
Income tax receivable			2,293				(480,866	)			(664,399	)
Student deposits			(635,778	)			(313,122	)			994,940
Net cash provided from (used in) operating activities			(4,613,697	)			322,190				(144,043	)
Cash Flows from Investing Activities:
Purchase of property and equipment			(51,410	)			(618,529	)			(288,555	)
Notes receivable			(305,000	)			100,000
Long-term investment			(270,000	)
Net cash used for business acquisitions			(1,945,931	)
Proceeds from sale of fixed assets			1,920,861				4,000
Net cash used in investing activities			(651,480	)			(514,529	)			(288,555	)
Cash Flows from Financing Activities:
Deferred costs related to initial public offering											(432,035	)
Share issuances, net of issuance costs			200,000				9,321,523
Net cash provided from (used in) financing activities			200,000				9,321,523				(432,035	)
Effect of exchange rate changes on cash and cash equivalents			(28,938	)
Net increase/(decrease) in cash, cash equivalents			(5,094,115	)			9,129,184				(864,633	)
Cash and cash equivalents, beginning of period			16,537,174				7,407,990				8,272,623
Cash and cash equivalents, end of period			11,443,059				16,537,174				7,407,990
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Interest paid
Income taxes paid			14,166				490,250				1,053,360
Non-cash investing activities – acquisition of operating lease right-of-used assets			574,483
Non-cash investing activities – assumption of operating lease obligation			574,483

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
This email address is being protected from spambots. You need JavaScript enabled to view it.
https://www.epicquesteducation.com/

Investor Relations:

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Source: EpicQuest Education Group International Limited

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SOURCE EpicQuest Education Group International Limited

MIDDLETOWN, Ohio, Dec. 20, 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 November 10, 2022, the Company expanded its international growth strategy with its signing of a non-binding Memorandum of Understanding ("MOU") with ICBT Campus of Sri Lanka ("ICBT"). The MOU articulates specific partnership programs and collaboration activities between Davis College and EduGlobal College, the Company's two colleges in which it has controlling interests, and ICBT.

"With this MOU, we are continuing to implement our strategic growth plan to enter international educational markets. We intend to develop numerous collaborative programs with renowned higher education institutions where we can achieve meaningful opportunities to enhance our students' educational experience," said Jianbo Zhang, Chairman and CEO of EpicQuest Education. "In the meantime, we are also looking into the potential of establishing an operating hub in Sri Lanka to facilitate our expansion into the Southeast Asia market to leverage our educational programming and unique culture of learning to include Viet Nam, Thailand, Malaysia and India. Our leadership team is on the ground in Sri Lanka to help us to execute upon our strategic growth goal to internationalize our student recruiting and academic programming for both Davis College and EduGlobal College."

The purpose of the MOU is to establish opportunities for a formal partnership for franchising the first year of Davis College's Associate Degree academic program and EduGlobal College's university pathway foundation program, both of which are to be delivered at ICBT. Both programs would enable ICBT to issue standard internal certificates and transcripts to students who complete these respective first year studies in Sri Lanka. In addition, students who complete the first year of study of the Davis College Associate Degree program at ICBT will be offered guaranteed placement for the second year of the Associate Degree program at Davis College in the US and university placement to complete their undergraduate degrees.

A vital component of EpicQuest Education's strategic growth plan is to have Davis College and EduGlobal College become increasingly involved with international collaborations in order to leverage their distinct academic programming and unique culture of learning. The Company is intent upon offering enhanced globalized learning to its students as well as pathway programs to achieve advanced university degrees. A vital component of the Company's growth plan is to build cross-border relationships and to make strategic acquisitions around the globe to establish EpicQuest Education as a truly international provider of higher learning.

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. 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 also acquired a 70% equity ownership position in Ameri-Can Education Group Corp. that owns 100% of the stock of 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, 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 of Ohio. 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
This email address is being protected from spambots. You need JavaScript enabled to view it.
https://www.epicquesteducation.com/

Investor Relations:

Precept Investor Relations LLC

David Rudnick
+1 646-694-8538
This email address is being protected from spambots. You need JavaScript enabled to view it.

Source: EpicQuest Education Group International Limited

View original content to download multimedia:https://www.prnewswire.com/news-releases/epicquest-education-announces-advancement-of-its-international-growth-strategy-301706574.html

SOURCE EpicQuest Education Group International Limited