Collaborations in the $512 Billion Sports Entertainment Sector Creates Synergies with EEIQ’s Educational Offerings
MIDDLETOWN, Ohio, February 1, 2024 /PRNewswire/ -- EpicQuest Education Group International Limited (NASDAQ: EEIQ), (“EpicQuest Education”, “EpicQuest”, “EEIQ” or the “Company”), a provider of higher education for domestic and international students in the US, Canada and the UK, today announced a corporate strategy update as a result of it having recently established two subsidiaries that operate in the sports entertainment and the sports, kinesiology and fitness academics fields.
“We believe that the sports entertainment sector holds vast potential for EpicQuest to participate in on a global scale. Our new 40%-owned sports-related entertainment subsidiary was formed to organize sports entertainment projects which adds an entirely new and exciting dimension to the Company,” said Zhenyu Wu, Chief Financial Officer of EpicQuest Education.
“We expect that our previously announced soccer exhibition matches in China with the World Cup Argentina Men’s Soccer Team will generate substantial revenue for the Company while creating synergies with the new sports, kinesiology and fitness programming that will be offered by Davis University. The Company’s focus on our new sports-related vertical represents a new element in our strategic growth plan where we expect to be highly successful,” concluded CFO Zhenyu Wu.
As sports entertainment projects can entail enormous ticket sales, sponsorships, merchandizing, food and beverage sales, transmission rights, commercial rights, etc., the Company believes that its 40% owned sports-entertainment subsidiary has the potential to generate substantial revenue from even a single sporting event. As announced on January 18, 2024, the Company’s sports-related entertainment subsidiary entered into an agreement with the Argentine Football Association for the Argentina Men's National Soccer Team to play two exhibition matches in China from which the Company expects to derive substantial revenue.
According to Statista.com, a global data and business intelligence platform, revenue associated with the global sports industry was expected to be $512 billion in 2023 and is projected to grow to $623 billion by 2027. As announced on December 11, 2023, the Company established a wholly-owned subsidiary, Gilmore Inv LLC to focus on kinesiology and recreation, and on January 18, 2024, it announced that it established a subsidiary, SouthGilmore LLC, which is 40% owned by the Company, to organize sports entertainment projects, many of which it anticipates will be large-scale in nature. These new entities represent a new strategic direction for the Company which it expects to further diversify its revenue stream and lead to higher corporate growth.
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 college degrees in the US, Canada and the UK. The Company owns and operates EduGlobal College, 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 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 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 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. Forward-looking statements in this press release include, without limitation, the amount of the revenue that may be received from the hosting of the exhibition matches. 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
Investor Relations:
Precept Investor Relations LLC
David Rudnick
+1 646-694-8538
Source: EpicQuest Education Group International Limited