EpicQuest Education Announces a 2x Increase in its Overseas Foundational Programs

Rhea-AI Summary

EpicQuest Education Group International (Nasdaq: EEIQ) has announced a doubling of student enrollment in its overseas foundational programs for the Fall 2024 semester compared to the 2023-24 academic year. The company estimates that these programs will provide an annual revenue stream of at least $4 million in the 2024-25 academic year.

Davis University's foundational programs enrolled 115 students for the Fall semester as of September 30, 2024, up from 55 students in the previous year. These programs are currently placed on the main campuses of Peking University, Shanghai Jiao Tong University, and the Beijing Institute of Technology. The company typically places its own instructors in these programs and collaborates on academic programming.

EpicQuest Education views internationalization as a key element of its strategic growth plan, aiming to establish itself as an international service provider of higher learning.

Positive

• Doubling of student enrollment in overseas foundational programs
• Estimated annual revenue stream of at least $4 million from existing foundational programs in 2024-25
• High retention rate (close to 100%) for two-year foundational programs
• Partnerships with elite Chinese universities for foundational programs
• Potential pool of future students for EpicQuest Education's owned and operated schools

Negative

• None.

News Market Reaction – EEIQ

+1.20%

1 alert

+1.20% News Effect

On the day this news was published, EEIQ gained 1.20%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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

FAQ

What is the expected revenue from EpicQuest Education's (EEIQ) foundational programs for 2024-25?

EpicQuest Education estimates that its existing foundational programs will provide an annual revenue stream of at least $4 million in the 2024-25 academic year.

How many students enrolled in Davis University's foundational programs for Fall 2024?

Davis University's foundational programs enrolled 115 students for the Fall semester as of September 30, 2024, compared to 55 students for the 2023-24 academic year.

Which Chinese universities host EpicQuest Education's (EEIQ) foundational programs?

EpicQuest Education's foundational programs are currently placed on the main campuses of Peking University, Shanghai Jiao Tong University, and the Beijing Institute of Technology.

What is the retention rate for EpicQuest Education's (EEIQ) two-year foundational programs?

The retention rate of students from the first to the second year in EpicQuest Education's two-year foundational programs is usually close to 100%.