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MIDDLETOWN, Ohio, Jan. 24, 2022 /PRNewswire/ — Elite Education Group International Limited (Nasdaq: EEIQ), (the “Company” or “Elite Education Group”), a supplier of complete training options for home and worldwide college students in faculty and college applications in the US, Canada and the UK, at the moment introduced that on January 15, 2022, the Company’s wholly-owned subsidiary, Highrim Holding International Limited, entered into agreements with Canada EduGlobal Holdings Inc. (“Global”) and Richmond Institute of Languages Inc. d.b.a. EduGlobal College, pursuant to which it acquired 80% of the issued and excellent shares of EduGlobal College from Global.
The preliminary buy value for EduGlobal College was C$1.0 million (US$0.8 million), and the Company assumed up to C$200,000 (US$160,000) in sure liabilities of the faculty. In addition, the Company agreed to make investments an extra C$3.0 million (US$2.4 million) over a two-year interval in EduGlobal College to be used for the enhancement of its academic applications, elevated scholar enrollment and common campus enhancements. Further, on the three-year anniversary of the agreements, if EduGlobal College has not achieved sure monetary and scholar enrollment metrics, the Company has the proper to promote its 80% fairness place again to Global for C$1.0 million (US$0.8 million) plus the sum of its investments in the faculty, up to an extra C$3.0 million (US$2.4 million).
“We are happy to take this subsequent step in our company progress by increasing our enterprise mannequin into the Canadian market with our acquisition of an 80% fairness possession place in EduGlobal College,” mentioned Jianbo Zhang, Chairman and Chief Executive Officer of Elite Education Group. “We imagine that the acquisition is a key step in our strategic progress plan because it achieves geographical diversification as an proprietor and operator following our acquisition final month of the rights to a controlling curiosity in Davis College in the US. It additionally offers us with a possibility to additional develop EduGlobal’s modern academic applications of English proficiency coaching and educational programming that’s student-centric and are the very highest in educational high quality.”
“A important part of our mission is in the title of EduGlobal College itself, which is to have interaction in world training. We are intent upon having a extremely various scholar inhabitants for the faculty to embody quite a few international locations in South America, Europe, Africa, and Asia in addition to college students from Canada and the US. Through our expertise with establishments in the US, we imagine in specialised applications for worldwide, non-native English-speaking college students in order that they might finally obtain bachelor’s levels. We imagine that EduGlobal College is exclusive in offering English proficiency and a “switch pathway” for college students from around the globe who want to pursue educational levels in Canada.”
“We are optimistic that our funding in EduGlobal College will consequence in a sound return on funding for the Company. A key aspect of our strategic progress plan is to proceed to opportunistically goal academic establishments that meet our acquisition standards throughout totally different areas to create academic experiences for each home and a wide selection of worldwide college students,” concluded Mr. Jianbo Zhang.
Elite Education Group plans to prioritize worldwide recruiting to embody a lot of international locations around the globe to additional diversify the coed physique at EduGlobal College. The Company additionally plans additional increase the intensive language proficiency applications at EduGlobal College that present English language help for worldwide college students in order to put together them for tutorial pursuits that might lead them to college diploma applications in Canada.
In reference to the acquisition, EduGlobal College entered right into a three-year employment contract with Mr. Sylvester Chen, the Director of EduGlobal College prior to this transaction, to function its Chief Executive Officer. Prior to founding EduGlobal College in 2019, Mr. Chen was Senior International Consul to the President’s Executive Council on the University of Northern British Columbia, Canada, and beforehand to that, was the university’s Director of International Education. Prior to that, Mr. Chen was Administrative Director for the Office of International Initiative, Faculty of Education, at Brock University, Canada. Mr. Chen obtained a bachelor’s diploma in China, and earned a second bachelor’s diploma in addition to a grasp’s diploma in Educational Administration and Leadership from Brock University. Mr. Chen is well-recognized in the worldwide training sector with over 20 years {of professional} expertise. The Board of EduGlobal College will encompass three members, Mr. Chen and two executives from the management crew of the Elite Education Group.
“We anticipate a robust collaboration with Elite Education Group to optimize our college students’ educational expertise in addition to their academic choices. The mission of EduGlobal College is to ship area of interest post-secondary education schemes, foster synergistic public-private training partnerships, and appeal to a extremely various scholar inhabitants from around the globe. We really feel assured that with Elite Education Group as our companion, we are going to obtain the targets of our mission,” mentioned Sylvester Chen, Chief Executive Officer of EduGlobal College.
About EduGlobal College
EduGlobal College is a non-public faculty situated in the metro space of Vancouver, British Columbia, Canada. EduGlobal College offers English language applications for worldwide college students who’re in search of educational and profession development and specializes in English for Academic Purposes (EAP) applications (also called English as a Second Language, or ESL, applications) that target serving to worldwide college students purchase the superior competencies in educational English that might be essential for them to full their diploma applications. In tandem with its EAP program, EduGlobal College provides first-year college programs in addition to a Master’s Academic Preparation Program to assist put together worldwide college students who’ve accomplished a bachelor’s diploma and who aspire to pursue graduate research at a Canadian college.
About Elite Education Group International Limited
Elite Education Group International Limited (“Elite Education” or the “Company”), by way of its subsidiaries Quest Holding International LLC and Highrim Holding International Limited, offers complete training options for home and worldwide college students in college and faculty diploma applications in the US, Canada and the UK. The Company has the proper to purchase the fairness possession in Davis College in Toledo, Ohio. It has lately acquired 80% of EduGlobal College, based mostly in British Columbia, Canada, which focuses on English proficiency academic programming. In addition, the Company has a recruiting relationship with the regional campuses of Miami University of Ohio (“MU”), the place it maintains residential services, a full-service cafeteria, leisure services, shuttle buses and an workplace for the regional campuses that gives research overseas and post-study companies for its college students; these services should not owned, maintained, operated or are part of MU. The Company additionally acts as a recruiting agent for the University of the West of Scotland (by way of The Education Group (London) Ltd) and Coventry University, each of that are situated in the United Kingdom. For extra info, please go to www.eei-global.internet.
Safe Harbor Statement
Certain of the statements made in this press launch are “forward-looking statements” throughout the which means 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 embody statements with respect to our beliefs, plans, targets, targets, expectations, anticipations, assumptions, estimates, intentions, and future efficiency, and contain recognized and unknown dangers, uncertainties and different components, which can be past our management, and which can trigger the precise outcomes, efficiency, capital, possession or achievements of the Company to be materially totally different from future outcomes, efficiency or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this press launch embody, with out limitation, the Company’s capability to efficiently combine the acquisition with its present companies. All statements aside from statements of historic reality are statements that could possibly be forward-looking statements. You can establish these forward-looking statements by way of our use of phrases equivalent to “could,” “will,” “anticipate,” “assume,” “ought to,” “point out,” “would,” “imagine,” “ponder,” “anticipate,” “estimate,” “proceed,” “plan,” “level to,” “mission,” “might,” “intend,” “goal” and different comparable phrases and expressions of the longer term.
All written or oral forward-looking statements attributable to us are expressly certified in their entirety by this cautionary discover, together with, with out limitation, these dangers and uncertainties described in our most up-to-date Form 20-F and in any other case in our SEC reviews and filings. Such reviews can be found upon request from the Company, or from the Securities and Exchange Commission, together with by way of the SEC’s Internet web site at http://www.sec.gov. We haven’t any obligation and don’t undertake to replace, revise or appropriate any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements in any other case are made.
Contacts:
Elite Education Group International Limited
+1 513-649-8350
[email protected]
Investor Relations:
Precept Investor Relations LLC
David Rudnick
+1 646-694-8538
[email protected]
Source: Elite Education Group International Limited
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