Elite Education Group Announces Closing of Controlling Stake in Ameri-Can Education Group Corp.

About this update from Epicquest Education Group International Limited

[{"type":"text","content":"MIDDLETOWN, Ohio, Dec. 1, 2021 /PRNewswire/ -- Elite Education Group International Limited (Nasdaq: EEIQ), (the \"Company\" or \"Elite Education Group\"), a provider of comprehensive education solutions for Chinese university students interested in study abroad programs in the US and other countries, today announced that as a key part of its strategic growth plan, on November 26, 2021 the Company closed on its previously announced acquisition of a controlling stake in Ameri-Can Education Group Corp. (\"Ameri-Can\"), which has the right to the underlying equity of Davis College, a two-year career-training college. Pursuant to the Stock Purchase Agreement, the Company has acquired 70% of Ameri-Can, with 77.78% of voting rights, at an acquisition price of $2.5 million, with 50% of the payment made in cash and 50% in EEIQ common shares at a price of $6.20, and an additional cash investment of $2.5 million in Ameri-Can at closing. \n\n \n \n \n \n \n \n\n \nJianbo Zhang, Chairman and Chief Executive Officer, commented, \"We are excited to acquire a controlling equity ownership position in Ameri-Can, the company holding the right to the underlying equity of Davis College, as it represents a key strategic growth initiative that expands our business model to being an operator of a college that provides career-training programs as well as a 'transfer pathway' to top universities for students to pursue Bachelors' degrees. We believe that Davis College offers immediate synergies with our existing operations as well as significant long-term growth opportunities in the US, the cornerstone of our global expansion strategy.\"\n\"As we engage in the administration of Davis College and its curriculum, we plan to develop new educational programs at Davis College to provide an optimal academic experience for our students. We believe that this will enable us to substantially heighten our recruitment efforts both domestically and internationally as we offer students a broader set of academic and career-training options that match their life goals. As a key element of our strategic growth plan, we will continue to target educational institutions that meet our acquisition criteria and that offer high potential synergies,\" concluded Mr. Jianbo Zhang.\nThe Company plans to prioritize domestic recruiting with an initial focus on Ohio and Michigan to sub...

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