Elite Education Group International Ltd. Announces First Half Fiscal Year 2021 Financial Results and Operational Update

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[{"type":"text","content":"MIDDLETOWN, Ohio, July 13, 2021 /PRNewswire/ -- Elite Education Group International Limited (Nasdaq: EEIQ) (\"EEG\"), a provider of comprehensive, one-stop education solutions for Chinese university students interested in study abroad programs in the US and other countries, today announced its first half financial results for the six months ended March 31, 2021 and an operational update.\n\n \n \n \n \n \n \n\n \n\"Our revenue decreased for the first half of fiscal 2021 primarily due to the global Covid-19 pandemic that negatively impacted businesses around the world in 2020. It also reflects the timing of our ability to recognize revenue as per GAAP accounting rules where revenue is recognized when realized and earned, not when cash is received. However, as of June 30, 2021, the number of students who paid full tuition fees after being admitted to the English language programs at the regional campuses of Miami University of Ohio increased significantly compared to the same date in 2020. This is an indicator of a return to normalized economic conditions which positively affected our recent enrollment metrics. Further, our financial condition remains strong with an increase in cash for the first half of the 2021 fiscal year due to our IPO in March,\" commented Jianbo Zhang, Chairman and Chief Executive Officer. \n\"We plan upon extending our turnkey overseas study solution to offer our students even more options for academic enrichment as they pursue their educational pursuits. We plan to expand into other regions utilizing our distinctive educational model that has proven to be highly successful. We believe that we are uniquely positioned in the educational space to capitalize both upon the stability of the education sector and its potential to develop creative solutions as a means to develop career opportunities while fulfilling students' major aspirational goals.\" \n\"We are also expanding our market in China with strategies that further penetrate preparatory programs through agreements with domestic universities in China. We deployed a strategy to work with these universities during the global Covid-19 pandemic to strengthen our global connections for when travel conditions fully normalize. In the meantime, the Company has begun its expansion into other countries such as Canada and the United Kingdom. While the pandemic had ...

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