Elite Education Group International Ltd. Launches Strategic Growth Initiative and Enters into Letter of Intent

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[{"type":"text","content":"MIDDLETOWN, Ohio, Oct. 18, 2021 /PRNewswire/ -- Elite Education Group International Limited (Nasdaq: EEIQ) (hereinafter referred to as the \"Company\"), 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 that as part of its long-term growth plans, it has launched a strategic growth initiative consistent with its goal to become a leading education company. Therefore, the Company has entered into a non-binding letter of intent (\"LOI\") with in Ameri-Can Education Group Corp. (\"Ameri-Can\"), an Ohio Corporation that focuses on career-training education. \n\n \n \n \n \n \n \n\n \nThe Company seeks to expand its educational services business model with educational enterprises that are complementary to and synergistic with its business model. The Company is intent upon highly focused educational targets that expands its capabilities with the appropriate size, geographical reach and student population where the Company can add substantial value and expand its education service market. Pursuant to the LOI, if the acquisition is successful, the Company would acquire 70% of Ameri-Can, with 77.78% of voting rights, at an acquisition price of $2.5 million, with 50% of the payment to be made in cash and 50% in EEIQ common shares at a price of $6.20, with an additional cash investment of $2.5 million to be made in Ameri-Can immediately following the closing of the transaction. \n\"We are excited to announce this potential acquisition as it would represent a major expansion of our business. We believe that career-training education offers immediate synergies with our existing operations as well as significant long-term growth opportunities. We view this as an important strategic initiative in expanding our business model with a new educational direction and to implement innovative new education programs. If completed, the acquisition will enable us to better serve our student constituency since it will enable us to offer students from China and other Asian countries who wish to study abroad with a broader set of academic and career-training options that more precisely match their interests and career objectives,\" commented Jianbo Zhang, Chairman and Chief Executive Officer.\nThe Company views this potential acquisition ...

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