Amd Commo Exagr Regulatory News (COMG)

23 Sep 2005 07:00

Europasia Education PLC23 September 2005 Embargoed 7am 23 September 2005 EUROPASIA EDUCATION plc Fund Raising to raise up to £1 millionIncreasing stake in Chinese University EuropAsia Education plc ("EPE" or "the Company"), the AIM-listed educationalgroup, is to raise up to £1 million to increase its existing stake in themanagement company to profitable Chinese university, Shandong InternationalInstitute of Translation ("SIIT"). The money will be raised via the issue by EPE of one million five year unlistedconvertible loan notes of £1 each, paying interest of 10 per cent a year, with aconversion price of 1p per share and 100% warrant coverage. The Company alreadyhas commitments for £500,000, including £310,000 from its directors andassociates. The funds will be used to raise EPE's stake in Jersey based China EducationGroup Ltd ("China Education"), ultimate holding company of Europasia (Beijing)Educational Technology Co Ltd ("EPE Beijing"), from the current 12 per cent to20 per cent. EPE Beijing has a long term contract to manage SIIT and recentlyannounced profits of £2.4 million on turnover of £4.0 million. London Asia Corporate Finance has been appointed for the upcoming listing ofChina Education on the UK's OFEX stock market. Papers are currently beingprepared for a proposed listing in November. James Holmes, EPE Chairman, said: "With the Company's financial position nowconsiderably improved as a result of substantial reductions in running costs andthe funds generated from E2000, our UK based language and training college, wefeel the time is right to expand our activities which this financing will enableus to do. We are very excited by the ambitious growth plans at SIIT and arekeen to get a larger share of its expanding profits through increasing our stakein China Education. The OFEX listing will hopefully demonstrate the value andpotential of this investment and endorse our strategy of selectively acquiringstakes in profitable education businesses both in China and the UK". "The directors and others associated with EPE have shown their belief in thefuture of the Company and its strategy by putting their own money into the issue". For further information visit www.europasiaeducation.com or contact: James Holmes, Chairman 020 7248 7578EuropAsia Education plc Paul Quade 020 7248 8010CityRoad Communications 07947 186694 About Shandong International Institute of Translation Based in Shandong Province, China, SIIT was established in June 1999. It offers2-3 year-diploma and 4-year-undergraduate degrees courses in foreign languages,computer science, information technology, international commerce and trade,hospitality and tourism. There are currently over 8,000 students, based in twocampuses in Shandong Province, China. The college provides accessible, affordable, high-quality post-secondaryeducation that prepares students to enter the job market, allows them totransfer to universities, helps them to study and work abroad, and assists themin achieving their professional and personal goals. As the first translation college in Shandong Province, the college provides awide variety of language learning and translation programs in English, Chinese,Korean, Japanese, Russian, French, German, Spanish, Arabic, Italian, Greek andEsperanto. A strong college transfer program has evolved to allow students theopportunity to take the first two years of a baccalaureate degree and transferto one of the state's four-year institutions. Ninety-six percent of SIITgraduates are employed or continuing their education within six months ofgraduation. For additional information, see http://www.wsfy.cn/english/index1.htm About Europasia Education plc EPE is an AIM listed education investment group, focused on opportunities inEurope and Asia. It owns 100% of Education 2000, an English language and workexperience placement business based in Bournemouth, UK, and ColumbiaInternational, trading under the name Management International, an educationconsulting and work placement business based in London. This information is provided by RNS The company news service from the London Stock Exchange