PITTSBURGH, July 25, 2001 (PRIMEZONE) -- Education Management Corp. (Nasdaq:EDMC) today announced an agreement to purchase International Fine Arts College (IFAC), located in Miami, FL. Financial terms were not disclosed.
The transaction is expected to close by the end of this calendar year and will be subject to regulatory approvals. Once the approvals are received, the College will become Education Management's 23rd art and design school and, following the completion of the merger with Argosy Education group, its 42nd school.
International Fine Arts College is accredited by the Commission on Colleges of the Southern Association of Colleges and Schools (1866 Southern Lane, Decatur, Georgia, 30033-4097, telephone 404.679.4501) to award the Master of Fine Arts, Bachelor of Arts and the Associate of Arts degrees, and had an enrollment of approximately 1,000 students last fall. Founded in 1965 by Sir Edward Porter, IFAC currently offers degree programs in graphic design, computer animation, interior design, visual arts, film, fashion design and fashion merchandising.
"The Miami area is a growth market which is very attractive to students," said Robert B. Knutson, Chairman and Chief Executive Officer of EDMC. "International Fine Arts College has a stellar reputation in South Florida and in Latin America. We believe IFAC has excellent prospects for future growth."
Sir Edward Porter, Founder and President of IFAC, commented on the importance of joining EDMC, "Adding the International Fine Arts College to EDMC and The Art Institutes system of schools will benefit both organizations. IFAC has developed a regional, national and international reputation. EDMC, given its greater resources, will be able to build on what we have created."
Education Management Corporation is among the largest providers of proprietary post-secondary education in the United States, based on student enrollment and revenue. EDMC's education institutions currently offer bachelor's and associate's degree programs and non-degree programs in the areas of design, media arts, culinary arts and fashion. The Company has provided career-oriented education programs for over 35 years, and its Art Institutes (www.artinstitutes.edu) have graduated more than 125,000 students.
This press release may include information that could constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements may involve risks and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward- looking statements. Factors that could cause or contribute to such differences include those matters disclosed in the Company's Securities and Exchange Commission filings.