PITTSBURGH, Oct. 15, 2002 (PRIMEZONE) -- Education Management Corp. (Nasdaq:EDMC) today announced its purchase of California Design College, located in Los Angeles, CA. The College becomes Education Management's 42nd school and its third Art Institute in the Los Angeles area. Financial terms were not disclosed.
Founded in 1991, California Design College (CDC) is accredited by the Accrediting Commission for Independent Colleges and Schools and offers associate's degree and non-degree programs. The College currently has approximately 400 students enrolled in fashion design and fashion merchandising programs.
"We look forward to extending our ability to serve students and employers in Southern California through the addition of this newest Art Institute," said Robert B. Knutson, Chairman and Chief Executive Officer of EDMC. "Student interest in our academic programs in the Los Angeles metropolitan area has been strong. We believe we can build on the solid base CDC has created by introducing other majors offered at The Art Institutes."
"We are extremely pleased to become part of The Art Institutes system and EDMC," said Sabrina Kay, owner and CEO of the California Design College. "Since our founding, I have dedicated the College to being a leader in preparing students for success through fashion technology. Our strong local presence and reputation abroad will open additional international marketing opportunities for The Art Institutes."
Education Management Corporation (http://www.edumgt.com) is among the largest providers of private post-secondary education in North America, based on student enrollment and revenue, with 42 primary campus locations in 26 major cities, and with approximately 38,000 students as of fall 2001. EDMC's Art Institutes (http://www.artinstitutes.edu) offer master's, bachelor's, associate's and non-degree programs in the areas of design, media arts, fashion and culinary arts. EDMC's Argosy Education Group provides graduate and undergraduate degree programs in various fields including psychology, counseling, education, business, law and the health sciences. EDMC has provided career-oriented education for 40 years, and its education institutions have more than 150,000 alumni.
This press release may include information that could constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements may involve risk 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. Past results of EDMC are not necessarily indicative of its future results. EDMC does not undertake any obligation to update any forward-looking statements.