LAKEWOOD, Colo., Dec. 11, 2006 (PRIME NEWSWIRE) -- College Partnership, Inc. (Pink Sheets:CGPA) announced today that it has entered into an Equity Exchange Agreement with Acentus Consulting Group, LLC., Smith and Merritt Institute, LLC. and Modius Financial, LLC. (collectively, "Acentus") in exchange for approximately $10,000,000 in College Partnership, Inc. Convertible Preferred securities.
Acentus provides an educational financial product, "Abundance - Spending Your Way to Wealth," and other educational financial services. The merger will include Acentus' intellectual property, call centers and a financial coaching facility. Acentus has over 150 employees and operates call centers in Phoenix, Arizona and Salt Lake City, Utah. Acentus' coaching service comprises financial planning experts in Ontario, California. Gross revenues for Acentus were approximately $16,000,000 (unaudited) for the six months ended June 30, 2006. Combined annual gross revenues for College Partnership, Inc. and Acentus are approximately $20,000,000 (unaudited) for the period ending July 31, 2006. Closing of the transaction is expected to occur on or before December 30, 2006.
Mr. John J. Grace, Chairman of College Partnership, Inc., stated, "We anticipate that this merger will create substantial cross marketing opportunities and economies of scale for College Partnership, Inc. and Acentus as we expand our scope of educational products and services. We are confident that this business combination will yield significant shareholder returns."
About College Partnership, Inc.
College Partnership, Inc. is a full-service college planning company offering college-bound students and their families integrated resources and services to guide them through the college preparation process. College Partnership's suite of products and services integrates career planning, college major/field of study selection, college selection, preparation for college entrance tests, as well as searches for merit awards. The program consists of printed materials, exclusive, secured pass codes to proprietary websites and coaching throughout the program. The Company provides educational resources that assist families to save time, develop a plan, decrease stress and reduce college costs. For more information, visit: www.yourcollegepartner.com. and www.cbsa.com. For information on Acentus see www.smithandmerritt.com
This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results, specifically in the areas of future sales growth and profitability. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.