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Exhibit (a)(9)
[KAPLAN LOGO]
Contacts: For Immediate Release
Melissa Mack Date: July 27, 2000
Kaplan, Inc.
212-492-5849
Guyon Knight
The Washington Post Company
202-334-6642
Kaplan, Inc. Completes Acquisition of Quest Education
WASHINGTON - Kaplan, Inc., a wholly-owned subsidiary of The Washington Post
Company (NYSE: WPO), announced today that it has completed its tender offer and
has accepted 7,825,346 shares of common stock of Quest Education Corporation,
(NASDAQ: QEDC). Kaplan will purchase these shares as soon as possible at the
price of $18.35 per share, net to the seller in cash. The shares tendered
represent approximately 97.7% of Quest Education's total outstanding common
stock (including approximately 77,254 shares that are guaranteed to be
delivered).
Kaplan intends to proceed promptly to complete the previously announced proposed
merger with Quest Education and to acquire the remaining untendered Quest
Education shares, subject to appraisal rights. Quest Education shareholders who
did not tender their shares will receive $18.35 per share, net to the
shareholder in cash, the same price paid to the tendering shareholders.
Shareholders who did not tender will receive instructions on exchanging their
shares shortly after the merger is completed.
"We're happy indeed to be the new owners of Quest," said Donald E. Graham,
chairman and chief executive officer of The Washington Post Company. "With this
acquisition, Kaplan becomes one of the largest companies in the education
business. We welcome Gary Kerber and Quest's outstanding management team to The
Post."
"This is an exciting moment in Kaplan history," said Jonathan Grayer, Kaplan
president and chief executive officer. "Our mission is to provide educational
services that help individuals succeed as they reach major milestones in their
lives. Through Quest's high-quality programs, including regionally-accredited
associate and baccalaureate degrees, we will provide students with the skills
they need as they enter the workforce.
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"There is tremendous demand for Quest's services," continued Grayer. "We hope
to leverage that by expanding into new markets, both through physical campuses
and through the Internet."
According to Gary Kerber, president and chief executive officer of Quest, "We
are proud to now be part of the Kaplan team. We will benefit greatly from their
hard-earned reputation; the outstanding management; and the tremendous resources
and expertise within the organization."
Headquartered in Atlanta, Quest currently serves more than 13,400 students in 30
schools located in 11 states. The company's schools offer bachelor degrees,
associate degrees, and diploma programs designed to provide students with the
knowledge and skills necessary to qualify them for entry-level employment,
primarily in the fields of health care, business, and information technology.
Its programs cover ten of the 15 fastest growing occupations (measured by
percentage growth from 1994 through 2005), as projected by the U.S. Department
of Labor. For the year ending March 31, 2000, Quest had $115 million in net
revenues, net income of $7.5 million, and earnings per share (on a diluted
basis) of $0.91.
Kaplan, Inc. (www.kaplan.com) is a premier provider of educational and career
services for individuals, schools, and businesses. Kaplan offers test prep and
admissions services (www.kaptest.com); K-12 educational programs for kids and
parents through SCORE! Learning, Inc., and eSCORE.com; on-site education and
professional development at schools and universities; books and software;
professional education services; and an extensive array of distance learning
programs (www.KaplanCollege.com). Kaplan is also the largest shareholder in
BrassRing, Inc. (www.BrassRing.com), the business-to-business recruitment and
hiring company that helps employers find and hire the right candidates faster.
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