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EXHIBIT 99.1
EDUTREK INTERNATIONAL, INC. ANNOUNCES $5 MILLION WORKING
CAPITAL LOAN AND LETTER OF INTENT TO SELL CERTAIN GLOBAL
STUDIES ASSETS
ATLANTA, June 1 /PRNewswire/ -- EduTrek International, Inc. (OTC Bulletin Board:
EDUT), operator of American InterContinental University (AIU), today announced
it has entered into a letter of intent with an undisclosed company for the
acquisition of certain assets of AIU's Global Studies business for $27 million.
In addition, with the execution of the letter of intent, EduTrek received a $5
million loan to assist in funding its short-term working capital requirements,
such loan to be due in six months. This transaction is subject to negotiation of
definitive agreements and receipt of all regulatory approvals. EduTrek, through
the American InterContinental University (www.aiuniv.edu ), is a leading
provider of career-oriented and fully-accredited higher education programs. The
Company operates campuses in Atlanta (Buckhead and Dunwoody), Miami, London, Los
Angeles, Washington, D.C., and Dubai, United Arab Emirates, with curricula
focusing on information technology, international business, multimedia
communications, art and design. Safe Harbor Statement -- Certain statements
contained in this press release are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995, such as
statements relating to financial results, expected future results and plans for
future business development activities, and are thus prospective. Such
forward-looking statements are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from future results
expressed or implied by such forward looking statements. Potential risks and
uncertainties include, but are not limited to, economic conditions, competition
and other uncertainties detailed from time to time in the Company's Securities
and Exchange Commission filings.
CORPBH/718511
