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Exhibit 99.1
CAREER EDUCATION CORPORATION COMPLETES
MERGER WITH EDUTREK INTERNATIONAL, INC.
Hoffman Estates, Ill., (January 2, 2001) - Career Education Corporation
(NASDAQ: CECO) today announced it has completed its merger with EduTrek
International, Inc. (OTC BB: EDUT), operator of American InterContinental
University (AIU). EduTrek shareholders approved the merger agreement at a
special meeting held today.
Under the terms of the agreement, EduTrek's shareholders will receive an
aggregate of 1.2 million shares of Career Education Corporation stock
(approximately 0.09 shares of CEC stock for each share of EduTrek stock) and
$2.5 million in cash (approximately $0.19 per share). There are approximately
13.32 million EduTrek shares outstanding.
CEC/EDUTREK MERGER COMPLETED - 2
"During the past two months, we have worked closely with AIU to prepare for
its transition into the CEC family and we are delighted by the progress made so
far," said John M. Larson, CEC's chairman, president and chief executive
officer. "We will continue to implement our growth strategy - which includes
investing in marketing to enhance student enrollment, while also emphasizing
student retention and career placement. Additionally, the merger will create
operating efficiencies that will help us realize the full potential inherent in
the AIU system.
"Longer term, we see numerous growth opportunities for AIU, including
expansion into new geographic markets, the referral of current CEC students and
graduates to AIU's advanced degree programs, and the introduction of distance
learning," he said.
R. Steven Bostic, chairman and chief executive officer of EduTrek, has
stepped down from both posts, as anticipated by the merger agreement.
Founded in 1970, AIU currently has seven campuses which offer several
bachelor's and master's degrees and are located in Atlanta (Buckhead and
Dunwoody), Dubai, Ft. Lauderdale, London, Los Angeles and Washington, D.C. AIU
is accredited by the Commission on Colleges of the Southern Association of
Colleges and Schools (SACS).
CEC/EDUTREK MERGER COMPLETED - 3
Career Education Corporation is one of the world's largest providers of
private, for-profit postsecondary education in the career-oriented disciplines
of visual communication and design technologies, information technology,
business studies and culinary arts. The Company currently operates 38 campuses
throughout the United States and in Canada, the United Kingdom and the United
Arab Emirates, with over 33,000 students enrolled as of the fall of 2000. CEC
colleges enjoy long operating histories and offer a wide variety of master's
degree, bachelor's degree, associate degree and diploma programs. Major brand
names operated by CEC include American InterContinental University, the
Katharine Gibbs Schools (nine campuses), the International Academy of Design &
Technology (eight campuses), and Le Cordon Bleu Culinary Program North America
(seven campuses). CEC also operates a number of unique brand name colleges with
well-known reputations.
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The forward-looking statements contained in this release are based upon
various assumptions, and certain risks and uncertainties could cause actual
results to differ materially from those stated. Factors that could cause such
differences include those matters disclosed in Career Education Corporation's
and EduTrek International, Inc.'s respective filings with the Securities and
Exchange Commission (SEC). Career Education Corporation and EduTrek
International, Inc. assume no obligation to update those forward-looking
statements.
