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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) APRIL 15, 1999
DeVRY INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 012751 36-3150143
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(State or other jurisdiction (Commission (IRS Employer
of incorporation File Number) Identification No.)
ONE TOWER LANE, OAKBROOK TERRACE, IL 60181
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (630)571-7700
Total number of pages: 3
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Item 5 - Other Events
See the following press release dated April 15, 1999, announcing the signing
of a letter of intent to acquire the Denver Technical College.
DEVRY SIGNS LETTER OF INTENT TO PURCHASE
DENVER TECHNICAL COLLEGE
OAKBROOK TERRACE, Ill. - DeVry Inc. (DV: NYSE), an international higher-
education system, announced today that it has signed a letter of intent to
purchase for stock Educational Development Corporation (EDC), which does
business as Denver Technical College (DTC).
The acquisition, which is contingent upon satisfactory completion of due
diligence, would allow DeVry Institutes to expand for the first time into the
Rocky Mountain region and into new curriculum areas.
DTC, a privately owned postsecondary institution with campuses in Denver and
Colorado Springs, is one of the largest technical colleges in Colorado, with
more than 1,700 students. The college offers undergraduate and graduate
degree programs in electronics, computer technology, business and medical
technology fields.
"We're excited about DeVry's entry into a major market that provides good
growth potential in technology fields," said DeVry Inc. President Ronald L.
Taylor. "By combining with Denver Technical College, DeVry can enter this
attractive area much more quickly than we could by building a new DeVry
Institute. DTC represents the first expansion through acquisition for the
DeVry Institutes division, and we expect Denver Technical College to be a
significant long-term contributor to the growth of our system."
"Denver Technical College gives us an opportunity to expand our academic
offerings in an efficient and high-quality manner," said Chairman Dennis J.
Keller. "DeVry will have access to DTC's technology-based curricula and the
coursework that has been developed by its experienced faculty and staff."
"We are pleased to have signed a letter of intent with DeVry and are delighted
with the prospect of joining forces with the DeVry Institutes," said EDC
Chairman Charles E. Aysseh and President Raul Valdes-Pages. "DeVry provides
DTC with national presence and strong academic and financial resources to help
us continue our growth. Our students will benefit greatly from this merging
of academic institutes."
Since its founding in 1945, DTC has been a leader in private technical
education. It was the first private college in Colorado to offer associate
degree programs. Bachelor's degree offerings were approved by the State
of Colorado in 1986, and later DTC was one of the first technical colleges in
the state to be approved for a master's degree program. DTC is accredited by
the Accrediting Commission of Career Schools/Colleges of Technology.
DeVry Inc., one of the largest publicly held international higher-education
companies in North America, owns and operates DeVry Institutes, Keller
Graduate School of Management and Becker CPA Review.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DeVRY INC.
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(REGISTRANT)
Date: APRIL 19, 1999 /s/Norman M. Levine
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Norman M. Levine
Vice President Finance, Controller,
Chief Financial and Accounting
Officer
