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Exhibit 99.01
Monday October 9, 12:08 pm Eastern Time
Press Release
Sylvan Learning Systems Completes Sale of Aspect
BALTIMORE--(BUSINESS WIRE)--Oct. 9, 2000--Sylvan Learning System, Inc. (NASDAQ:
SLVN - news) a leading provider of educational services, announced today that it
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has completed the previously announced sale of Aspect, one of Sylvan's English
language instruction subsidiaries, for $22 million in cash to a management group
backed by Warburg Pincus.
The operating results for Aspect prior to its disposition will be classified as
Discontinued Operations in Sylvan's financial statements.
Wit Soundview Group, Inc. acted as the sole financial advisor to Sylvan Learning
Systems, Inc. on this transaction.
About Sylvan Learning Systems:
Sylvan Learning Systems, Inc. (www.sylvan.net) is the leading provider of
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educational services to families, schools and industry. The Sylvan Learning
Centers and Educational Solutions divisions provide personalized instruction
services to K-12 students through direct consumer relationships and under
contract to school systems.
Sylvan provides courses to adult students throughout the world in the areas of
English language, Teacher Training and accredited University offerings through
the Wall Street Institute, Canter and Sylvan Universities subsidiaries.
This release may include information that could constitute forward-looking
statements made pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995. Any such forward-looking statements may involve
risk and uncertainties that could cause actual results to differ materially from
any future results encompassed within the forward-looking statements.
Factors that could cause or contribute to such differences include those matters
disclosed in the Company's Security and Exchange Commission filings.
Contact:
Sylvan Learning System, Inc.
Sean Creamer, V.P. Corporate Finance, 410/843-8991
or
Chris Symanoskie, Investor Relations Manager
410/843-6394
