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EXHIBIT 99.01
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FOR IMMEDIATE RELEASE
FOR MORE INFORMATION CONTACT:
Xxxx X. Xxxxx, Senior Vice President and
Chief Financial Officer
(000) 000-0000
Xxxxx Xxxxx, Vice President,
Corporate Communications
(000) 000-0000
xxxxx.xxxxx@xxxxxxx.xxx
XXXXXXX EDUCATION, INC. ANNOUNCES CONVERSION OF PREFERRED STOCK TO COMMON STOCK
ARLINGTON, VA., JULY 1, 2004 - Xxxxxxx Education, Inc. (NASDAQ: STRA) announced
today that it has converted all of its remaining outstanding Series A Preferred
Shares (including all shares accrued thereon through June 28, 2004). As
permitted under the terms of the Series A Preferred Stock, the holders of such
shares were eligible to convert the Preferred Shares into shares of the
Company's Common Stock on or before June 30th or receive the redemption price in
cash of $26 per share (plus accrued cash dividends). The Series A Preferred
Stock holders converted all outstanding and accrued Series A Preferred Shares
into 875,120 Company Common Shares on June 29, 2004.
Xxxxxxx Education, Inc. (Nasdaq: STRA) is an education services holding company
that owns Xxxxxxx University and certain other assets. Xxxxxxx'x mission is to
make higher education achievable and convenient for working adults in today's
economy. Xxxxxxx University is a proprietary institution of higher learning that
offers undergraduate and graduate degree programs in business administration,
accounting, information technology, education, and public administration to more
than 20,000 working adult students at 29 campuses in 8 states in the eastern
United States and worldwide via the Internet through Xxxxxxx University Online.
Xxxxxxx University is committed to providing an education that prepares working
adult students for advancement in their careers and professional lives. Founded
in 1892, Xxxxxxx University is accredited by the Middle States Commission on
Higher Education. For more information on Xxxxxxx Education, Inc. visit
xxx.xxxxxxxxxxxxxxxx.xxx and for Xxxxxxx University visit xxx.xxxxxxx.xxx.
# # #
This press release contains statements that are forward looking and are made
pursuant to the "safe-harbor" provisions of the Private Securities Litigation
Reform Act of 1995 "Reform Act". The statements are based on the Company's
current expectations and are subject to a number of uncertainties and risks. In
connection with the Safe Harbor provisions of the Reform Act, the Company has
identified important factors that could cause the Company's actual results to
differ materially. The uncertainties and risks include the pace of growth of
student enrollment, our continued compliance with Title IV of the Higher
Education Act, and the regulations thereunder, as well as state and regional
regulatory requirements, competitive factors, risks associated with the opening
of new campuses, risks associated with the offering of new educational programs
and adapting to other changes, risks associated with the acquisition of existing
educational institutions, risks relating to the timing of regulatory approvals,
our ability to implement our growth strategy, and general economic and market
conditions. Further information about these and other relevant risks and
uncertainties may be found in the Company's annual report on Form 10-K and its
other filings with the Securities and Exchange Commission, all of which are
incorporated herein by reference and which are available from the Commission. We
undertake no obligation to update or revise forward looking statements.
