SPOKANE, Wash., May 21, 2008 (PRIME NEWSWIRE) -- Ambassadors Group, Inc. (Nasdaq:EPAX) ("Company"), a leading provider of educational travel experiences, today announced that it has acquired 100 percent of the stock in educational website BookRags, Inc. for $18 million, of which $5 million is based on future earnings. The acquisition is expected to be accretive in the first twelve months following the acquisition.
BookRags, Inc. (www.bookrags.com), founded in 1999, initially started as a source for online book summaries and notes, and has grown into an educational website that attracts millions of users and advertisers each month. Students and teachers are able to "research anything" through over 6 million pages of content, including BookRags-created material, licensed material, user-generated content, and other third party content.
"BookRags' track record of growth and profitability make it an attractive asset," said Chadwick Byrd, CFO of Ambassadors Group, Inc.
"Since BookRags operates in an adjacent space to student travel and education, this acquisition is an excellent fit for our organization, " said Jeff Thomas, CEO of Ambassadors Group, Inc. "BookRags' core audiences of students, parents and teachers overlaps with Ambassadors Group's key demographic, and will enable the Company to expand its reach into new media and online channels where this target audience continues to spend more and more time."
About Ambassadors Group
Ambassadors Group, Inc. is a leading educational travel organization that organizes and promotes international and domestic programs for students, athletes, and professionals. These programs provide the opportunity for grade school, junior, and senior high school students to visit foreign and domestic destinations to learn about the history, government, economy and culture of such areas, as well as for junior and senior high school athletes to participate in international sports challenges. Our professional programs emphasize meetings and seminars between participants and persons in similar professions abroad. We are headquartered in Spokane, Washington with associates also in Washington, D.C. and Seattle, Washington. In this press release, "Company," "we," "us," and "our" refer to Ambassadors Group, Inc.
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