CUPERTINO, Calif., Oct. 31, 2008 (GLOBE NEWSWIRE) -- WorldSage, Inc. (the "Company"), a Delaware non-publicly reporting company whose shares are publicly quoted for sale on the Pink Sheets, today announced that effective October 29, 2008, the Company's name changed to "Career College Holding Company, Inc." and the Company's trading symbol has been changed to "CCHZ.PK" from its previous trading symbol "WRSG.PK." In addition, the Company announced today that effective October 14, 2008, due to the Company's inability to raise the additional capital necessary to implement its business plan under the current unprecedented and unforeseen global capital market conditions, coupled with the Company's difficulty in executing its business plan using its Pink Sheet-traded capital stock, the Company would no longer pursue its original business plan as contemplated by its founders, John Grillos and Barbara Kurshan, of consolidating post-secondary education, and has transferred and assigned all rights to the business plan, rights to the "WorldSage" name, potential acquisition pipeline, and certain related intellectual property to John Grillos and Barbara Kurshan, who have resigned from the Company, and reconstituted its Board of Directors and management team (the "Reconstitution, Separation and IP Transfer"). The Company currently continues to own and operate DCT International Hotel & Business Management School AG ("DCT") following the Reconstitution, Separation and IP Transfer.
As a result of the Reconstitution, Separation and IP Transfer, (i) John Grillos, the Company's founder, Chief Executive Officer, President and director, terminated his employment with the Company and resigned from the Board of Directors and as an officer of the Company, (ii) Barbara Kurshan, the Company's founder and Executive Vice President, terminated her relationship with the Company and resigned as an officer of the Company, (iii) Gail Babitt, the Company's Chief Financial Officer and Secretary, terminated her employment with the Company and resigned as an officer of the Company, and (iv) Laird Q. Cagan, the Company's Chairman and director, continues as the Company's sole director. In addition, each of Mr. Grillos and Ms. Kurshan entered into a Mutual Separation Agreement and General Release with the Company mutually releasing one another from liabilities arising prior to the date thereof and providing for indemnification by the Company of each of Mr. Grillos and Ms. Kurshan in connection with the Reconstitution, Separation and IP Transfer and related matters, and an Intellectual Property Assignment Agreement pursuant to which the Company transferred all intellectual property rights related to the business model originally contributed by Mr. Grillos and Ms. Kurshan to the Company and all improvements and developments related thereto, the "WorldSage" name and rights thereto, all "WorldSage" URLs reserved by the Company, the Company's acquisition pipeline, and all rights related to the ongoing business of the Company, except in each case as related to DCT and the conduct of ongoing business, operations and/or disposition of DCT by the Company (the "IP Transfer"). In consideration for the IP Transfer, Mr. Grillos and Ms. Kurshan transferred to the Company an aggregate of 9,985,000 shares of Common Stock of the Company, and waived any and all claims, obligations and requirements that the Company pay them any start-up expenses and accrued bonuses, including approximately $150,000 in start-up costs and approximately $93,000 in accrued bonuses owed to Mr. Grillos, and approximately $50,000 in start-up costs and approximately $20,000 in accrued bonuses owed to Ms. Kurshan. The Company also agreed to terminate any and all agreements entered into by and between each of Mr. Grillos and Ms. Kurshan and the Company, and entered into a non-competition and non-solicitation agreement with Mr. Grillos and Ms. Kurshan pursuant to which the Company agreed that for a two year period, the Company shall not engage or have any ownership interest in (except for a non-controlling ownership interest), or participate in or facilitate the financing, operation, management or control of, any person, firm, partnership, corporation, entity or business that primarily engages or participates in, the acquisition, consolidation, merger, purchase, management and administration of private post-secondary education institutions, except for conducting the ongoing business or operations of DCT it being understood that this exception for conducting the ongoing business or operations of DCT does not extend to any future acquired subsidiaries or business entities or affiliates of DCT.
Forward Looking Statements
Statements contained in this press release that state the intentions, hopes, beliefs, anticipations, expectations or predictions of the future of Career College Holding Company, Inc. and its management are forward-looking statements. It is important to note that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Actual results could differ materially from those projected in such forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and Career College Holding Company, Inc. does not undertake an obligation to update any forward-looking statements to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.