ALEXANDRIA, Va., June 24, 2008 (GLOBE NEWSWIRE) -- Dr. Appu Kuttan, Chairman of the National Education Foundation (NEF), the nonprofit leader in bridging the digital and academic divides, announced today a nationwide $40 million matching grant initiative for schools.

With most states awash in red ink and with at least nine states proposing to cut K-12 education funds, NEF is working to leverage a $400 million U.S. Treasury program that permits the states to allow school districts to borrow money at zero interest to support the critical needs of disadvantaged schools -- the most vulnerable group in the current fiscal crisis.

This Federal program is known as Qualified Zone Academy Bond (QZAB). NEF has teamed up with banks to make it possible for all eligible schools -- those with 35% of students on free or reduced lunch -- to receive QZAB funds for renovation, equipment, curriculum, professional development, etc. NEF also donates the 10% match required, and helps to build a world-class CyberLearning Academy that enables students to acquire key 21st century workforce skills.

NEF's high-quality K-12 CyberLearning online courses are particularly focused on the critical STEM (Science, Technology, Engineering, Math) skills to help address a mounting education crisis. NEF's QZAB CyberLearning Academies also provide teacher training, technical support, 24/7 live mentors, teacher stipends, student rewards (iPods) and parent recognition, thus offering a complete solution with proven 25-50% increases in student scores.

NEF President Dr. Appu Kuttan argues, "Our students desperately need help to compete with their counterparts in India, China, Europe, etc. for 21st century jobs. We are already 25th out of 40 countries in math skills of 15 year olds! For us to maintain our technology and economic leadership, we must help our disadvantaged students now! Our program helps schools to get funds to improve facilities, equipment, etc., and at the same time, improves student scores significantly."

"NEF gave us 10% match, helped us to receive $8 million in QZAB funds at zero interest and set up a QZAB Academy that has increased student math and technology scores by 25-50% every semester," states Camella Mouton of the St. Landry School District in Louisiana.

QZAB matching grants are provided on a first-come, first-served basis. To apply for the grant, just visit www.qzab.org and click on your state.

The National Education Foundation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=5186

CONTACT: National Education Foundation
         Dr. Laurence Peters, VP
         703-823-9999
         qzab@qzab.org
         www.qzab.org