PITTSBURGH, Oct. 3, 2002 (PRIMEZONE) -- Education Management Corporation (Nasdaq:EDMC) today announced that it acquired the Center for Digital Imaging and Sound (CDIS), in Burnaby, British Columbia, Canada. EDMC also announced today that it has signed a purchase agreement for the acquisition of the Institute of Digital Arts (IDA), in Richmond, British Columbia. The IDA transaction is expected to close by the end of this month. Both schools are located in the Vancouver area. These acquisitions, which are expected to be renamed The Art Institutes of Vancouver, will constitute EDMC's 25th and 26th Art Institutes. Financial terms were not disclosed.
"CDIS has developed a strong reputation in the media arts fields and provides us with a strong base for the addition of Art Institute programs in Vancouver," said Robert Knutson, EDMC's Chairman and Chief Executive Officer.
Founded in 1979, CDIS offers a variety of programs to its approximately 600 students including digital media, recording arts, animation, digital film, e-marketing, visual effects and netcasting.
Niels Hartvig-Nielson, CDIS's President and CEO, stated: "We have built CDIS into one of the most respected schools in British Columbia. Becoming part of the Art Institutes family will mean more opportunities for our students and our employees. Our relationship with The Art Institutes will benefit from a common commitment to excellence that will allow us to become the Province's leader in creative education."
With respect to IDA, Mr. Knutson stated, "Vancouver is a highly attractive destination for international students. Through existing and developing relationships in Asian nations, we believe IDA will provide us with new opportunities to serve these growing markets."
Founded in 1998, IDA offers programs in 3D animation, digital media and interior design. IDA has approximately 80 students, about half of whom are international students.
Henry Chiang, IDA's President, CEO and founder, remarked: "The Art Institutes are known throughout North America for their focus on quality and student success. Becoming part of EDMC will give us the resources to expand in Vancouver and through marketing in Asia."
Mr. Knutson concluded: "Vancouver is a vibrant city. These acquisitions will complement our presence in other leading entertainment, film and media centers in North America."
Education Management Corporation (http://www.edumgt.com) is among the largest providers of private post-secondary education in North America, based on student enrollment and revenue, with 41 primary campus locations in 26 major cities, and with approximately 38,000 students as of fall 2001. EDMC's Art Institutes (http://www.artinstitutes.edu) offer master's, bachelor's, associate's and non-degree programs in the areas of design, media arts, fashion and culinary arts. EDMC's Argosy Education Group provides graduate and undergraduate degree programs in various fields including psychology, counseling, education, business, law and the health sciences. EDMC has provided career-oriented education for 40 years, and its education institutions have more than 150,000 alumni.
This press 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 Securities and Exchange Commission filings. Past results of EDMC are not necessarily indicative of its future results. EDMC does not undertake any obligation to update any forward-looking statements.