Education Management Corporation Files Public Offering Registration Statement

Pittsburgh, Pennsylvania, UNITED STATES


PITTSBURGH, Oct. 30, 2001 (PRIMEZONE) -- Education Management Corporation (Nasdaq:EDMC) announced today that it filed with the Securities and Exchange Commission (SEC) a registration statement for a public offering of its common stock. It is expected that a total of 4,500,000 shares will be offered, including 3,634,133 newly issued shares to be sold by Education Management Corporation and 865,867 shares to be sold by members of the company's senior management and board of directors. J. P. Morgan Securities Inc. will act as lead manager for the offering. The underwriters will have an option to purchase up to a total of 675,000 additional shares from the company and the selling shareholders solely to cover over-allotments, if any.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Copies of the prospectus, when available, can be obtained from J. P. Morgan Securities Inc., 277 Park Avenue, New York, New York 10172.

About EDMC

EDMC is among the largest providers of proprietary postsecondary education in the United States, based on student enrollment and revenue. EDMC's 25 current education institutions offer master's, bachelor's and associate's degree programs and non-degree programs in the areas of design, media arts, culinary arts and fashion. The Company has provided career-oriented education programs for over 35 years, and its Art Institutes have more than 125,000 graduates. For more information about The Art Institutes and The Art Institute Online, visit their web sites at www.aii.edu and www.aionline.edu.

Forward-Looking Statements

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 EDMC'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.



        

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