Education Management Corporation Closes on Purchase of Certain Assets of ITI Education Corporation

Pittsburgh, Pennsylvania, UNITED STATES


PITTSBURGH, Nov. 26, 2001 (PRIMEZONE) -- Education Management Corporation (Nasdaq:EDMC) today announced it has closed on its previously announced agreement to purchase certain assets of ITI Education Corporation (ITI), based in Halifax, Nova Scotia, Canada from Ernst & Young, Inc., in its capacity as ITI's court-appointed receiver. ITI was placed into receivership in August.

ITI Education Corporation, through its operating subsidiary ITI Information Technology Institute Inc., offers students a post-graduate education program that prepares graduates to solve today's business challenges using technology. ITI's market-driven curriculum incorporates all aspects of business application development as well as professional development, communication and interpersonal skills.

EDMC purchased the portion of ITI that encompasses education institutions in Halifax, Toronto, and Vancouver. These three schools become EDMC's first in Canada.

EDMC announced in September it had closed into escrow on approximately 75% of the shares of Argosy Education Group, Inc. On Oct. 31, Argosy shareholders ratified the merger agreement with EDMC, subject to final approval from the U.S. Department of Education. Argosy University, a national university, offers doctoral, master's, bachelor's and associate's degrees in education, psychology, business and health care field.

Education Management Corporation (www.edumgt.com) is among the largest providers of proprietary post-secondary education in the United States, based on student enrollment and revenue. EDMC's 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 (www.artinstitutes.edu) have graduated more than 125,000 students.

This press release may include information that could constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements may involve risks 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.



        

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