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|Education Management Corporation Purchases Las Vegas School|
PITTSBURGH, April 17 /PRNewswire/ -- Education Management Corp. (Nasdaq: EDMC) today announced the purchase of The Design Institute in Las Vegas. The school will be renamed The Art Institute of Las Vegas. Financial terms were not disclosed.
The Design Institute, accredited by the Accrediting Commission of Career Schools and Colleges of Technology (ACCSCT), has an enrollment of approximately 190 students. The school offers students a bachelor's degree program in interior design, and associate's degree and diploma programs in interior design, drafting technology and graphic design.
The school becomes Education Management's 24th post-secondary education institution, its 23rd Art Institute and its first in Nevada.
"The tremendous growth in Las Vegas makes it an important market as employers seek graduates in the fields offered by our schools," said Robert B. Knutson, Chairman and Chief Executive Officer of EDMC. "We plan to introduce other majors offered at The Art Institutes as accreditation and state approvals are received, including a culinary arts program to serve the strong demand in Las Vegas."
"We are extremely pleased to become part of The Art Institutes system of schools," said Nancy Wolff, President of The Design Institute. "The expansion into other majors that are taught by The Art Institutes will bring us a more diverse student body and make The Art Institute of Las Vegas a more dynamic organization."
EDMC is among the largest providers of proprietary post-secondary education in the United States, based on student enrollment and revenue. EDMC's 24 education institutions offer bachelor's and associate's degree programs and non-degree programs in the areas of design, media arts, culinary arts, fashion and paralegal studies. 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. SOURCE Education Management Corporation
CONTACT: Jeffrey Durosko, Vice President, Public Relations of Education Management, 412-562-0900, ext. 232/
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