Career Education Corporation Comments on Gibbs/Montclair Accreditation Process
HOFFMAN ESTATES, Ill.--(BUSINESS WIRE)--Dec. 16, 2003--Career Education Corporation (NASDAQ:CECO) said today that the Accrediting Council for Independent Colleges and Schools (ACICS) has notified its Gibbs College, Montclair, N.J. campus that its current grant of accreditation has been extended through April 30, 2004. ACICS has deferred further action on the new grant of accreditation until it receives additional information requested from Gibbs College/Montclair, to be reviewed by April 2004.
CEC said the information request is routine and does not relate to a wrongful termination lawsuit filed against the school by a former placement director. Specifically, ACICS has requested Gibbs College/Montclair provide:
-- A 1957 college transcript for one of the College's instructors;
-- Documentation that eight specified faculty members participated in faculty development programs;
-- A plan to complete the education for students enrolled in the telecommunications program that is no longer being offered at the College; and
-- A revised catalog and television advertisements reflecting agreed upon changes.
Except for the historical and present factual information contained herein, the matters set forth in this release, including statements identified by words such as "anticipates," "expects," "projects," "plans," "will," and similar expressions, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on information currently available to us and involve risks and uncertainties that could cause our actual growth, results, performance and business prospects and opportunities to differ materially from those expressed in, or implied by these statements. These risks and uncertainties include, but are not limited to, costs and difficulties related to the integration of acquired businesses, risks and effects of legal and administrative proceedings and governmental regulations, future financial and operational results, competition, general economic conditions, ability to manage and continue growth, and other risk factors relating to our industry and business as detailed in our Annual Report on Form 10-K for the year ended December 31, 2002, as amended and from time to time in our reports filed with the SEC. We disclaim any responsibility to update these forward-looking statements.
CONTACT: Career Education Corporation
Tracy K. Lorenz (Investor Relations),