CHICAGO, July 30 /PRNewswire-FirstCall/ -- eCollege(R) , a leading provider of eLearning and enrollment services to post-secondary education, today announced that its stockholders adopted the Agreement and Plan of Merger, dated May 14, 2007, by and among eCollege, Pearson Education, Inc. and Epsilon Acquisition Corp and the merger contemplated thereby. Approximately 84 percent of the outstanding shares of common stock of eCollege voted to approve the transaction. The action was taken at a special meeting of stockholders held earlier today.
eCollege currently expects that the merger, which remains subject to certain closing conditions, will be completed on July 31, 2007. Following the completion of the merger, shares of common stock of eCollege will no longer trade on the Nasdaq and, subject to the terms of the merger agreement, stockholders will be entitled to receive $22.45 in cash for each share of eCollege common stock.
About eCollege
eCollege is a leading provider of value-added information service to the post-secondary and K-12 education industries. The Company's eLearning Division designs, builds and supports some of the most successful, fully online degree, certificate/diploma and professional development programs in the country. The Company's Enrollment Division, Datamark, Inc. helps institutions build new enrollments and increase student retention. Customers include publicly traded for-profit institutions, community colleges, public and private universities, school districts and state departments of education. eCollege was founded in 1996 and is headquartered in Chicago, with the eLearning Division headquartered in Denver. Datamark was founded in 1987 and is headquartered in Salt Lake City. For more information, visit http://www.ecollege.com/ and http://www.datamark.com/.
Statements about the expected timing, completion and effects of the proposed acquisition of eCollege by Pearson Education, Inc. and all other statements in this press release other than historical facts constitute forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, each of which is qualified in its entirety by reference to the following cautionary statements. Forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. eCollege may not be able to complete the proposed merger because of a number of factors, including, among other things, the failure to obtain stockholder approval or the failure to satisfy closing conditions. Other risks and uncertainties that may affect forward-looking statements are described in the reports filed by eCollege with the SEC under the Securities Exchange Act of 1934, as amended, including without limitation eCollege's Annual Report on Form 10-K for the year ended December 31, 2006. eCollege does not undertake to publicly update or revise any forward-looking statements contained herein even if experience or future changes or circumstances make it clear that any projected results expressed or implied therein will not be realized.
eCollege is a registered trademark of eCollege.
