WEST ORANGE, N.J., April 27 /PRNewswire-FirstCall/ -- Lincoln Educational Services Corporation (Nasdaq: LINC; "Lincoln") announced today that it has completed the acquisition of Clemens College for approximately $2.8 million in cash, subject to customary post closing adjustments.
Clemens College is a regionally accredited college offering associate programs in hospitality management. The acquisition of Clemens College was part of the acquisition of Baran Institute of Technology which closed in January of this year and was subject to receiving approval from the New England Association of Schools and Colleges (NEASC).
"Clemens College supports our long term strategy of providing Lincoln students with the opportunity to advance their education with higher degree offerings and consequently greater career opportunities," said Dave Carney, Chairman and CEO of Lincoln. "Not only will our culinary and hospitality students in Connecticut benefit from our acquisition of Clemens College, but once we offer courses online, all of our culinary and hospitality students will have the opportunity to obtain a regionally accredited degree. Further, over time we will add other disciplines to this campus."
"We are very excited to be joining the Lincoln family of schools and having the financial resources and experience of Lincoln to help Clemens College reach its full potential," said Tad Handley, President of Clemens College. "We have already begun working with the team at Lincoln on a number of initiatives to build enrollment, improve efficiency, and serve our students even better."
About Lincoln Educational Services Corporation
Lincoln Educational Services Corporation is a leading and diversified for-profit provider of career-oriented post-secondary education. Lincoln offers recent high school graduates and working adults degree and diploma programs in five areas of study: automotive technology, health sciences, skilled trades, business and information technology and hospitality services. Lincoln has provided the workforce with skilled technicians since its inception in 1946. Lincoln currently operates 42 campuses in 17 states under ten brands: Lincoln Technical Institute, Lincoln College of Technology, Nashville Auto-Diesel College, Southwestern College, Euphoria Institute of Beauty Arts and Sciences, Briarwood College, Baran Institute of Technology, Connecticut Culinary Institute, Engine City Technical Institute and Americare School of Nursing. Lincoln had a combined average enrollment of approximately 20,006 students as of December 31, 2008.
Statements in this press release regarding Lincoln's business which are not historical facts may be "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in Lincoln's Form 10-K for the year ended December 31, 2008. All forward-looking statements are qualified in their entirety by this cautionary statement, and Lincoln undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof.
Lincoln Educational Services Corporation
CONTACT: Brad Edwards, Brainerd Communicators, +1-212-986-6667
