Education Management and National Baptist Convention Initiate Significant New Scholarship Program
Education Management Corporation (NASDAQ: EDMC), a leading provider of post-secondary education, announced a commitment of $500,000 in scholarships for at-need students in a partnership with the National Baptist Convention of America, Inc., Int'l, one of the oldest African-American organizations in the nation.
"We are honored to work with an organization as revered as the National Baptist Convention to provide these important scholarships to students across the country," said Edward H. West, EDMC president and CEO. "These scholarships continue EDMC's commitment to expanding educational opportunities for students who need them, and demonstrate our dedication to improving access and affordability for students who wish to pursue a post-secondary education."
"On behalf of the National Baptist Convention of America I want to thank Education Management for this $500,000 scholarship commitment for students who attend our churches across the country," said Rev. Dr. Stephen J. Thurston, president of the National Baptist Convention of America. "This scholarship commitment will allow many students in urban and rural America to achieve their dream of a college education. Because we live in a global society, a college education is a necessity in order to be able to compete for good paying jobs or to expand the middle class. The axiom is still true — education is the key and ladder to success. I applaud and thank EDMC for their commitment to the African American community and education."
The scholarship would apply to all four EDMC education systems: The Art Institutes, Argosy University, Brown-Mackie College and South University.
This initiative adds to EDMC's growing commitment to provide an affordable, high-quality learning experience to traditional and non-traditional students who serve an increasingly important role in America's workforce. EDMC expects to award $140 million in scholarships during fiscal year 2014, a 45 percent increase from the previous fiscal year.
About Education Management Corporation
Education Management Corporation (www.edmc.edu), with more than 125,000 students (as of October 2013) at its 110 locations in the U.S. and Canada, is among the largest providers of post-secondary education in North America, based on student enrollment and revenue at its campuses. Offering academic programs through both campus-based and online instruction, the company provides quality academic programs and is committed to improving access, affordability and achievement for students. The company's education systems –Argosy University, The Art Institutes, Brown Mackie Colleges and South University – offer students the opportunity to earn undergraduate and graduate degrees and certain specialized non-degree diplomas in a broad range of disciplines including culinary, business, education, fashion, graphic design, health sciences, information technology, legal, media arts, and psychology and behavioral sciences.
Safe Harbor Language
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements typically contain words such as "anticipates," "believes," "estimates," "expects," "intends" or similar words indicating that future outcomes are not known with certainty and are subject to risk factors that could cause these outcomes to differ significantly from those projected. Forward-looking statements include, but are not limited to, statements related to the company's future operating and financial performance, and include statements regarding expected enrollment, revenue, expense levels, capital expenditures and earnings. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Some of the factors that could cause actual results to differ materially include, but are not limited to: changes in the overall U.S. or global economy; changes in enrollment or student mix; student retention; our ability to maintain eligibility to participate in Title IV programs; changes in government spending; increased or unanticipated legal and regulatory costs; success of cost-cutting initiatives and growth strategies; changes in accreditation standards; the implementation of new operating procedures for our fully online programs; government and regulatory changes including revised interpretations of regulatory requirements that affect the postsecondary education industry; new programs and operational changes implemented in response to the "gainful employment" financial metrics; the potential impact of the draft "gainful employment" regulation expected to be issued by the U.S. Department of Education; and other factors discussed in our filings with the Securities and Exchange Commission, including those identified in the "Risk Factors" section of our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Past results of Education Management are not necessarily indicative of its future results. Education Management does not undertake any obligation to update any forward-looking statements, except as required by securities laws.
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Distributed by: PITTSBURGH, Feb. 13, 2014 /PRNewswire/ --