NEW YORK, May 8 /PRNewswire-FirstCall/ --
Edison Schools Inc. (Nasdaq: EDSN) announced today that it has been informed
by its CEO and Founder, Christopher Whittle, that he and other members of
management are considering making an offer to purchase all of the outstanding
shares of the Company's common stock that they do not currently own.
The Company has not yet received any offer, nor any indication of what a
possible price per share might be with respect to any such offer. The Company
has been told by Whittle that no financing for any such offer has yet been
arranged.
Edison's Board of Directors has formed a special committee for the purpose
of receiving and/or evaluating any offers. There can be no assurance,
however, that the Company will receive any offers or that any transaction will
occur, and, if any transaction occurs, what the structure or terms of such
transaction would be.
About Edison
Founded in 1992, Edison partners with school districts and charter boards
to raise student achievement through its research-based school design, aligned
assessment systems, interactive professional development, integrated use of
technology, and other proven program features. Edison students are achieving
annual academic gains well above national norms. Edison Schools now serves
more than 110,000 public school students in more than 20 states through four
different business channels: (1) the management of schools for school
districts, (2) charter schools, (3) summer and after-school programs, and
(4) achievement management solutions for school systems. The company operates
149 full-year schools and 178 summer schools.
Between 1992 and 1995 and in ongoing efforts, Edison's team of leading
educators and scholars has conducted intensive research to develop its school
design and support systems. Edison opened its first four schools in August
1995 and has grown rapidly in every subsequent year. For more information,
please visit http://www.edisonschools.com.
Any statements in this press release and any other press release issued by
Edison on or about the date hereof about future expectations, plans and
prospects for Edison, including statements containing the words "believes,"
"anticipates," "plans," "expects," "will," and similar expressions, constitute
forward-looking statements within the meaning of The Private Securities
Litigation Reform Act of 1995. Actual results may differ materially from
those indicated by such forward-looking statements as a result of various
important factors, including the risk factors discussed in our most recent
annual report on form 10-K/A filed with the SEC. The forward-looking
statements included in this press release represent Edison's estimates as of
May 08, 2003. Edison anticipates that subsequent events and developments will
cause its estimates to change. While Edison may elect to update these
forward-looking statements at some point in the future, Edison specifically
disclaims any obligation to do so. These forward-looking statements should not
be relied upon as representing Edison's estimates or views as of any date
subsequent to May 08, 2003.
SOURCE Edison Schools Inc.
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Related links:
http://www.edisonschools.com
CONTACT:
Adam Tucker, VP Communications of Edison
Schools Inc., +1-212-419-1602
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