NEW YORK, July 31 /PRNewswire-FirstCall/ -- Edison Schools (Nasdaq: EDSN),
the nation's largest private manager of public schools, announced today that
it has reached an agreement in principle with the Philadelphia School Reform
Commission (SRC) to manage twenty elementary and middle schools in the School
District of Philadelphia beginning this fall. This arrangement, part of an
historic partnership forged between Philadelphia and the Commonwealth of
Pennsylvania, marks the nation's largest use of education providers for the
management of public schools in one district. The twenty schools that Edison
will manage represent nearly half of the 45 schools slated to operate under
private management.
"I want to thank the School Reform Commission (SRC), the Commonwealth of
Pennsylvania and the people of Philadelphia for entrusting us with the
important task of improving education for so many Philadelphia children," said
Chris Whittle, founder and CEO of Edison Schools. "We are all united behind
that essential goal. The men and women of Edison Schools are deeply committed
to delivering great results and improved educational outcomes for
Philadelphia's children and their families. We will not let them down."
"We have been hard at work, planning and preparing with Philadelphia
teachers and principals, to help make these schools the very best they can
be," continued Whittle. "This is the most important goal for our company."
Edison's five-year agreement with the School District of Philadelphia will
enable Edison to work in partnership with school staffs and local communities
to serve approximately 13,000 students and their families. This agreement
represents the largest contract in the company's history. Gene Wade, Edison's
Executive Vice President for Development led Edison's effort in Philadelphia.
"We are delighted to have reached an agreement that is both fair and
reasonable. We are now ready to get the most important matter at hand --
creating and running great schools for young people in Philadelphia and their
families," said Wade.
Founded in 1992, Edison opened its first four schools in 1995. Since that
time, Edison has grown significantly and is now the 45th largest school
district in the nation with 133 schools and approximately 74,000 students.
Elementary schools in Philadelphia under Edison management include: James
Alcorn; B. Anderson; Benjamin F. Comegys; William F. Harrity; William D.
Kelley; Kenderton; Alain Locke; James Ludlow; Morton McMichael; Luis
Munoz-Marin; Potter-Thomas; and Laura Waring.
Middle schools in Philadelphia under Edison management include: Norris
Barratt; Gillespie; Penn Treaty; Anna Shaw; John B. Stetson;
Stoddart-Fleisher; Mayer Sulzberger; and William Tilden.
Since the SRC announced its intent to hire Edison this past April, the
company has been hard at work preparing for smooth transitions and seamless
school openings this fall. Edison has hired new principals, trained school
leadership teams and met with parent leaders and community partners. New
curriculum, textbooks and supplies have already been delivered to several of
our Philadelphia schools, the rest are scheduled to arrive in August. When
Edison Philadelphia schools open their doors in September, more than five
hundred teachers will have received intensive, dynamic training in the Edison
design, curriculum, and support systems.
About Edison
Edison Schools manages 133 public schools with a total enrollment of
approximately 74,000 students. Through contracts with local school districts
and public charter school boards, Edison generally assumes educational and
operational responsibility for individual schools in return for funding that
is comparable to that spent on other public schools in the area. Over the
course of three years of intensive research, Edison's team of leading
educators and scholars developed an innovative, research-based curriculum and
school design. 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
quarterly report filed with the SEC, and other factors such as, among other
things, the possibility that: (1) Edison, its independent auditors and/or the
SEC may identify additional items that materially and adversely affect
Edison's financial results; (2) the financing discussed separately by Edison
today may not be consummated; and (3) the events relating to the informal SEC
inquiry or its settlement may result in defaults under Edison's material
agreements or give rise to costly and protracted litigation against Edison.
The forward-looking statements included in this press release represent
Edison's estimates as of July 31, 2002. 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 July 31, 2002.
SOURCE Edison Schools
 back to top
Related links:
http://www.edisonschools.com
CONTACT:
Adam Tucker, +1-212-419-1602, for Edison
Schools
|
