Agreement Calls for a Focus on the Instructional Program
NEW YORK, Nov. 15 /PRNewswire-FirstCall/ -- Edison Schools (Nasdaq: EDSN),
the nation's largest private manager of public schools, announced tonight that
it had reached an agreement that will allow for the continuation of Edison's
partnership with the Chester Upland Board of Control in managing nine of the
ten schools in the Chester Upland School District. The Chester Upland Board
of Control voted to support an amended and restated management agreement.
The amended agreement calls for Edison to continue running the
instructional program at nine Chester Upland schools. Edison will also
continue to provide its core academic program including Edison's curriculum
and materials, professional development for principals and teachers, and
achievement management systems. Edison will no longer be responsible for
certain operational and financial functions including district planning and
budgeting, quarterly financial reports, and recruitment.
Under the terms of the agreement, The Company will receive an annual net
fee of approximately $4.1 million for providing these services to the
district. In the past the agreement was on a gross basis.
"We are delighted to reach an agreement with the Board of Control. The
partnership will allow Edison to provide critical educational services and
resources to the students, families, and teachers of Chester Upland. We will
move forward and continue to build on the success of our first year," said Dr.
Juan Baughn, Vice President for Edison Schools in Chester Upland. "Hammering
out the details of this amended agreement has taken longer than we expected,
but our collective patience and persistence has generated a partnership that
is in the best interests of Chester students, Edison, the district, and the
community."
"We are pleased to have reached this agreement in Chester Upland," said
Chris Cerf, President and Chief Operating Officer of Edison Schools. "We look
forward to continuing our service to the teachers, staff, students and
families of Chester Upland. With this agreement in place we can begin to
build on the progress that was achieved in the first year of our partnership."
Edison's partnership in Chester began in 2001 with the management of nine
schools: Columbus Edison Elementary; William Penn Edison Elementary; Main
Street Edison Academy; Wetherill Edison Elementary; Pulaski Edison Junior
Academy; Showalter Edison Junior Academy; Stetser Elementary; Smedley Middle
School; and Chester High School.
About Edison
Edison Schools manages 150 public schools with a total enrollment of
approximately 80,000 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
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
November 14, 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 November 14, 2002.
SOURCE Edison Schools
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Related links:
http://www.edisonschools.com
CONTACT:
Adam Tucker, VP Communications of Edison
Schools, +1-212-419-1602
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