SALT LAKE CITY, Dec. 22 /PRNewswire/ -- Franklin Covey Co. (NYSE: FC)
today announced the signing of a purchase agreement with the intent to acquire
the assets of Khalsa Associates, a company owned and managed by Mahan Khalsa.
Mr. Khalsa has developed and delivered various sales training curriculums,
working extensively with such global firms as Arthur Andersen and Microsoft.
In conjunction with the acquisition, Mr. Khalsa has signed a five-year
employment agreement. The acquisition is subject to the normal regulatory
approvals and approval of both parties upon completing due diligence. Terms
of the agreement were not disclosed.
Commenting on the acquisition, Stephen M. R. Covey, President of the
Training and Education business unit at Franklin Covey, said, "Through this
addition, we have added to our core competencies in business training. The
sales training that Mahan adds to our 7 Habits, leadership, time management
and communication curriculums rounds out the business productivity solutions
we can offer our corporate and organizational clients. We believe that these
sales training models will not only work effectively in many organizations
worldwide, but will also work to rejuvenate our own client partner sales
force. We are excited to be entering the sales training market, an area in
which we believe there are significant growth opportunities."
The Company also announced its intention to sell the external commercial
printing divisions of Publishers Press and Time Index. These operations
include printing presses and some bindery operations. The printing presses
and other equipment currently used for printing and production of the
Company's product line will be retained and will continue to operate at full
capacity. Additional seasonally needed capacity will come from outside
suppliers. Commenting on the planned divestitures, Jon H. Rowberry, Chief
Executive Officer of the Company said, "This is in line with our announced
strategy of focusing our energy and resources on our core businesses. The
capital generated by these divestitures will be available to invest in
development of new products, services, channels and marketing initiatives."
Franklin Covey is the leading global provider of leadership development
and productivity services and product solutions based on proven principles.
More than 17 million individuals use Franklin Covey's agendas and planners,
and its training products and related materials are printed in 28 languages
throughout the world. Franklin Covey trains in excess of 750,000 participants
annually in training seminars teaching principles to help them achieve "What
Matters Most."
SOURCE Franklin Covey Co.
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Related links:
http://www.franklincovey.com
Company News On-Call:
http://www.prnewswire.com/comp/107086.html or fax,
800-758-5804, ext. 107086
CONTACT:
Jon H. Rowberry, Chief Executive Officer,
John L. Theler, Chief Financial Officer, or Richard R. Putnam,
Investor Relations, 801-975-1776, of Franklin Covey Co.
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