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Lincoln Educational Services Corporation Enters Into Agreement To Repurchase Stock Concurrently With Sale By Shareholder

WEST ORANGE, N.J., Dec. 15 /PRNewswire-FirstCall/ -- Lincoln Educational Services Corporation (Nasdaq: LINC) ("Lincoln") announced today that it has entered into a definitive stock repurchase agreement with Back to School Acquisition, L.L.C., its principal shareholder ("BTS"), to repurchase 1,250,000 shares of Lincoln common stock concurrently with BTS' sale of an additional 750,000 shares of Lincoln common stock in a block trade pursuant Rule 144 under the Securities Act of 1933, as amended.  The proposed repurchase transaction was evaluated and approved by directors of Lincoln's Board who are not also affiliated with BTS.  The Board also received a fairness opinion that the terms of the repurchase from BTS are  fair to Lincoln from a financial point of view.  Under the terms of the repurchase agreement, closing of the repurchase is conditioned upon, among other things, the completion of BTS' block trade.

The repurchase represents 3.7% of Lincoln's common stock currently outstanding and, together with the shares sold in the block trade, will reduce BTS' beneficial ownership interest in Lincoln from approximately 37.9% to 31.7%.  Lincoln will have approximately 25.9 million shares of common stock outstanding after the repurchase, which Lincoln expects to close in the near future.  Lincoln will use available cash to purchase the shares.  

About Lincoln Educational Services Corporation

Lincoln Educational Services Corporation is a leading and diversified for-profit provider of career-oriented post-secondary education. Lincoln offers recent high school graduates and working adults degree and diploma programs in five principal areas of study: automotive technology, health sciences, skilled trades, business and information technology and hospitality services. Lincoln has provided the workforce with skilled technicians since its inception in 1946. Lincoln currently operates 43 campuses in 17 states under 11 brands: Lincoln College of Technology, Lincoln Technical Institute, Nashville Auto-Diesel College, Southwestern College, Euphoria Institute of Beauty Arts and Sciences, Connecticut Culinary Institute, Americare School of Nursing, Baran Institute of Technology, Engine City Technical Institute, Briarwood College and Clemens College. Lincoln had a combined average enrollment of approximately 31,500 students as of September 30, 2009.
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