Corinthian Colleges Enters Into Agreement To Sell 56 Everest And WyoTech Campuses To Nonprofit ECMC Group

SANTA ANA, Calif., Nov. 20, 2014 (GLOBE NEWSWIRE) -- Corinthian Colleges Inc. (Nasdaq:COCO) today announced that it has signed a definitive agreement with Zenith Education Group, Inc. (Zenith), an affiliate of ECMC Group, Inc. (ECMC Group) under which Zenith will acquire 56 Everest and WyoTech campuses in 17 states as well as online programs. Under the agreement Zenith will also acquire 12 schools that are currently being taught out and closed, and will continue the teach-out process until complete. In total, the schools being purchased represent all of Corinthian's U.S.-based Everest and WyoTech campuses located outside of California, serving more than 39,000 students.

The acquisition is expected to close in January 2015, subject to regulatory approvals and other conditions. For more detail about the agreement, please refer to the Company's 8-K filed today with the Securities and Exchange Commission.   ]

ECMC Group is a nonprofit corporation with a mission to help students succeed. All ECMC Group companies work to fulfill this mission through product and service support and through the philanthropic activities of the ECMC Foundation. Educational Credit Management Corporation, a nonprofit affiliate of ECMC Group, is one of the largest student loan guaranty agencies in the United States. With Zenith's purchase of Everest and WyoTech schools, ECMC Group plans to create the largest system of nonprofit career schools in the country.

"Everest and WyoTech students will benefit greatly from ECMC Group's commitment to students and its goal of making a positive difference in career education," said Jack Massimino, Chairman and CEO of Corinthian Colleges. "ECMC will focus significant resources on student programs and services and enhance the future prospects of Everest and WyoTech."

Corinthian entered into an Operating Agreement with the Department effective on July 8, 2014, under which Corinthian agreed to wind down and close 12 schools and offered to sell the rest of its U.S. schools, including online programs.

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