Apollo Group Inc. Files Registration Statement for Initial Public Offering of University of Phoenix Online Tracking Stock.Business Editors PHOENIX--(BUSINESS WIRE)--March 28, 2000 Apollo Group Apollo Group, Inc. NASDAQ: APOL is an S&P 500 corporation based in Phoenix, Arizona. Apollo Group, Inc., through its subsidiaries, provides higher education to working adults. Inc. (Nasdaq: APOL APOL Asia Pacific Online APOL Alternate Person on Line ) today announced that it filed a registration statement with the Securities and Exchange Commission relating to the initial public offering of University of Phoenix Online common stock, which is intended to track the performance of the Online operations of University of Phoenix. University of Phoenix Online is a leading provider of accessible, high quality education programs for working adults delivered via the Internet. As of Jan. 31, 2000, University of Phoenix Online had approximately 12,000 degree students and approximately 1,100 faculty members. Apollo Group will allocate net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering to University of Phoenix Online in a manner analogous to a primary offering of common stock by University of Phoenix Online. The net proceeds will be used for general corporate purposes, including marketing and sales activities. The issuance of a tracking stock will allow University of Phoenix Online to retain its position as the leading online provider of education for working adults. In addition, University of Phoenix Online intends to leverage Apollo Group's expertise in developing, hosting, and marketing online education and training programs by offering these services to corporations and other complementary education and training companies. Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. , Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Securities and Chase Securities Inc. will act as underwriters for the offering. The issuance of University of Phoenix Online tracking stock is subject to approval Apollo Group's Class A and Class B shareholders. Apollo Group has also filed a preliminary proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. with the Securities and Exchange Commission. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell, or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State. Apollo Group Inc., through its subsidiaries the University of Phoenix Inc., the Institute for Professional Development, the College for Financial Planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against Institutes Corp., Western International University Inc. and Apollo Learning Group Inc., is a leading provider of higher education programs for working adults based on the number of working adults enrolled in its programs. The consolidated enrollment in our educational programs would make us the largest private institution of higher education in the United States Higher education in the United States refers to colleges and universities within the United States. Overview The American university system, like the American educational system in general, is highly decentralized because the U.S. . We currently offer our educational programs and services at 52 campuses and 89 learning centers in 35 states, Puerto Rico and Vancouver, British Columbia. Our combined degree enrollment was 94,046 students at Feb. 29, 2000. For more information about Apollo Group, Inc. and its subsidiaries, call (800) 990-APOL or visit Apollo on the World Wide Web at http://www.apollogrp.edu. This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. This information may involve risk and uncertainties that could cause actual results to differ materially from the forward-looking statements. |
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