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BALTIMORE CITY PUBLIC SCHOOLS AND EDUCATION ALTERNATIVES FINALIZE MANAGEMENT CONTRACT

 BALTIMORE CITY PUBLIC SCHOOLS AND EDUCATION ALTERNATIVES
 FINALIZE MANAGEMENT CONTRACT
 MINNEAPOLIS, July 22 /PRNewswire/ -- Education Alternatives, Inc. (NASDAQ: EAIN) announced today that its contract with Baltimore City Public Schools received final approval this morning. Under the agreement, the company will assume full management responsibilities for the operation of eight elementary schools and one middle school in Baltimore. In fulfilling the agreement, EAI will work with KPMG Peat Marwick and Johnson Controls World Services with the goal of improving student performance through a public/private partnership. The company will be compensated under the agreement in an annual amount equal to the total average cost per pupil for the Baltimore City Public Schools ($5,549 for the 1992-93 school year) multiplied by the number of students (4,815 for the 1992-93 school year) attending the schools managed by the company (approximately $27 million during the contract's first year). The company will be responsible for payment of all expenses related to the operation of the participating schools. The initial term of the management contract is five years subject to earlier termination or extension by the Baltimore Board of School Commissioners.
 John T. Golle, chairman and CEO of EAI, said, "We are extremely pleased to be able to work in partnership with a major urban area like Baltimore to improve the quality of public education for all children. This project truly represents a major breakthrough for our company and significantly contributes to our ability to deliver on our theme of 'Doing Well By Doing Good.'"
 Education Alternatives, Inc. provides private management of public schools and consulting services to public and private schools.
 -0- 7/22/92
 /CONTACT: John T. Golle of Education Alternatives, 612-885-5572/
 (EAIN) CO: Education Alternatives, Inc. ST: Minnesota, Maryland IN: SU: CON


KH -- MN004 -- 2014 07/22/92 14:24 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
Words:300
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