Career Education Corporation Acquires McIntosh College.

HOFFMAN ESTATES, Ill.--(BUSINESS WIRE)--March 9, 1999--Career Education Corporation (Nasdaq:CECO) today announced it has acquired McIntosh College, based in Dover, New Hampshire. The school, which was founded in 1896, has approximately 800 students and will continue to operate under its current name and management. Terms of the transaction were not disclosed.

"McIntosh College currently offers three of our four core curricula, including business studies, information technologies and culinary arts," said John M. Larson, president and chief executive officer of Career Education Corporation. "Based on our experience with acquiring and growing similar schools, there is a clear opportunity to expand these curricula to add a visual communications and design program. In the near term, we also expect to expand McIntosh College's culinary program in concert with our agreement to open Le Cordon Bleu culinary schools throughout North America."

"We also see strong potential to add McIntosh College's proprietary CPA Trak program to the business studies curriculum offered at other CEC campuses," Larson said. "This program provides students with the necessary credit hours and preparation for the CPA exam and would add a new dimension to our business programs."

McIntosh College is a diploma and associate degree granting, regionally accredited school located one hour from Boston. McIntosh College is accredited by the New England Association of Colleges and Schools. "This acquisition will expand the educational programs we offer to our students, broaden our regional marketing reach, and provide opportunities to expand our facilities," said Robert DeColfmacker, president of McIntosh College. "CEC has an outstanding track record for investing in its schools and enhancing each school's ability to deliver the highest quality training in the career fields where there is greatest demand."

McIntosh College is the fourth acquisition announced by Career Education Corporation during 1999. "We believe McIntosh College has the same potential Allentown Business School demonstrated when we acquired it nearly four years ago," Larson said. "Since the acquisition, Allentown's enrollment has more than doubled as a result of the expanded curricula and marketing programs the school now offers."

Career Education Corporation is one of the largest providers of private, for-profit post secondary education in North America, with approximately 15,900 students enrolled. The Company currently operates 13 schools with 22 campuses in 14 states and two Canadian provinces. The Company's schools enjoy long operating histories and offer a wide variety of bachelor's degree, associate degree and diploma programs in career-oriented disciplines within the Company's core curricula of information technologies, visual communication and design technologies, business studies and culinary arts.

The forward-looking statements contained in the release are based upon various assumptions, and certain risks and uncertainties could cause actual results to differ materially from those stated. Factors that could cause such differences include these matters disclosed in the Company's filings with the Securities and Exchange Commission. Career Education Corporation assumes no obligation to update its forward-looking statements.