Career Education Corporation and the California Culinary Academy Sign Letter of Intent to Acquire California Culinary Academy.HOFFMAN ESTATES, Ill.--(BUSINESS WIRE)--Aug. 2, 1999-- Career Education Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CECO) today announced it has signed a letter of intent to acquire California Culinary Academy  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. , Inc. (NASDAQ: COOK) for $6.50 a share. With approximately 850 students, California Culinary Academy offers an Associate of Occupational Studies Degree Program in Culinary Arts and a Certificate Program in Baking and Pastry. The company operates a core campus in San Francisco and three additional College of Food locations in San Francisco, Salinas and San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. . Completion of the acquisition is subject to a number of conditions, including completion of due diligence, negotiation of a definitive purchase agreement and regulatory approvals. Accordingly, there can be no assurance that the two companies will reach an agreement with respect to an acquisition. The companies do not intend to make further public announcements with regard to the status of their discussions until such time as they have reached a definitive agreement or elected to terminate their discussions. "California Culinary Academy is an outstanding school with a 20-year operating history," said John M. Larson, president and chief executive officer of CEC (Central Electronic Complex) The set of hardware that defines a mainframe, which includes the CPU(s), memory, channels, controllers and power supplies included in the box. Some CECs, such as IBM's Multiprise 2000 and 3000, include data storage devices as well. . "It represents another important building block in our program to expand CEC's presence in culinary arts. There is tremendous growth occurring throughout this industry, which is expected to have three million new jobs by 2005. California Culinary Academy would serve as a platform for a mega-campus in Northern California, as well as expand our presence in Southern California." "We are hopeful that we will be able to reach a definitive agreement as a combination with CEC that is consistent with our mission statement: `THE resource to the food industry,'" said Keith Keogh, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the California Culinary Academy. "We share CEC's commitment to excellence and expect to further our objective of preparing graduates and professionals for positions in the culinary arts." Career Education Corporation already operates six culinary campuses: Scottsdale Culinary Institute in Scottsdale, Arizona; Southern California School of Culinary Arts in South Pasadena, California South Pasadena is a city in Los Angeles County, California, United States. As of the 2000 census, it had a population of 24,292. History South Pasadena was established on March 2, 1888. ; Le Cordon Bleu For the Schnitzel variant, see . Le Cordon Bleu (French for "blue ribbon") is an international group of hospitality management and cooking schools teaching French cuisine. Culinary Program at Brown Institute in Mendota Heights, Minnesota Mendota Heights is a city in Dakota County, Minnesota, United States. The population was 11,434 at the 2000 census. The St. Thomas Academy boys school is located here, as well as Henry Sibley High School. ; McIntosh College in Dover, New Hampshire Dover is a small city in Strafford County, New Hampshire, in the United States of America. The population was 26,884 at the 2000 census. It is the county seat of Strafford County. Dover is home to McIntosh College. ; International Culinary Academy in Pittsburgh, Pennsylvania; and Western Culinary Institute
Career Education Corporation is one of the largest providers of private, for-profit postsecondary education in North America. The Company currently operates 25 campuses in 14 states and two Canadian provinces. CEC 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 technology, visual communication and design technologies, business studies and culinary arts. The forward-looking statements contained in this 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 those matters disclosed in the Company's filings with the Securities and Exchange Commission (SEC). Career Education Corporation assumes no obligation to update its forward-looking statements. |
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