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Computer Learning Centers Signs Definitive Agreement To Acquire Boston Education Corp.


FAIRFAX, Va.--(BUSINESS WIRE)--November 10, 1997--Computer Learning Centers, Inc. (Nasdaq National Market: CLCX) ("CLC (The Computer Language Company Inc.) The publisher of this Encyclopedia. See About this product. ") today announced that it has signed a definitive agreement to acquire Boston Education Corp., d/b/a Computer Learning Centers Boston ("CLC Boston"), a privately held provider of information technology ("IT") education and training, for approximately $5 million in CLC common stock. CLC Boston, which had 1996 annual revenues of approximately $4.9 million, serves approximately 500 students at its two campuses: a main campus located in Somerville, Massachusetts Somerville (pronunciation IPA: /ˈsʌmərvɪl/) is a city in Middlesex County, Massachusetts, just north of Boston.  and a branch in Methuen, Massachusetts For other uses of Methuen, see .
Methuen is a city[1] in Essex County, Massachusetts, United States. History
Methuen was first settled in 1642 and was officially incorporated in 1726.
.

The acquisition, which is subject to the completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired.  and other closing requirements, is expected to be completed by December 31, 1997. The acquisition is expected to be accounted for as a pooling of interests Pooling of Interests

An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together.

Notes:
The opposite of pooling of interests is the purchase acquisition method.
.

Reid Bechtle, President and Chief Executive Officer of CLC, commented, "This acquisition would, upon its completion, represent CLC's entrance into the New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt.  market and strengthen our presence in the Northeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . We also believe that, after merger-related expenses, this acquisition should be accretive to earnings. CLC Boston has established an outstanding reputation in the Boston area, and we look forward to continuing to provide its students with the same high quality IT education, training and services they have come to expect. We believe that Boston is a key strategic market for CLC due to the large number of potential students and a growing number of job opportunities that exist for individuals who possess current, hands-on IT education and training. We also believe that we can broaden the appeal of CLC Boston's existing curriculum by introducing new courses and programs which are designed to enhance our graduates' ability to obtain a well-paying, entry-level job An entry-level job is a job that generally requires little skill and knowledge, and is generally of a low pay. These jobs may require physical strength or some on-site training. Many entry-level jobs are part-time, and do not include employee benefits.  in an IT related field."

Boston Education Corp., d/b/a Computer Learning Centers Boston, is one of the original Computer Learning Centers owned by Airco Education Services, a division of the BOC (Bell Operating Company) One of 22 companies that was formerly part of AT&T and later organized into seven regional companies. See RBOC.  Group. CLC Boston was acquired in 1987 by Mr. David Carney, who is currently Boston Education Corp.'s 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. .

Computer Learning Centers provides information and computer-related education and training at 17 Learning Centers in the United States. The Company designs programs and courses to meet current information technology education needs, offering instruction in technologies such as client server, databases, networking and object-oriented programming. The Company's Advantec Institutes offer intensive, two-to- six week programs to enhance the skills of information technology professionals in such areas as UNIX system administration, C and C++ and Java and PERL internet programming languages.

This press release contains forward-looking statements. The words "believe," "expect," "intend," "anticipate," and "project," and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.

CONTACT: Computer Learning Centers, Inc.

Charles Cosgrove

Chief Financial Officer

(703) 359-7702

CLCX's INVESTOR RELATIONS Investor relations

The process by which the corporation communicates with its investors.
 COUNSEL:

The Equity Group

Devin Sullivan (212) 836-9608

Tamara Ehlin (212) 836-9607
COPYRIGHT 1997 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1997, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Nov 10, 1997
Words:575
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