Elron Electronic Industries Announces Sale of KIT eLearning to Sylvan Learning Systems.Business Editors/High-Tech Writers TEL AVIV Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest , Israel--(BUSINESS WIRE)--April 1, 2004 Elron Electronic Industries Ltd. ("Elron") (Nasdaq:ELRN), announced today the sale of KIT eLearning B.V. ("KIT"), 45% held by Elron, to Online Higher Education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. B.V, a subsidiary of Sylvan Learning Sylvan Learning (formerly Sylvan Learning Center) is a chain of franchised tutoring centers which provide personalized tutoring in reading, writing, mathematics, study skills and test-prep for college entrance and state exams. Systems, Inc. (Nasdaq: SLVN), a global leader in higher education, for an immediate cash payment of $9.4 million and a future payment of up to an additional $10 million based on future earnings of KIT in 2006 and 2007. The other selling shareholders of KIT are Elron's controlling shareholder, Discount Investment Corporation and Kidum IT Ltd., a privately held Israeli company. Elron will receive an amount of approximately $5.7 million from the immediate proceeds of the sale and will record a gain of approximately $5.3 million in the first quarter of 2004. About KIT eLearning KIT eLearning is a privately held Dutch company offering online academic programs for professionals in business administration and information technology, in cooperation with the University of Liverpool The University of Liverpool is a university in the city of Liverpool, England. History The University was established in 1881 as University College Liverpool, admitting its first students in 1882. in England. Currently, KIT is serving professionals from more than 70 countries but mostly from the U.K., Netherlands, Germany, North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Singapore and China. About Sylvan Learning Systems Sylvan Learning Systems, Inc. (NASDAQ:SLVN) is focused exclusively on providing a superior university experience to over 117,000 students through the leading global network of accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. campus-based and online universities. Addressing the rapidly growing global demand for higher education, Sylvan sylvan emanating from or pertaining to woods. See also sylvatic. offers a broad range of career-oriented undergraduate and graduate programs through eight universities located in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and Europe. Through two U.S. based and accredited universities, Sylvan offers the growing population of non-traditional, working-adult students the convenience and flexibility of distance learning to pursue undergraduate, master's and doctorate degree programs in major career fields including engineering, education, business, and healthcare. Elron Electronic Industries Ltd. is a multinational high technology holding company based in Israel. Through affiliates, Elron is engaged with a group of high technology operating companies operating company A business that engages in transactions with outsiders. in the fields of advanced defense electronics, communication, software, information technology, Medical devices, semiconductors and Amorphous Metals. For further information, visit http://www.elron.com (Any statements in this press release that may be considered forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Actual results may differ from such forward-looking statements due to the risk factors discussed in periodic reports filed by the Company with the Securities and Exchange Commission, which the Company urges investors to consider.) |
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