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SPRING GARDEN IS NEGOTIATING SALE OF CAMPUS TO VALLEY FORGE CHRISTIAN COLLEGE

 SPRING GARDEN IS NEGOTIATING SALE OF CAMPUS
 TO VALLEY FORGE CHRISTIAN COLLEGE
 PHILADELPHIA, June 3 /PRNewswire/ -- Spring Garden College announced today it is exploring the possible sale of its campus to Valley Forge Christian College (VFCC).
 Spring Garden said it would lease back a portion of the campus pending SG's further economic stabilization.
 "We are vigorously pursuing this opportunity," said Richard C. Ustick, acting president of Spring Garden. "Several ideas are still being developed in the current negotiations and it would be premature to say anything further now."
 Ustick said the move is intended to assure Spring Garden's future and is viewed as a vital step in the "continuing process to restructure the college's finances." Everyone at Spring Garden is being kept informed of developments, he said, and "the students and their well- being are uppermost in our minds."
 Such a transaction is seen as pivotal to solving Spring Garden's financial problems: proceeds from the sale could be used to pay down its debt and enabling it to develop its academic programs.
 Christian College, located in Phoenixville, Pa., has been looking for another site for some time. Officials at that college have said the deterioration of the unused portion of the old World War II-era buildings and the cost of maintaining occupied structures is too high.
 VFCC moved to its present 77-acre site in Chester County in 1976. An accredited member of the American Association of Bible Colleges, its 424 students are being trained as pastors, evangelists, missionaries and Christian education workers.
 Spring Garden is a four-year college specializing in preparing students for careers in business, industry and architecture, and is fully accredited by the Middle States Association of Colleges and Schools. In 1984-85 Spring Garden moved to a more complete facility at its present 33-acre campus in Philadelphia's Mount Airy section. The SG campus was formerly occupied by the Pennsylvania School for the Deaf.
 /delval/
 -0- 6/3/92
 /CONTACT: John Sheppard of GK Marketing Associates, 215-265-8028, for Spring Garden College/ CO: Spring Garden College; Valley Forge Christian College ST: Pennsylvania IN: SU: RLE


CC-MP -- PH015 -- 6571 06/03/92 10:37 EDT
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Date:Jun 3, 1992
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