NINE BALTIMORE SCHOOLS TO BE PRIVATELY MANAGED
NINE BALTIMORE SCHOOLS TO BE PRIVATELY MANAGED BALTIMORE, June 9 /PRNewswire/ -- Education Alternatives, Inc.
(NASDAQ: EAIN) signed a letter of intent today to manage up to nine Baltimore City Public Schools. Under the letter of intent, more than 5,100 students in nine city schools will be introduced to the Tesseract teaching program pioneered by EAI. The program stresses individual instruction, parental participation and the active involvement of children in their own education. Each of the nine Baltimore schools will be given the opportunity to voluntarily choose to become Tesseract schools. The letter of intent will be implemented through the execution of a definitive agreement by July 15, 1992.
In fulfilling the agreement, EAI will work with KPMG Peat Marwick and Johnson Controls World Services with the goal of improving student performance through a public/private partnership. Last year, the three organizations formed a consortium, known as The Alliance for Schools that Work, to cooperatively seek and manage public schools and improve them through private management working in cooperation with the present administration. The parties will begin immediately to resolve the organizational issues required to implement the Tesseract system in the nine schools. The contract will be for five years and contain provisions to allow broadening the arrangement beyond the nine identified schools. Under the agreement, EAI will be given the average cost per student ($5,415) that the city presently spends. In turn, EAI will be held accountable to produce measurable student gains. John Golle, chairman and CEO of EAI, said, "Our agreement with the Baltimore City Public Schools (BCPS) is a cooperative effort to improve rather than replace what already exists in the public school environment. In this sense, it is unique partnership between BCPS, the unions governing their professional workforce, and The Alliance for Schools that Work." By combining EAI's educational management expertise, KPMG Peat Marwick's accounting, financial management and system experience and Johnson Controls World Services' facility management skills, the intended result will be "to dramatically improve student performance without spending additional dollars," according to Golle. Based in Minneapolis, Education Alternatives, Inc. provides private management of public schools and consulting services to public and private schools. KPMG Peat Marwick provides audit, tax and financial management, operations, organizational, human resource and information technology services to more than 2,000 governmental entities, including school districts and departments of education. KPMG Peat Marwick has been serving the governmental sector since 1905. The firm has 135 offices in the United States and is the United States practice of KPMG, which has operations in 125 countries and posted 1991 revenues of $6.0 billion. Johnson Controls World Services provides state-of-the-art facility management, operations, maintenance, and support services to more than 6,000 government and commercial facilities within the United States and worldwide, including many school districts, and campus-like settings. A registration statement relating to Education Alternatives, Inc.'s common stock has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained from the Secretary of Education Alternatives, Inc., 1600 West 82nd Street, Minneapolis, Minn., 55431. -0- 6/9/92 /CONTACT: John Golle of Education Alternatives, 612-885-5572; or Jack Miller of KPMG, 212-872-5833; or Bob Dickhaus of Johnson Controls World Services, 407-784-7271/ (EAIN) CO: Education Alternatives, Inc. ST: Minnesota IN: SU: CON
AL -- MN014 -- 8589 06/09/92 18:05 EDT
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|Date:||Jun 9, 1992|
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