CHICAGO - July 31, 2007 - eCollege® [Nasdaq: ECLG], a leading provider of eLearning and enrollment services to post-secondary education, today announced that it has been acquired by Pearson Education. On July 31, 2007, a wholly owned subsidiary of Pearson Education was merged with and into eCollege, resulting in eCollege becoming a wholly-owned subsidiary of Pearson Education. As previously announced, approximately 84 percent of the issued and outstanding shares of common stock of eCollege voted to approve the transaction.
As a result of the merger, each outstanding share of common stock of eCollege (other than shares held by eCollege as treasury stock or by Pearson Education or any subsidiary of eCollege or Pearson Education, and other than shares held by any stockholders who properly exercise appraisal rights under Delaware law) was converted into the right to receive $22.45 in cash.
Computershare, Inc., the exchange agent for the merger, will mail to the stockholders of eCollege materials to be used to surrender stock certificates for payment. eCollege stockholders are urged to read these materials in full, as such contain important information regarding the merger.
Simultaneously with the closing of the merger, eCollege sold its Enrollment Division, Datamark,Inc. to a wholly owned subsidiary of Datamark Partners, LLC.
eCollege (Nasdaq: ECLG) is a leading provider of value-added information service to the postsecondary and K-12 education industries. The Company's eLearning Division designs, builds and supports some of the most successful, fully online degree, certificate/diploma and professional development programs in the country. The Company's Enrollment Division, Datamark, Inc. helps institutions build new enrollments and increase student retention. Customers include publicly traded for-profit institutions, community colleges, public and private universities, school districts and state departments of education. eCollege was founded in 1996 and is headquartered in Chicago, with the eLearning Division headquartered in Denver. Datamark was founded in 1987 and is headquartered in Salt Lake City. For more information, visit http://www.eCollege.com and http://www.Datamark.com.
eCollege is a registered trademark of eCollege.
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