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DOE lifts restrictions on Career Education Corporation’s ability to acquire schools and open new campuses
Career Education Corporation (NASDAQ:CECO) said recently that the company has received a notice from the United States Department of Education (“DOE”) that it has lifted restrictions imposed in June of 2005 that had prevented the company from domestic acquisitions of schools and restricted its ability to open additional domestic campuses.
“Career Education has put forth a tremendous effort in restructuring our compliance and financial aid processes, and full compliance remains our top priority,” said Robert E. Dowdell, interim chairman and CEO of Career Education Corporation. “Our employees deserve our deep gratitude for their teamwork and efforts to address the issues raised by the Department.”
The lifting of restrictions by the DOE follows its approval in August 2006 of CEC’s applications for new International Academy of Design and Technology campus locations in San Antonio, TX and Sacramento, CA to participate in Title IV Programs. Those campuses are currently scheduled to open in late spring of 2007.
“We will be carefully and selectively evaluating other expansion opportunities and look forward to pursuing those opportunities in cooperation with the Department,” said Dowdell.
About Career Education Corporation
The colleges, schools and universities that are part of the Career Education Corporation (CEC) family offer high quality education to approximately 100,000 students across the world in a variety of career-oriented disciplines. The 80-plus campuses that serve these students are located throughout the U.S. and in Canada, France and the United Kingdom, and offer Doctoral, Master’s, Bachelor’s and Associate degrees and diploma and certificate programs. Many students attend the fully online educational platforms offered by American InterContinental University Online and Colorado Technical University Online.Career Education is an industry leader whose gold-standard brands are recognized globally. Those brands include, among others, the Le Cordon Bleu Schools North America; the Harrington College of Design; the Brooks Institute of Photography; the Katharine Gibbs Schools; American InterContinental University; Colorado Technical University and Sanford-Brown Institutes and Colleges. The mission of CEC, through its schools, its educators, and its employees, is education – their primary goal, to enable students to graduate successfully and pursue rewarding careers.
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