Elron Electronic Industries Announces Sale of KIT eLearning to Sylvan Learning Systems
April 01 2004 - 3:25AM
PR Newswire (US)
Elron Electronic Industries Announces Sale of KIT eLearning to
Sylvan Learning Systems TEL AVIV, Israel, April 1
/PRNewswire-FirstCall/ -- Elron Electronic Industries Ltd.
("Elron") , announced today the sale of KIT eLearning B.V. ("KIT"),
45% held by Elron, to Online Higher Education B.V., a subsidiary of
Sylvan Learning Systems, Inc. , 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 in England. Currently, KIT is serving
professionals from more than 70 countries but mostly from the U.K.,
Netherlands, Germany, North America, 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 campus-based and online universities.
Addressing the rapidly growing global demand for higher education,
Sylvan offers a broad range of career-oriented undergraduate and
graduate programs through eight universities located in Latin
America 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 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/. Contact: Tal
Raz Elron Electronic Industries Ltd. Tel. 972-3-6075555 (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.) DATASOURCE: Elron Electronic Industries
Ltd. CONTACT: Tal Raz of Elron Electronic Industries Ltd.,
+972-3-6075555, or Web site: http://www.elron.com/
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