CHARLES TOWN, W.Va.--(BUSINESS WIRE)--
American Public Education, Inc. (NASDAQ:APEI) - parent company of
online learning provider American Public University System, which
operates through American Military University and American Public
University - announced that the U.S. Department of Education has
informed it that the Department has completed its formal review of the
change of ownership and control that was deemed to have occurred when
ABS Capital Partners, the largest shareholder in American Public
Education, Inc., made a limited distribution of 400,000 shares to its
partners in August 2008. As a result of the Department's review,
American Public University System (APUS) remains certified to
participate in federal student financial aid programs.
As previously announced, the Department of Education's regulations
required a review of the August 2008 distribution by ABS Capital
Partners because the distribution caused ABS Capital Partners'
ownership interest in the Company to go below 25%. The Department
concluded, as required by its regulations regarding changes in
ownership and control, that APUS will move back into provisional
status with respect to participation in federal student financial aid
programs, and the Department and APUS have now executed a provisional
program participation agreement that will expire September 30, 2010.
While provisional status will mean certain enhanced regulatory reviews
and processes, at this time the Company does not expect it to have an
impact on its business results or current plans for growth. Additional
information on certification by the Department of Education and the
implication of provisional certification is contained in Item 1 of
APEI's Annual Report on Form 10-K under the heading "Regulation of our
Business."
Forward-looking Statements
Statements made in this press release regarding American Public
Education, or its subsidiaries, that are not historical facts are
forward-looking statements based on current expectations, assumptions,
estimates and projections. These forward-looking statements are
subject to risks and uncertainties that could cause actual future
events or results to differ materially from such statements.
Forward-looking statements can be identified by words such as
"anticipate", "believe", "could", "estimate", "expect", "intend",
"may", "should", "will" and "would". These forward-looking statements
include, without limitation, statements about estimated financial
results, provisional certification, future growth and business
objectives. Actual results could differ materially from those
expressed or implied by these forward-looking statements as a result
of various factors, including the various risks described in the "Risk
Factors" section and elsewhere in the company's Annual Report on Form
10-K for the year ended December 31, 2007 as filed with the SEC. The
company undertakes no obligation to update publicly any
forward-looking statements for any reason, even if new information
becomes available or other events occur in the future.
About American Public Education, Inc.
American Public Education, Inc. (NASDAQ: APEI) is an online
provider of higher education focused primarily on serving the military
and public service communities. American Public University System
(APUS), wholly owned by APEI, comprises two universities - American
Military University (AMU) and American Public University (APU).
Regionally and nationally accredited, APUS serves more than 33,000
part-time students who live and work in all 50 states and more than
100 countries; and offers 73 degree programs in fields ranging from
homeland security, military studies, intelligence, and criminal
justice to technology, business administration, public health, and
liberal arts.
Source: American Public Education, Inc.