CHARLES TOWN, W.Va.--(BUSINESS WIRE)--Aug. 13, 2009--
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 David L. Warnock and Phillip A. Clough, Non-Executive
Chairman of the Board, plan to depart from American Public Education’s
Board of Directors. Mr. Warnock and Mr. Clough are both affiliated with
the company’s former private equity investors.
Mr. Warnock has resigned as a member of the company’s board of directors
effective August 12, 2009. Mr. Clough intends to continue serving on the
board as Chairman until the company’s annual stockholder meeting on May
14, 2010.
Mr. Warnock has been a member of the company’s board of directors since
2005 and is a managing member and co-founder of Camden Partners, as well
as Chief Executive Officer of Camden Learning Corporation. Mr. Clough
has been a member of the company’s board of directors since 2002 and is
a Managing General Partner of ABS Capital Partners. Camden Partners and
ABS Capital Partners were early private equity investors in American
Public Education, both of which have now liquidated their ownership in
APEI.
“It has been an extraordinary experience to serve an organization so
passionate about and dedicated to improving the lives of students by
providing affordable and respected online degree programs. I am
privileged to have had the opportunity to work closely with our Board of
Trustees and faculty to create outstanding educational opportunities for
our nation’s military personnel and first responders. While departing to
focus on my other business commitments, I leave American Public
Education with great confidence in the company’s prospects for future
growth and continued success,” stated Mr. Warnock.
Mr. Clough stated, “The Board has planned for the fact that with the
sale of the shares held by ABS Capital Partners and Camden Partners, the
composition of the Board would change over time. Earlier this year, two
new directors, Tim Landon and Barbara Fast, were added to the Board and
Chris Everett was named Vice Chairman. With David’s announcement, I
thought it was an appropriate time to solidify my plans to also
transition my focus to other business commitments. The recent additions
and Chris’ leadership have greatly strengthened the Board and ensured
that today’s announcement will have no impact on the Board’s
effectiveness.”
Clough continued, “My association with APEI since 2002 has been the most
fulfilling professional experience of my career. The university system
has an important and compelling mission. The tireless devotion of the
staff and faculty to providing quality, affordable and flexible
education to our military service members and other public servants is
an inspiration to me. I look forward to serving the remainder of my term
with energy and feel comfortable that the timing of this decision is
right. The Company is performing well, has excellent leadership and a
very bright future.”
Wallace E. Boston, President and Chief Executive Officer, stated, “Both
personally and on behalf of the Company and the Board of Directors, I
want to thank Phil and David for their strong leadership and many years
of service. As a result of their careful guidance and dedication to our
mission, American Public University System has become a national leader
in affordable, online higher education and is well positioned for
continued growth and success.”
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 53,600 part-time students who live and work in all
50 states and more than 100 countries; and offers 74 degree programs in
fields ranging from homeland security, military studies, intelligence,
and criminal justice to technology, business administration, public
health, and liberal arts.
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 about American Public Education and the
industry. 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
under the heading “Full Year 2009 Outlook" and “Third Quarter 2009
Outlook” above and statements regarding expected growth. 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,
2008 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.
Source: American Public Education, Inc.
American Public Education, Inc.
Harry T. Wilkins, CPA
Executive
Vice President and Chief Financial Officer
304-724-3722
or
Christopher
L. Symanoskie
Director, Investor Relations
703-334-3880