Sylvan Learning Systems, Inc. Buys KIT eLearning B.V.
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.