VCampus Announces Contract Renewals Totaling Over $2.5 Million
RESTON, VA, July 14, 2003 – VCampus Corporation (Nasdaq: VCMP), a leading provider of web-based, end-to-end e-Learning solutions, today announced that it has won contract renewals from four of its largest customers. These contract wins span the corporate, government and healthcare markets.
“We are pleased to announce that two of our largest government clients, the Social Security Administration and the Department of Veterans Affairs, along with a major insurance company and a leader in the area of nursing certification have all renewed and extended their contracts with VCampus,” said Nat Kannan, Chairman and Chief Executive Officer of VCampus. “This continued vote of confidence from four of our largest customers is gratifying and provides continued recognition of the value VCampus provides in helping our clients solve business problems through the use of e‑Learning.”
“High customer satisfaction, driving increased revenue from long-term existing customers, continues to position the Company for greater revenue growth in the coming year,” said Ron Freedman, Senior Vice President of Worldwide Sales and Marketing, VCampus. “The minimum 12-month revenue attributable to these four client renewals will exceed $2.5 million. In addition, we have entered into multi-year strategic alliances in healthcare and information security training to penetrate two fast growing areas in the e-Learning market.”
About VCampus
VCampus Corporation (Nasdaq: VCMP) is a leading provider of end-to-end e‑Learning solutions. The Company develops, manages and hosts turnkey, web-based learning solutions for corporations, government agencies and higher education institutions. VCampus enables these organizations to offer complete global distance learning solutions to their customers, employees, distributors, suppliers and students. VCampus’ e-Learning solutions are designed to help clients deliver higher education programs to adult students; improve the performance of their distribution channels and suppliers; measure and develop their employees’ knowledge, skills and abilities; and increase their customers’ satisfaction and loyalty. VCampus distributes a courseware library of more than 5,200 web-based courses and has delivered more than 2.5 million courses to over 800,000 adult learners. VCampus Corporation is headquartered in Reston, VA. For more information, call 800-915-9298, or visit the VCampus website at www.vcampus.com
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“VCampus” is a registered trademark of VCampus Corporation.
Contact:
Joy Gilstrap
VCampus Corporation
(703) 893-7800 ext. 218
jgilstrap@vcampus.com
This press release contains forward-looking statements within the meaning of the federal Private Securities Litigation Reform Act of 1995. Statements contained herein that are not statements of historical fact are forward-looking. Without limiting the foregoing, references to future growth or expansion are forward-looking, and words such as “anticipates,” “believes,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “should,” “will,” and “would” and other forms of these words or similar words are intended to identify forward-looking information. You should read statements that contain these words carefully because they discuss our future expectations contain projections of our future results of operations or of our financial position or state other forward-looking information. There might be events in the future that we are not able to predict accurately or control, and any forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially. These risks and uncertainties include: (1) our history of losses, projection of future losses and our need to raise additional capital; (2) market acceptance of our new and future products; (3) growing competition; and (4) our ability to maintain and manage our growth. For additional information regarding risk factors that could affect our future results, please refer to the discussions of “Risk Factors” in our Form 10-K for the year ended December 31, 2002, as amended, and other SEC filings.
