TEMECULA, Calif., Oct. 30,
2024 /PRNewswire/ -- Legacy Education Inc. ("Legacy
Education" or the "Company") (NYSE American: LGCY) has announced
its entry into an asset purchase agreement with Contra Costa
Medical Career College, Inc. and Contra Costa Medical Career
College Online, Inc. Under this agreement, Legacy Education agrees
to acquire substantially all assets of the postsecondary
institution known as Contra Costa Medical Career College, located
in Antioch, California, for a
purchase price of $8,000,000. The
purchase price will be structured as follows: (i) $6,600,000 payable at closing, (ii) a promissory
note in the principal amount of $400,000, and (iii) the issuance of shares from
Legacy Education valued at $1,000,000. Terms of the transaction have been
disclosed in Legacy's Form 8-K and completion of the acquisition
will occur upon satisfaction of customary closing conditions and
regulatory approvals.
Located in Northern California,
Contra Costa Medical Career College serves over 500 students and
specializes in allied health, offering 14 distinct programs. As a
result of the acquisition of Contra Costa Medical Career College,
Legacy Education will expand its program portfolio with additions
such as surgical technology and sterile processing, while also
enhancing the range of programs available at Contra Costa Medical
Career College. As a result of this acquisition, Legacy Education
will grow its presence in California, increasing its number of campuses
from five to six.
"We are excited about taking the steps towards bringing Contra
Costa Medical Career College into the Legacy Education family,"
said LeeAnn Rohmann, Chief Executive
Officer of the Company. "This acquisition will strengthen our
ongoing commitment to quality healthcare education and enable us to
expand our impact in Northern
California, empowering students to pursue rewarding careers
in high-demand fields."
ABOUT LEGACY EDUCATION
Legacy Education (NYSE: LGCY) is an award-winning, nationally
accredited, for-profit post-secondary education company founded in
2009. Legacy Education provides career-focused education primarily
in the healthcare field, with certificates and degrees for nursing,
medical technicians, dental assisting, business administrative, and
several others. The Company offers a wide range of educational
programs and services to help students achieve their professional
goals. Legacy Education's focus is on providing high-quality
education that is accessible and affordable. Legacy Education is
committed to growing education footprint via organic enrollment
growth, addition of new programs and accretive acquisitions. For
more information, please visit www.legacyed.com or on LinkedIn
@legacy-education-inc.
FORWARD-LOOKING STATEMENTS
Statements in this press release about future expectations,
plans, and prospects, as well as any other statements regarding
matters that are not historical facts, may constitute
"forward-looking statements." The words "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intend,"
"may," "plan," "potential," "predict," "project," "should,"
"target," "will," "would" and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. The
forward-looking statements contained in this press release are
based on management's current expectations and are subject to
substantial risks, uncertainty and changes in circumstances. A
number of important factors could cause actual results to differ
materially from those included within or contemplated by the
forward-looking statements, including, but not limited to:
statements relating to risks arising from the diversion of
management's attention from the Company's ongoing business
operations; an increase in the amount of costs, fees and expenses
and other charges related to the acquisition; outcome of any
litigation that the parties to the asset purchase agreement may
become subject to relating to the acquisition; the extent of, and
the time necessary to obtain, any regulatory approvals required for
completion of the acquisition; risks of disruption to the Company's
business as a result of the public announcement of the acquisition;
the occurrence of any event, change or other circumstance that
could give rise to the termination of the agreements relating to
the acquisition; an inability to complete the acquisition in a
timely manner, or at all, including due to a failure of any
condition to the closing to be satisfied or waived by the
applicable party; a decline in the market price for the Company's
common stock if the acquisition is not completed; risks that the
acquisition disrupts current plans and operations of the parties to
the asset purchase agreement and potential difficulties in sellers'
employee retention as a result of the acquisition; and the ability
to implement business plans, forecasts and other expectations after
the completion of the acquisition, realize the intended benefits of
the acquisition, and identify and realize additional opportunities
following the acquisition, as well as the other risks and
uncertainties identified in filings by the Company with the
Securities and Exchange Commission, including the Company's Annual
Report on Form 10-K for the year ended June
30, 2024 as may be amended or supplemented by additional
risk factors set forth in subsequent filings made with the
Securities and Exchange Commission. All forward-looking
statements speak only as of the date of this press release.
Consequently, forward-looking statements should be regarded solely
as Legacy Education's current plans, estimates, and beliefs. Legacy
Education cannot guarantee future results, events, levels of
activity, performance or achievements. Legacy Education does not
undertake and specifically declines any obligation to update or
revise any forward-looking statements to reflect new information,
future events or circumstances or to reflect the occurrences of
unanticipated events, except as may be required by applicable
law.
Contact Legacy Education Inc.
Investor Relations
ir@legacyed.com
Amato and Partners, LLC
Investors Relations Council
admin@amatoandpartners.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/legacy-education-inc-announces-agreement-to-acquire-contra-costa-medical-career-college-expanding-access-to-allied-health-education-in-northern-california-302291302.html
SOURCE Legacy Education Inc.