Elron Electronic Industries Announces Sale of KIT eLearning to
Sylvan Learning Systems
TEL AVIV, Israel, April 1 /PRNewswire-FirstCall/ --
Elron Electronic Industries
Ltd. ("Elron") , announced today the sale of KIT eLearning B.V. ("KIT"), 45%
held by Elron, to Online Higher Education B.V., a subsidiary of Sylvan Learning
Systems, Inc. , a global leader in higher education, for an immediate cash
payment of $9.4 million and a future payment of up to an additional $10 million
based on future earnings of KIT in 2006 and 2007. 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.
Elron Electronic Industries Ltd. is a multinational high technology holding
company based in Israel. Through affiliates, Elron is engaged with a group of
high technology operating companies in the fields of advanced defense
electronics, communication, software, information technology, Medical devices,
semiconductors and Amorphous Metals. For further information, visit
http://www.elron.com/.
Contact:
Tal Raz
Elron Electronic Industries Ltd.
Tel. 972-3-6075555
(Any statements in this press release that may be considered forward- looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially. Actual results may differ from such
forward-looking statements due to the risk factors discussed in periodic reports
filed by the Company with the Securities and Exchange Commission, which the
Company urges investors to consider.)
DATASOURCE: Elron Electronic Industries Ltd.
CONTACT: Tal Raz of Elron Electronic Industries Ltd., +972-3-6075555, or
Web site: http://www.elron.com/