CARMEL, Ind., May 20, 2015 /PRNewswire/ -- The ITT
Technical Institutes are working closely with the California State
Approving Agency for Veterans Education to reinstate their course
offerings to veterans in the state citing a determination based on
false facts.
Last week, the state agency abruptly disrupted service to
students by suspending the schools' approved course offerings to
more than 1,250 veterans at 15 California campuses.
"We strongly believe the basis for this suspension is false,"
said Gene Feichtner, president and
chief operating officer of the ITT Technical Institutes. The
agency's action is based on a single Form 8-K filing to investors,
which it claims reveals an inability to meet the required financial
stability standards of the Accrediting Council for Independent
Colleges and Schools.
The accrediting council has provided three separate letters to
the agency to correct the confusion and to document that the ITT
Technical Institutes are in full compliance.
"The state's action does not reflect our current standing with
the accrediting council," he said. "This was done without any
notice or opportunity for us to correct their erroneous
interpretation of our required 8-K filing to investors."
Information provided to students on the agency's website also
cites ITT Educational Services, Inc., the owner and operator of the
ITT Techs, failure to file audited financial statements with the
U.S. Securities and Exchange Commission (SEC) and the U.S.
Department of Education as a basis to protect students.
However, the Company filed its 2013 audited financials with
the SEC and is up to date on its filings with the Education
Department.
In March, the Company disclosed to investors that it intends to
file its 2014 audited financial statements on or before
May 31, 2015. The Company is in
compliance with the U.S. Department of Education as it does not
require 2014 audited financial statements until June 30, 2015.
Feichtner noted, "The ITT Technical Institutes have provided all
requested documentation to address what appears to be an unjust
suspension."
"We hope and expect to improve the communication with the agency
in the future given our mutual desire to serve our veteran students
and put their best interests first," Feichtner said.
"In the interim we remain keenly focused on the interests of our
veteran students and their educational goals. That focus has
resulted in graduation rates for our veteran students that is
nearly 40 percent higher than our non-veteran students and more
than two and a half times greater than the average graduation rate
for community colleges. We are very proud of our work in
serving the educational needs of our veterans and we look forward
to maintaining that focus for years to come."
About ITT Educational Services, Inc.
ITT Educational
Services, Inc. (NYSE: ESI) provides technology-oriented
undergraduate and graduate degree programs through its accredited
postsecondary institutions, ITT Technical
Institutes and Daniel Webster College, to help students
develop skills and knowledge that they can use to pursue career
opportunities in a variety of fields. It owns and operates more
than 130 ITT Technical Institutes and Daniel
Webster College. ITT/ESI serves approximately 50,000
students at its campuses in 39 states and online. Through the
Center for Professional Development @ ITT
Technical Institute, ITT/ESI provides short-term information
technology and business learning solutions for career advancers and
other professionals. Headquartered in Carmel, IN, ITT/ESI has been actively involved
in the higher education community since 1969 and can be found
online at www.ittesi.com.
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SOURCE ITT Educational Services, Inc.