CHICAGO, July 30 / -- eCollege® (NASDAQ:ECLG), a leading provider of eLearning and enrollment services to post-secondary education, today announced that its stockholders adopted the Agreement and Plan of Merger, dated May 14, 2007, by and among eCollege, Pearson Education, Inc. and Epsilon Acquisition Corp and the merger contemplated thereby. Approximately 84 percent of the outstanding shares of common stock of eCollege voted to approve the transaction. The action was taken at a special meeting of stockholders held earlier today.
eCollege currently expects that the merger, which remains subject to certain closing conditions, will be completed on July 31, 2007. Following the completion of the merger, shares of common stock of eCollege will no longer trade on the Nasdaq and, subject to the terms of the merger agreement, stockholders will be entitled to receive $22.45 in cash for each share of eCollege common stock.
eCollege (NASDAQ:ECLG) is a leading provider of value-added information service to the post-secondary and K-12 education industries. The Company's eLearning Division designs, builds and supports some of the most successful, fully online degree, certificate/diploma and professional development programs in the country. The Company's Enrollment Division, Datamark, Inc. helps institutions build new enrollments and increase student retention. Customers include publicly traded for-profit institutions, community colleges, public and private universities, school districts and state departments of education. eCollege was founded in 1996 and is headquartered in Chicago, with the eLearning Division headquartered in Denver. Datamark was founded in 1987 and is headquartered in Salt Lake City. For more information, visit www.ecollege.com/ and http://www.datamark.com/.
CONTACT:Kristi Emerson of eCollege, +1-303-873-3788, kristie@eCollege.com
Web site: www.ecollege.com/