Aspen Group Completes Acquisition of United States University
NEW YORK, Dec. 01, 2017 (GLOBE NEWSWIRE) -- Aspen Group, Inc. (Nasdaq:ASPU) (“Aspen Group”), a post-secondary education company, today announced it has completed the acquisition of United States University, a regionally accredited for-profit university based in San Diego, California. The acquisition is in accordance with the terms set out in the agreement announced by the company on May 18, 2017.
“The acquisition of United States University will allow Aspen Group to achieve its vision of making college affordable again on a much broader scale. I can’t thank Linden Education Partners and Ms. Oksana Malysheva, PhD enough for selling United States University to Aspen Group and for allowing us to consult with them over the past six months. This will allow us to grow the university at a much faster pace given the great teamwork that’s been taking place. We intend to appoint Ms. Malysheva to Aspen Group, Inc.’s Board of Directors later this month and look forward to her sharing her unique industry insights and experience in the coming years as a Director,” said Chairman & CEO, Michael Mathews.
"We at Linden Education have long held a vision that high quality education should be both affordable and accessible. Michael and the Aspen team are the leaders in this movement, and we are pleased to be joining forces with their team in this important endeavor," said Oksana Malysheva, Managing Partner of Linden Education Partners.
Aspen Group, Inc. will be drawing $2.5 million under its $10 million senior secured term loan with Runway Growth Credit Fund to complete the cash payment of this acquisition and for working capital purposes.
Stifel acted as the exclusive financial advisor to Aspen Group, Inc. on this transaction.
About Aspen Group, Inc.:
Aspen Group, Inc. is a publicly held, for-profit post-secondary education company headquartered in New York, NY. It owns two accredited universities, Aspen University and United States University. Aspen Group’s vision is to make college affordable again in America.
Aspen University’s mission is to offer any motivated college-worthy student the opportunity to receive a high quality, responsibly priced distance-learning education for the purpose of achieving sustainable economic and social benefits for themselves and their families. Aspen University is dedicated to providing the highest quality education experiences taught by top-tier faculty - 54% of Aspen University’s faculty hold doctoral degrees. To learn more about Aspen University, visit www.aspen.edu.
United States University began its institutional history in 1997 as InterAmerican College in National City, CA. Its initial focus was the provision of affordable educational opportunities to working adults, Latinos, and educated immigrants to increase bilingual capacity in education and healthcare in Southern California. In 2010, the school was renamed to United States University and recently moved its campus into the heart of San Diego. United States University is regionally accredited by the Accrediting Commission for Senior Colleges and Universities of the Western Association of Schools and Colleges, offering bachelor and master level degree programs in nursing, education, health science, and business & management. To learn more about United States University, visit www.usuniversity.edu.
Aspen Group, Inc.
Michael Mathews, CEO
Released December 1, 2017