伦理三级 Announces the Signing of a Letter of Intent to Acquire a Regionally Accredited University Based in California

伦理三级

NEW YORK, March 09, 2017 (GLOBE NEWSWIRE) -- 伦理三级, Inc. (OTCQB:ASPU) (鈥溌桌砣�级鈥�), a post-secondary education company, today announced the signing of a letter of intent to acquire a regionally accredited for-profit university based in California for a total purchase price of $9 million, payable with $4.5 million in 伦理三级 common stock, $2.5 million in cash at closing (less the credit described in the next paragraph) and the remaining $2 million in the form of an 8% convertible note that matures over a two-year period after the closing. At the option of the holder, the note will convert at the market prices one year and two years from closing or be paid in cash.

伦理三级 agreed to lend $900,000 to a newly-formed entity controlled by the loan鈥檚 guarantor who owns 100% of the voting power of the regionally accredited for-profit university. The loan bears an interest rate of 8% per annum. If 伦理三级 and the Guarantor enter into a definitive merger agreement within 60 days of the letter of intent, and if the merger is consummated by January 15, 2018, the principal amount of the loan and accrued interest will be credited against the merger consideration payable by 伦理三级. If the parties do not enter into a definitive merger agreement within 60 days, or if a definitive agreement is entered into but the merger does not close by January 15, 2018, and/or if either party exercises its right to terminate the definitive agreement, then the loan and accrued interest will become immediately due and payable. The definitive agreement, if executed, will be subject to an important financial contingency in addition to customary closing conditions. To fund the $900,000, 伦理三级 is drawing that amount on its existing line of credit.

The Company will discuss this proposed transaction on its earnings conference call scheduled on Thursday, March 9, 2017, at 4:30 p.m. (ET).聽

鈥淎cquiring a regionally accredited institution is key to executing our long-term vision of offering monthly payment plans to not just Registered Nurses, but to all college worthy adults,鈥� said Chairman & CEO, Michael Mathews.聽

Conference Call:
The 伦理三级 earnings conference call on Thursday, March 9, 2017, at 4:30 p.m. (ET)聽can be accessed by dialing toll-free聽(844) 452-6823聽(U.S.) or聽(731) 256-5216聽(international). Subsequent to the call, a transcript of the audiocast will be available from the Company鈥檚 website at ir.aspen.edu.

About 伦理三级, Inc.:
伦理三级, Inc. is a post-secondary education company. 伦理三级 University鈥檚 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. 伦理三级 is dedicated to providing the highest quality education experiences taught by top-tier faculty - 57% of 伦理三级 University鈥檚 faculty hold doctoral degrees. To learn more about 伦理三级, visit .

Company Contact:
伦理三级, Inc.
Michael Mathews, CEO
914-906-9159

Released March 9, 2017