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CAREER EDUCATION CORPORATION
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(Name of Registrant as Specified in Its Charter)
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BOSTIC R STEVEN
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The following press release was issued by Steve Bostic on Feburary 21, 2006.
For immediate release
ALTERNATE SLATE OF CAREER EDUCATION CORPORATION
DIRECTORS TO INCLUDE BOSTIC, COPELAND AND IDE
Slate Brings Extensive Management Experience and Commitment to Strong
Corporate Governance
Seeks Resolution of Regulatory Challenges to Restore Road to Shareholder Value
SEA ISLAND, GA, February 21, 2006 --- Steve Bostic, the beneficial owner of
approximately 1% of the outstanding stock of Career Education Corporation
(NASDAQ: CECO), has proposed James E. Copeland, Jr., and R. William Ide III, in
addition to himself, to stand for election to Career Education's Board of
Directors at its 2006 annual meeting of shareholders.
"Mr. Copeland and Mr. Ide are leaders in their respective fields, and given
their extensive corporate management and oversight experience, I believe that
both of them will be outstanding additions to the CECO Board. They are committed
advocates for shareholder rights and practitioners of best corporate governance
practices. As Career Education directors, we will support the implementation of
the measures necessary to enable the Company to resolve the many problems that
currently confront it and move it forward on the road to delivering shareholder
value," said Mr. Bostic.
In 1995, Mr. Bostic founded the holding company that owned and operated the
American InterContinental University, an institution of higher education
consisting of seven accredited universities, and which merged with Career
Education in 2001. Mr. Bostic is the principal investor in White Oaks Capital
LLC, a company headquartered in Sea Island, Georgia, that owns Live Oaks
Development LLC, a real estate development company, First ArtWorks, which
specializes in promoting and funding the arts in the K-8 school market, and
IDAC, the Island Design and Architectural Center.
Mr. Copeland was a partner and was from 1999 until his retirement in May 2003
the CEO of Deloitte & Touche LLP and Deloitte Touche Tohmatsu. He is a director
of Coca-Cola Enterprises Inc., a publicly-held beverage bottling and
distribution company, the chair of its compensation committee, and a member of
its audit, nominating/corporate governance and affiliated transaction
committees. Mr. Copeland is a director of ConocoPhillips, a publicly-held
integrated petroleum company, and a member of its audit committee. He is also a
director of Equifax Inc., a publicly-held information company, and the chair of
its audit committee. Mr. Copeland is a Senior Fellow for Corporate Governance
with the U.S. Chamber of Commerce, and he is a part-time Global Scholar at
Georgia State University's J. Mack Robinson College of Business.
Mr. Ide is a partner of the law firm McKenna Long & Aldridge and has represented
public companies in a number of turnaround and transition situations in a range
of industries and market sectors and addressing competition, capital markets and
regulatory issues. Mr. Ide was Counselor to the United States Olympic Committee,
for whom he oversaw the investigation of allegations of malfeasance during the
bid for the Salt Lake City Games and the development and implementation of the
Committee's correction strategies. Mr. Ide is a former President of the American
Bar Association, and during his tenure undertook the modernization of ABA
business practices.
Mr. Ide is a director of AFC Enterprises, Inc., a publicly-held franchisor and
operator of Popeyes(R) Chicken & Biscuits restaurants, the chair of its
governance committee and a member of its audit committee. He also is a director
of Albemarle Corporation, a publicly-held chemical company, serving on its audit
and nominating/corporate governance committees. Previously, Mr. Ide was Senior
Vice-President, General Counsel and Secretary of Monsanto Corporation, a
publicly-held agricultural products corporation, and served on its management
board. During this time, he was executive advisor and key strategist to
Monsanto's Chairman and CEO during a major shift in corporate focus, business
strategy and creation of new markets. Mr. Ide has been a Senior Fellow of Emory
University's Goizueta Directors Institute and of the Conference Board's
Directors' Institute. He is a trustee of Clark Atlanta University and serves on
the Advisory Board of the Corporate Accountability Report.
SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS
RELATED TO SOLICITATION OF PROXIES BY MR. BOSTIC FROM THE STOCKHOLDERS OF CAREER
EDUCATION CORPORATION FOR USE AT ITS ANNUAL MEETING (A) WHEN THEY BECOME
AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING
INFORMATION RELATING TO THE PARTICIPANTS IN ANY SUCH PROXY SOLICITATION, AND (B)
WHEN COMPLETED, A DEFINITIVE PROXY STATEMENT AND A FORM OF PROXY WHICH WILL BE
MAILED TO STOCKHOLDERS OF CAREER EDUCATION CORPORATION AND WILL BE AVAILABLE AT
NO CHARGE AT THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT
HTTP://WWW.SEC.GOV. MR. BOSTIC WILL MAKE ADDITIONAL COPIES OF THE PROXY
STATEMENT AND OTHER RELATED DOCUMENTS AVAILABLE FOR FREE TO THE STOCKHOLDERS OF
CAREER EDUCATION CORPORATION. PLEASE DIRECT YOUR REQUEST FOR PROXY STATEMENTS
AND OTHER RELATED DOCUMENTS TO MR. STEVE BOSTIC, WACHOVIA PLAZA, P.O. BOX 31046,
SEA ISLAND, GA 31561.
PARTICIPANT INFORMATION:
MR. BOSTIC HAS AN INTEREST IN THE SOLICITATION OF PROXIES WITH RESPECT TO THE
2006 ANNUAL MEETING OF CAREER EDUCATION CORPORATION ARISING FROM HIS BENEFICIAL
OWNERSHIP OF THE COMMON STOCK OF THE CAREER EDUCATION CORPORATION. MR. BOSTIC IS
THE BENEFICIAL OWNER OF 1,081,340 SHARES OF CAREER EDUCATION CORPORATION'S
COMMON STOCK.
Media Contact:
--------------
Peter K. Duda
Weber Shandwick
(212) 445-8213
pduda@webershandwick.com
JJ Rissi
Weber Shandwick
(212) 445-8224
jjrissi@webershandwick.com
Investor Contact:
-----------------
Steve Bostic
(912) 634-3300
steve@whiteoaksllc.net