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Name Change Announcement AFTER 117 YEARS, ONE OF THE WORLD’S LARGEST DISTANCE EDUCATION INSTITUTIONS FINDS A NEW NAME, A NEW OWNER, AND A NEW MISSION Renamed as Penn Foster, this one-time correspondence school giant, has evolved into a global online education provider. Today one out of every 1,410 Americans is actively enrolled in a Penn Foster program – and there are plans for more. July 24, 2007 – For more than 100 years it was known as ICS, International Correspondence School. Then starting in the mid 1990s it was sold twice to new owners who each time re-branded the institution with a corporate name. Starting in 2003, the company re-invented itself into one of the world’s largest online providers of distance learning. In 2005 the management team decided the institution needed a new permanent academic name. It was clear the student marketplace no longer recognized the ICS brand, so after months of research it was announced the institution would be called ‘Penn Foster’ as a tribute to its founder, Thomas Foster, and the school’s 117 years of continuous operation in Scranton, PA. Today Penn Foster College (Scottsdale, Arizona), Penn Foster Career School, and Penn Foster High School has 500 employees and serves more than 200,000 active students worldwide. In the U.S. alone, one out of every 1,410 Americans is currently enrolled in a Penn Foster program. A New Owner In March of 2007 The Wicks Group, a New York-based private equity firm, acquired Penn Foster. The Wicks Group manages private equity funds that invest in education, publishing, medical information services, newspapers, and radio broadcasting, among others. Daniel Black, Partner of the Wicks Group, said, "We are very excited about this acquisition and the programs and people that are in place to fuel future growth. We believe that very favorable opportunities are present in the multiple markets that Penn Foster serves, and we could not be more pleased with the foundation upon which we plan to build." Penn Foster’s strategy is to build upon the institution’s ability to successfully enroll students looking for affordable, accredited, independent study programs. A New Mission Throughout its history, Penn Foster has been dedicated vocational training and high school diploma completion. In the 1970s it began offering associate degree programs. Today more than 25,000 students are enrolled in one of its 22 associate of science degree programs. Going forward, the institution sees the need to further expand its offerings to include bachelor and master programs. However, Stuart Udell, the new CEO of Penn Foster doesn’t expect to develop these new programs through Penn Foster College. “We have reviewed our options and are most interested in acquiring a campus-based institution offering bachelor degree programs,” said Mr. Udell, adding, “Penn Foster’s goal is to strengthen a college's traditional campus-based operation while adding a national and international distance learning component that would position the institution as a nationally recognized provider of a quality education.” Dr. Richard Ferrin, President of Penn Foster College sees this as a unique opportunity for a traditional campus-based institution with the right mix of boldness and vision. “Capitalizing on our financial resources and marketing expertise,” said Dr. Ferrin, “an institution will be able to provide students with a broader range of programs and flexible learning modes that will accelerate their studies and provide online learning skills that will serve them throughout their professional life.” About Penn Foster Penn Foster College, Penn Foster Career School, and Penn Foster High School are part of Penn Foster Inc., a global leader in distance education. For more than 117 years, Penn Foster has been providing career-focused training programs in the fields of healthcare, business, technology, automotive technology, and select trades. Each year more than 140,000 national and international students enroll in a Penn Foster degree or vocational program. Nationally and regionally accredited Penn Foster High School serves more than 40,000 online students seeking individual courses or a complete diploma program. Penn Foster College (www.pennfostercollege.edu) is headquartered in Scottsdale, Arizona. Penn Foster Career School (www.pennfoster.edu) and Penn Foster High School (www.pennfosterhighschool.com) are headquartered in Scranton, Pennsylvania with regional offices in Montreal, Canada. CONTACT: |