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CAREER EDUCATION CORPORATION.
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BOSTIC R STEVEN
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Steve Bostic issued the following press release on May 12, 2006:
For Immediate Release
INDEPENDENT PROXY VOTING FIRM GLASS LEWIS RECOMMENDS
SHAREHOLDERS VOTE FOR STEVE BOSTIC'S NOMINEES ON THE BLUE PROXY
CARD AT CAREER EDUCATION'S UPCOMING ANNUAL MEETING
SEA ISLAND, GA, May 12, 2006 -- Steve Bostic, the beneficial owner of
approximately 1% of the outstanding stock of Career Education Corporation (CEC
or NASDAQ: CECO), today announced that Glass Lewis recommends that stockholders
vote FOR Mr. Bostic's slate of directors, consisting of James Copeland, William
Ide and Mr. Bostic on the BLUE proxy card at the company's May 18th Annual
Meeting of Stockholders. Glass Lewis is an analytical research firm that uses
proprietary research and extensive analysis to objectively evaluate the
corporate governance, financial transparency and shareholder safeguards of
public companies and advise shareholders on the exercise of their voting rights.
Regarding Mr. Bostic and the slate of alternative nominees, Glass Lewis noted in
its analysis, "Mr. Bostic has done shareholders the favor of identifying three
promising candidates for this board, Messrs. Copeland and Ide, and himself. Mr.
Bostic's former leadership role at EduTrek would give him valuable insight into
the field of for-profit education." Glass Lewis noted Mr. Copeland's accounting
experience and Mr. Ide's strong legal background, and wrote in its analysis, "As
we have noted, this board could clearly use some outside perspective. We believe
that nominees BOSTIC, COPELAND and IDE have relevant backgrounds and bring
critical experience that would benefit the Company."
Glass Lewis went on to note that, "The Company's campaign of governance reforms
smacks of window-dressing: proudly displaying minor feats while hoping to
distract shareholders from the grim reality of the situation. In particular, the
reforms do not justify retaining a board of directors who has steered the
Company onto the rocky course it is now following - a company entangled in
numerous investigations by government agencies and in danger of losing its
accreditation in December 2006." Glass Lewis continued, "We agree with Mr.
Bostic that this management team has done a poor job maintaining the delicate
balance between maximizing cash flow and maintaining the minimum standards of
education required by the Department of Education and other regional
accreditation agencies."
Mr. Bostic commented, "We are very pleased that Glass Lewis recognizes the need
for change at Career Education Corporation, and has added yet another objective
recommendation in favor of our qualified nominees. Our experienced nominees are
committed to taking the right steps to restore leadership, integrity and
credibility at CEC and put the company back on the right path to restoring
stockholder value. Our experienced nominees have a clear vision for the company
and specific enterprise transformation plans which we will propose to my fellow
independent directors in order to promptly address and resolve the AIU
accreditation and probation issues and enhance the quality of the company's
performance."
Finally, Glass Lewis recommends that shareholders vote the BLUE proxy card, and
that shareholders vote FOR nominees BOSTIC, COPELAND and IDE.
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