SAN DIEGO, Feb. 15, 2019 /PRNewswire/ -- Bridgepoint
Education announced today that AU NFP received determination from
the Internal Revenue Service that it is exempt from federal income
tax under Internal Revenue Code (IRC) Section 501 (c) (3). This
determination is one of the steps needed in the process of
separating Ashford University from Bridgepoint Education and
converting Ashford University to an independent, self-governed
institution. AU NFP is a nonprofit California public benefit
corporation.
"This approval represents an important step in Ashford University's efforts to become an
independent, self-governed institution and for Bridgepoint, as we
transfer to an education and technology services company that
partners with higher education institutions to deliver innovative,
personalized learning solutions driven by data," said Andrew Clark, CEO of Bridgepoint Education,
which currently owns Ashford University.
The final conversion and separation is subject to additional
approvals.
Forward-Looking Statements
This news release may
contain forward-looking statements which are not statements of
historical fact and are subject to the Safe Harbor provisions
created by the Private Securities Litigation Reform Act of 1995,
including, without limitation, statements regarding management's
intentions, hopes, beliefs or expectations, and statements
regarding the Company's outlook for the remainder of 2019 and
beyond. These forward-looking statements are based on current
information and expectations and are subject to various risks and
uncertainties. The Company's actual performance or results may
differ materially from those expressed in or suggested by such
statements due to various factors, including without limitation:
our ability to convert Ashford
University into a nonprofit university; the impact of the
proposed merger, conversion, and separation of the Company from its
academic institution to focus on online program management; the
success of our marketing, technology and new program development
initiatives, the success of our Education Partnership programs, the
impact of our ongoing cost-reduction initiatives; our ability to
comply with the extensive and continually evolving regulatory
framework applicable to the Company and its institutions; adverse
administrative, economic, legislative or regulatory changes
affecting the Company and its institutions; the imposition of fines
or other corrective measures against the Company's institutions;
the impact of competition in the postsecondary education market;
recruiting costs and tuition rates; reputational and other risks
related to potential compliance audits; regulatory or legal
actions; negative publicity or service disruptions; and our ability
to attract, recruit and retain students or develop new or expanded
programs in a timely and cost-effective manner.
Additional information on factors that could cause actual plans
implemented and actual results achieved to differ materially from
those set forth in the forward-looking statements is included from
time to time in the Company's filings with the Securities and
Exchange Commission (SEC), including, but not limited to, the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2017 filed with the SEC
on February 21, 2018, the Company's
quarterly reports on Form 10-Q and the Company's current reports on
Form 8-K which are available at www.bridgepointeducation.com. You
should not place undue reliance on any forward-looking statements.
Forward-looking statements are made on the basis of management's
good faith beliefs, expectations and assumptions regarding future
events based on information available at the time such statements
are made. Forward-looking statements speak only as of the date they
are made. The Company assumes no obligation to update or revise any
forward-looking statements to reflect actual results or any changes
in assumptions, expectations or other factors affecting such
forward-looking statements, except to the extent required by
applicable securities laws.
About Bridgepoint Education
Bridgepoint Education,
Inc. (NYSE: BPI) harnesses the latest technology to reimagine the
modern student experience through programs, technologies, and
resources representing a unique model for advancing education in
the 21st century. Bridgepoint stands for greater access, social
learning, and exposure to leading minds. For more information,
visit www.bridgepointeducation.com or
www.facebook.com/BridgepointEducation.
Contact: Lauren Coartney
Lauren.coartney@bpiedu.com
858.513.9240 x11636
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SOURCE Bridgepoint Education