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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 3, 2003
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DeVRY INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 012751 36-3150143
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(State or other jurisdiction (Commission (IRS Employer
of incorporation File Number) Identification No.)
ONE TOWER LANE, OAKBROOK TERRACE, IL 60181
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (630)571-7700
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Total number of pages: 5
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DEVRY INC.
FORM 8-K INDEX
Page No.
Item 9 - Regulation FD Disclosure 3-4
Signatures 5
3
Item 9 -Regulation FD Disclosure
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On September 3, 2003, DeVry Inc. issued a press release. The full text of
that press release is as follows:
Contacts: For Immediate Release
Joan Bates
Investor Relations, DeVry Inc.
630-574-1949
Hannah Arnold
Media Relations, Linden, Alschuler & Kaplan
212-575-4545
DeVry Inc. Announces Agreement with
RCC College of Technology
Agreement Would Enable Current DeVry Students in Toronto to Continue
Studies
OAKBROOK TERRACE, Ill., September 3, 2003 -- DeVry Inc.
(NYSE:DV), an international higher education company, today announced that
its subsidiary, DeVry Canada LLC, has signed a letter of intent with RCC
College of Technology that will enable DeVry to phase out its operations at
its Toronto campus commencing November 2003. Based in Vaughan, Ont., RCC
College of Technology provides career-focused electronics and computer
technology diploma programs.
Subject to the company entering into a definitive agreement and
approval by the Ontario Provincial Ministry, DeVry's Toronto campus will no
longer admit new students effective with the 2003 fall term. DeVry College
of Technology will contract with RCC College of Technology to manage the
completion of programs of study for the current student body in Toronto.
Pending government approval, RCC will use existing DeVry curriculum to
deliver courses that allow all current DeVry students to obtain DeVry
diplomas and certificates. In addition, the letter of intent makes
provisions for the acquisition of DeVry assets and the use of certain
portions of DeVry curriculum under the RCC brand name. The transaction is
expected to be completed by November 2003.
"RCC is a highly regarded institution with a long record of
accomplishment, and shares DeVry's strong brand in technology education,"
said Ronald L. Taylor, president and co-chief executive officer of DeVry
Inc. "This arrangement would allow DeVry to phase out its operations in
Toronto, while fully providing for the educational needs of students who
are already enrolled."
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"We look forward to serving the needs of current DeVry students as
they complete their desired programs and move on to successful careers in
technology and business," said Hartley Nichol, president of RCC. "In
addition, this agreement will help pave the way for the ongoing evolution
of RCC into a more comprehensive higher education institution."
"While DeVry University has evolved greatly over the years as a higher
education system, our Toronto institute has not been able to grow with us,"
Taylor said. "We have been unable to offer our full range of graduate and
undergraduate degree programs in the province and utilize other delivery
formats such as online education. The gap between our Toronto institute and
the rest of our campuses has been growing, and as a result, we believe that
the operations there no longer fit our strategic and business goals."
This transaction will not affect DeVry's Calgary, Alberta, campus,
which currently offers a variety of degree programs and is the first
private, for-profit degree-granting institution in Alberta. The Calgary
campus' emphasis on longer-term degree programs, which are unavailable in
Toronto, is consistent with the overall focus of DeVry University.
DeVry Inc. (NYSE: DV) is the holding company for DeVry University,
Ross University and Becker Conviser Professional Review. DeVry University
offers associate, bachelor's and master's degree programs in technology,
business and management. Ross University is focused exclusively on
professional medical and veterinary education awarding both doctor of
medicine and doctor of veterinary medicine degrees. Becker Conviser
Professional Review is a leading provider of preparatory coursework for the
certified public accountant, certified management accountant and chartered
financial analyst exams. DeVry Inc. is based in Oakbrook Terrace, Ill. For
more information about the company, visit <http://www.devry.com>.
Certain information contained in this release may constitute forward-
looking statements pursuant to the safe harbor provision of the Private
Securities Litigation Reform Act of 1995. Such statements may involve risks
and uncertainty that could cause actual results to differ materially from
the forward-looking statements. Potential risks and uncertainties include,
but are not limited to, dependence on student financial aid, state and
provincial approval and licensing requirements, and the other factors
detailed in the company's Securities and Exchange Commission filings,
including those discussed under the heading "Risk Factors" in the Company's
Registration Statement on Form S-3 (No. 333-22457) filed with the SEC.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DEVRY INC.
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(REGISTRANT)
Date: September 3, 2003 /s/Ronald L. Taylor
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Ronald L. Taylor
President and
Co-Chief Executive Officer
Date: September 3, 2003 /s/Norman M. Levine
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Norman M. Levine
Senior Vice President and
Chief Financial Officer