Exhibit 99.1

For: Education Management Corporation

                      COMPANY CONTACT:
                            Robert T. McDowell
                            Executive Vice President and Chief Financial Officer
                            (412) 562-0900

                            James R. Sober, CFA
                            Vice President, Investor Relations
                            (412) 995-7684

                   Education Management Corporation to Acquire
                American Education Centers and Affiliated Schools

PITTSBURGH, June 24, 2003-- Education Management Corporation (Nasdaq: EDMC)
today announced that it has signed an agreement to purchase American Education
Centers and its affiliated schools (AEC) (www.aec-education.com) for $112.5
million in cash and assumption of $3.5 million of debt. AEC, with approximately
5,800 students currently, offers diploma and associate's degree programs in
health sciences, business, information technology, legal studies and design
technologies. The acquisition is expected to close in September and is subject
to customary conditions, including regulatory approvals. It is expected to be
accretive to EDMC's earnings in the fiscal year ending June 30, 2004.

AEC is headquartered in a suburb of Cincinnati, Ohio and operates 18 education
institutions in eight states. Its academic programs include medical assisting,
licensed practical nursing, occupational therapy assisting, physical therapy
assisting, business management, accounting, network engineering, computer
applications, computer programming, electronics engineering, paralegal studies,
criminal justice, audio-video production and computer-aided design.

AEC and its affiliates are controlled by The Palmer Group, a private investment
firm based in Philadelphia, Pennsylvania, headed by Russell E. Palmer, former
Managing Partner and CEO of Touche Ross Co. (now Deloitte & Touche) and former
Dean of the Wharton School of the University of Pennsylvania.

Robert B. Knutson, Chairman and Chief Executive Officer of EDMC, said, "The
acquisition of AEC, with the staff, faculty and management in place, is an
important step in executing our strategy of creating a broad range of
market-sensitive academic programs and a comprehensive distribution system. We
see a number of opportunities to introduce other academic programs of the EDMC
system to AEC's campuses, subject to normal regulatory approvals."

J. William Brooks, American Education Centers' CEO, said, "We have taken great
pride in the fact that our schools give students the knowledge and skills
required by a more demanding workplace, and at the same time add value to the
companies that hire them. EDMC's reputation and expertise in offering
degree-level academic programs will support our growth objectives." Mr. Brooks
will remain with American Education Centers as its President after the closing
and will become an Executive Vice President and member of the Management
Committee of EDMC.


American Education Centers and its affiliates own and operate AEC Southern Ohio
College (Ohio and Kentucky); AEC Texas Institute (Texas); Brown Mackie College
(Kansas); Commonwealth Business College (Indiana and Illinois); Michiana College
(Indiana); RETS Institute (Kentucky and Pennsylvania); and Asher School of
Business (Georgia).

EDMC will host a conference call today at 10:30 a.m. (Eastern Time) to discuss
the transaction. To participate, dial 303-262-2140 approximately 10 minutes
prior to the start time. A slide presentation that will accompany the conference
call can be accessed from the investor relations homepage on our website at
www.edmc.com.

Education Management Corporation is among the largest providers of private
post-secondary education in North America, based on student enrollment and
revenue, with approximately 44,000 students as of fall 2002 at 42 primary campus
locations in 26 major cities. EDMC's education institutions offer a broad range
of academic programs concentrated in the media arts, design, fashion, culinary
arts, behavioral sciences, education and business fields, culminating in the
award of associate's through doctoral degrees. EDMC has provided career-oriented
education for 40 years, and its education institutions have more than 150,000
alumni.

This press release may include information that could constitute forward-looking
statements made pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995. Any such forward-looking statements may involve
risk and uncertainties that could cause actual results to differ materially from
any future results encompassed within the forward-looking statements. Factors
that could cause or contribute to such differences include those matters
disclosed in the Company's Securities and Exchange Commission filings. Past
results of EDMC are not necessarily indicative of its future results. EDMC does
not undertake any obligation to update any forward-looking statements

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