FOR IMMEDIATE RELEASE Exhibit 99.2
Lincoln Educational Services Corporation Announces Two Additions to
Board of Directors
WEST ORANGE, N.J., February 27, 2006 - Lincoln Educational Services Corporation
(Nasdaq: LINC) ("Lincoln") today announced the appointment of J. Barry Morrow
and Celia Currin to its Board of Directors, effective immediately. The additions
increase the size of Lincoln's Board to nine members.
"These additions bring a valuable combination of financial, operational,
education and marketing knowledge to our already strong Board of Directors,"
stated David Carney, Chairman and CEO of Lincoln Educational Services. "We look
forward to leveraging Barry's operational and education industry background and
Celia's extensive marketing and media industry experience as we continue to
execute upon our growth plan during 2006."
Mr. Morrow brings over 25 years of product strategy and development, and
technological and operational solution experience to Lincoln. He has served as
the Chief Executive Officer of Collegiate Funding Services since 2002, and held
the position of President and Chief Operating Officer from 2000 to 2002. Prior
to joining Collegiate Funding Services, Mr. Morrow served with the U.S.
Department of Education as the General Manager of Financial Services for the
Office of Student Financial Assistance. In this capacity, Mr. Morrow was
responsible for establishing key relationships with over 2,500 public and
private entities, as well as providing capital and support for education credit.
Mr. Morrow also possesses a wealth of private industry experience including over
15 years as an operations executive with Sallie Mae.
Ms. Currin is the Founder and Principal of BenchStrength Marketing, a marketing
consultancy group focused on the information and media industries. Prior to
founding BenchStrength in 2003, Ms. Currin spent 25 years with Dow Jones &
Company in a variety of roles including as Marketing Communications Director for
The Wall Street Journal. Ms. Currin's extensive experience includes the
development and coordination of integrated marketing programs and related
strategies, marketing function management and restructuring, and brand
development and extensions.
About Lincoln Educational Services Corporation
Lincoln is a leading and diversified for-profit provider of career-oriented
post-secondary education. It offers recent high school graduates and working
adults degree and diploma programs in four principal areas of study: automotive
technology, skilled trades, business and information technology and health
sciences (which includes programs for medical administrative assistants, medical
assistants, pharmacy technicians and massage therapists). Lincoln has provided
the workforce with skilled technicians since its inception in 1946. Lincoln
currently operates 34 campuses in 15 states under eight brands: Lincoln
Technical Institute, The Cittone Institute, CEI, Denver Automotive and Diesel
College, Nashville Auto-Diesel College, Southwestern College, New England
Technical Institute and Euphoria Institute of Beauty Arts and Sciences. Lincoln
had a combined enrollment of approximately 18,000 students as of September 30,
2005.
Statements in this press release regarding Lincoln's business which are not
historical facts may be "forward-looking statements" that involve risks and
uncertainties. For a discussion of such risks and uncertainties, which could
cause actual results to differ from those contained in the forward-looking
statements, see "Risk Factors" in Lincoln's registration statement on Form S-1,
as amended. All forward-looking statements are qualified in their entirety by
this cautionary statement, and Lincoln undertakes no obligation to revise or
update this news release to reflect events or circumstances after the date
hereof.
Investors: Media:
John Buckley/Brad Edwards Jennifer Gery
Brainerd Communicators Brainerd Communicators, Inc.
212-986-6667 212-986-6667
# # #