EXHIBIT 99.1
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CONTACTS: WRC MEDIA INC. THINKBOX INC.
Richard Nota David Ackert
512 Seventh Avenue 801 North Brand Boulevard
23rd Floor Suite 680
New York, NY 10018 Glendale, CA 91203
212-768-2268 818-244-9494 X104
FOR IMMEDIATE RELEASE
WRC MEDIA ANNOUNCES STRATEGIC INVESTMENT IN THINKBOX'TM'
Leading education company gains access to top creative design, early childhood
programs and school-to-home linkage
NEW YORK, NY - MAY 21, 2001 - WRC Media Inc., the leading supplementary
education publisher, today announced a strategic investment in ThinkBox Inc., a
leading creator of Internet-delivered education programs for the school and home
markets. The deal secures WRC's position as the leading publisher of
instructional software for the school market, and extends its reach beyond the
walls of the classroom into the home learning market. Key elements of the broad
partnership include an investment by WRC in ThinkBox'TM', WRC's acquisition of
distribution rights for ThinkBox'TM' programs to schools, and the licensing to
ThinkBox'TM''TM' of the Weekly Reader'r' brand names and content for use in its
programs.
ThinkBox'TM' is best known for its innovative Kindle Park'TM' education program
(www.kindlepark.com), which is the first Internet-delivered curriculum program
designed exclusively for the early childhood market (Pre-K through Grade 1).
Founded in 1998 by senior executives from entertainment and education companies
such as Disney, DreamWorks and Scholastic, ThinkBox'TM' creates compelling
education programs for children on the Internet that bring together the best
creativity with the best education. Kindle
Park'TM', a learning playground for 2-6 year olds, was launched late last year.
It is currently used by thousands of children in homes and schools nationwide.
Martin E. Kenney, Jr., Chief Executive Officer of WRC, stated, "Our relationship
with ThinkBox'TM' is a key element of our strategy to take the lead in
Internet-delivered Pre-K--12 education. ThinkBox'TM' brings a strong,
experienced management team that knows the Internet, education and
entertainment, and they have developed a superior product in Kindle Park'TM'.
Their unique combination of skills and assets will help us to quickly and
efficiently deploy a suite of powerful Internet-delivered tools and content to
the school market. We expect ThinkBox'TM' to play a significant role in
advancing our strategy in the months and years to come."
Brian Napack, CEO of ThinkBox'TM', said, "Our new partnership with WRC gives us
the resources and market reach to touch the learning lives of millions of
children, teachers and parents each week at school and in the home. Marty and
his team have assembled a set of world-class brands, products and distribution
capabilities that makes WRC one of the most formidable competitors in the
market. We are thrilled to have the opportunity to work with such powerful
companies as Weekly Reader'r', World Almanac'r', CompassLearning'TM' and
American Guidance Service, Inc."
Beginning immediately, WRC will begin distributing ThinkBox'TM''s Kindle
Park'TM' program to the school market through its CompassLearning'TM' division.
Mr. Napack commented, "CompassLearning'TM' has the best sales force in the
industry. Now, with Kindle Park'TM', this group will provide school
administrators with a comprehensive range of needs-based products that begin
with Pre-K classrooms and that follow students up through elementary and
secondary school. Also part of the new relationship, ThinkBox'TM' will gain the
right to develop Internet programs that incorporate the Weekly Reader'r' brand
and content. Weekly Reader'r' is one of the most powerful brands in the
publishing business," said Napack. "We are looking forward to extending Weekly
Reader'r''s tradition of encouraging reading and literacy among youngsters
everywhere."
With respect to WRC's Internet strategy, Mr. Kenney stated, "We have just begun
to uncover the potential of Internet-delivered education. Our company-wide
strategy leverages our proven brands, product assets, distribution capacity and
an installed base of customers actively using technology to drive immediate
revenue growth with low execution risk. Companies like ThinkBox'TM'give us a
cost- and time-efficient method of incorporating best-of-breed curriculum
programs into our existing product offering. ThinkBox'TM'
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immediately extends our product line into the growing early childhood market,
and gives us the opportunity to extend our reach into the lucrative consumer
learning market. Finally, ThinkBox'TM' has valuable business relationships that
can contribute leading brands, content, distribution and infrastructure to our
strategy."
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WRC Media Inc. (www.wrcmedia.com), a publishing and media company, creates and
distributes innovative quality supplementary educational materials for use in
schools, libraries, and the home. According to Educational Marketer, WRC Media
was the nation's largest supplementary materials publisher for 1999. WRC Media
Inc has four principal operating subsidiaries.
CompassLearning'TM' Inc. is the leader in research-driven, standards-based
digital learning solutions that provide choices to help teachers manage student
performance, personalize learning, and connect communities of learners. With
over 7,000 hours of curriculum and instruction, more than 20,000 schools use
CompassLearning'TM' solutions.
Weekly Reader Corporation publishes Weekly Reader'r' periodicals serving over 7
million school children. It also publishes other branded periodicals and
instructional materials, including Teen Newsweek'r', published for middle and
high school students.
World Almanac Education Group, Inc. publishes the World Almanac'r' and World
Almanac'r' for Kids, Facts On File'r' news periodicals and Internet services,
Gareth Stevens books and the Funk & Wagnalls encyclopedia. The company
distributes high quality books to schools and libraries through its Library
Services division.
American Guidance Service, Inc. is a leader in producing highly reliable and
valid behavior, ability, achievement, and speech-language assessments, and
publishes a variety of high-interest, low-reading-level textbooks for middle and
high school students.
**********
ThinkBox'TM' Inc. (www.ThinkBox.com) uses the Internet to enhance the learning
lives of children ages 2-14. Integrating award-winning creativity,
research-based education, and innovative technologies, ThinkBox'TM' fulfills the
strong educational needs of children and their grownups at home, at school and
anywhere else they play and learn.
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The ThinkBox'TM' team includes founder Brian Napack, former Vice President and
founder of Disney Educational Publishing; Bruce Cranston, former head of TV
animation development for both Dream Works and Disney; Akimi Loy Gibson, whose
experience includes senior positions at Disney and Scholastic; and Mark Shneour,
formerly an executive with Nestle USA. ThinkBox'TM' has a respected advisory
board that includes leading educators and child advocates such as Dr. Jerlean
Daniel, former president of the National Association for the Education of Young
Children (NAEYC); Dr. J. Kevin Nugent, Executive Director of The Brazelton
Institute; Judith Gold, Director of LEARNS; and Robert S. Peterkin, Director of
the Harvard Graduate School of Education. ThinkBox'TM' is located in Glendale,
California.
Information in this press release contains forward-looking statements, including
statements regarding WRC Media's expectations, beliefs, intentions or strategies
that involve a number of risks, uncertainties, and assumptions. Should any of
the risks or uncertainties develop into actual events, or our assumptions prove
to be inaccurate, actual outcomes and results could differ materially from what
is expressed in such forward-looking statements and these developments or
inaccuracies could materially and adversely affect our business, financial
condition and results of operations. Risks and uncertainties relating to WRC
Media's and its subsidiaries' businesses are set forth in the documents and
reports filed from time to time with the Securities and Exchange Commission.
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